It is a national financial inclusion program launched by the Government of India on August 28, 2014, with the objective of ensuring access to financial services for all households in India. The scheme was introduced under the leadership of Prime Minister Narendra Modi.
Key Features:
- Bank Accounts for All:
- The program aimed to provide basic banking accounts to every household, particularly targeting the unbanked and those in rural and remote areas.
- Zero Balance Accounts: People could open accounts without needing to maintain a minimum balance.
By August 14, 2024, the number of PMJDY accounts had increased to 53.13 crore, with total deposits reaching ₹2,31,236 crore.