When the Pradhan Mantri Jan-Dhan Yojana (PMJDY) was launched on 28th August 2014, its objective was straightforward i.e. to bring those outside the formal banking system into it. What followed was much more than an expansion in bank accounts. Over the past 12 years, PMJDY has become an important part of India’s welfare and payments architecture. For millions of people, particularly in rural and semi-urban India, a Jan Dhan account has been their first meaningful relationship with a bank and a step towards participation in the wider economy. The world took notice too, the scheme earned a Guinness World Record for opening over 1.8 crore accounts in just one week. 1
The scale reached by the programme is remarkable. As on 12th August 2026, PMJDY had around 59.04 Crore accounts2, with deposits exceeding ₹3.15 lakh crore and more than 41.24 crore RuPay debit cards in circulation. More than half of the accounts are held by women and nearly four-fifths are in rural and semi-urban areas. Behind these numbers are millions of households that now have a formal place to save, receive payments and access financial services. Its significance is therefore not only scale, but reach.
For a family that has traditionally depended on cash or informal arrangements, having a bank account can transform everyday financial life in quiet but meaningful ways. Savings can be kept more securely, government assistance can be received directly, and payments can move beyond cash. For women, an account in their own name can strengthen financial identity, independence and decision-making within the household. Taken together, these changes shape how families save, spend, plan and build confidence in the formal financial system.
PMJDY has also shown how financial inclusion can become more effective when supported by a wider institutional and digital ecosystem. The Jan Dhan, Aadhaar and Mobile (JAM) architecture has enabled bank accounts to become a direct channel for government transfers. Direct Benefit Transfer has reduced the role of intermediaries and helped public support reach beneficiaries more directly. The account also gives the citizen a familiar connection to the formal financial system. This combination of inclusion, transparency and convenience has been one of the important strengths of the initiative.
The role of technology has further changed what a bank account means in everyday life. RuPay cards, micro-ATMs, mobile banking and Aadhaar-enabled payment services have taken basic banking services closer to customers. A person who once travelled far simply to withdraw cash can increasingly access banking through a Business Correspondent or digital channel closer to home. Such experiences gradually build familiarity and confidence, bringing financial and digital inclusion closer together.
For the banking sector, particularly Public Sector Banks, this journey has required a combination of scale, outreach and patience. The first objective was to ensure access, the larger opportunity now is to make the account useful throughout a customer’s financial journey. A Jan Dhan relationship can become a gateway to savings, insurance, pension, remittances and appropriate credit. The value of inclusion therefore lies not merely in access, but in helping customers make fuller use of the system.
The next phase will therefore be about deepening inclusion rather than simply expanding it. An account that is opened but rarely used cannot deliver the full benefits of formal finance. Financial literacy, easy-to-use digital services, responsive grievance redressal and dependable Business Correspondent networks will remain important. Customers should understand the products they use, transact with confidence and receive help when required. The objective should be to make formal finance not only accessible, but also simple, trusted and relevant to everyday needs.
There is also a larger economic significance to this transition. As more households conduct transactions through formal channels, their participation in the organized financial system becomes stronger. Regular savings can support asset building; insurance and pension products can improve resilience; and formal transaction histories can, over time, support access to suitable credit. Financial inclusion can therefore become a pathway from basic access to greater economic opportunity.
As India looks towards Viksit Bharat @ 2047, this distinction between access and participation will become increasingly important. A developed India is not only one with higher growth and stronger infrastructure, it is also one where citizens have the financial capability to participate in that growth. The aspiration should be that a Jan Dhan account becomes more than an account number that it becomes a platform through which a household can save, protect itself against shocks, access opportunities and build a more secure future.
PMJDY has already established a strong foundation for this journey. What began as a mission to open bank accounts has gradually become part of India’s broader architecture of financial and social inclusion. The next chapter is about making every account active, useful and connected to opportunities in the formal economy. If the first decade was about bringing people into the banking fold, the years ahead can be about giving every citizen the confidence and capability to move forward within it. That is where financial inclusion can truly become an instrument of financial empowerment and an important building block for a more inclusive Viksit Bharat.
The writer is MD&CEO, Punjab National Bank
Disclaimer: The views expressed are the author’s own and do not reflect the official policy or position of Financial Express.