The admirable success of the Jan Dhan Yojana
Beyond enabling account ownership and the use of financial services, the Jan Dhan Yojana has also facilitated financial inclusion for a variety of demographics
In Prime Minister Narendra Modi’s four Independence Day speeches since assuming office, achievements under one government programme have found consistent mention: the Pradhan Mantri Jan Dhan Yojana (PMJDY). This is for good reason. The government’s flagship financial inclusion drive, by virtue of sheer scale, is one of the grandest policy initiatives of its kind. With an initial target of opening 75 million accounts by January 2015, Modi’s administration mobilized an oft-recalcitrant state apparatus to expand access to basic savings accounts with additional benefits in the form of debit cards, insurance cover, and overdraft facilities. Working at breakneck speed, the government has opened more than 294 million accounts as of August.