Under the leadership of Prime Minister Narendra Modi, now in his 11th year in office, India’s financial inclusion efforts have reached unprecedented heights. The government’s flagship initiative, the Pradhan Mantri Jan Dhan Yojana (PMJDY), launched in August 2014 as part of the National Mission for Financial Inclusion (NMFI), has now crossed 55.02 crore account openings as of March 7, 2025. Of these, 36.63 crore accounts have been opened in rural and semi-urban areas, extending formal banking access to vast segments of previously unbanked citizens.
The PMJDY, based on the pillars of banking the unbanked, securing the unsecured, funding the unfunded, and serving the underserved, has significantly expanded financial access across India, especially in marginalized communities.
Complementing this mission, several other government schemes have witnessed substantial uptake:
The Pradhan Mantri Suraksha Bima Yojana (PMSBY), which offers accident insurance at an annual premium of just ₹20, has enrolled 50.30 crore individuals. Beneficiaries receive ₹2 lakh coverage for death or permanent disability, and ₹1 lakh for partial disability.
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), providing life insurance coverage of ₹2 lakh for a yearly premium of ₹436, has reached 23.21 crore people.
The Atal Pension Yojana (APY), designed for workers in the unorganised sector, has garnered 7.49 crore enrolments. The scheme offers fixed pension payouts ranging from ₹1,000 to ₹5,000 per month after the subscriber turns 60, depending on their contribution.
Meanwhile, the Pradhan Mantri Mudra Yojana (PMMY) has empowered small and micro-entrepreneurs by facilitating 52.07 crore loans amounting to ₹33.19 lakh crore since inception. The scheme provides access to institutional credit of up to ₹20 lakh for non-farm, income-generating activities.
To further promote entrepreneurship among underrepresented groups, the Stand Up India Scheme has sanctioned 2.67 lakh loans totaling ₹60,504 crore to Scheduled Caste, Scheduled Tribe, and women entrepreneurs for setting up greenfield enterprises.
The PM Vishwakarma Scheme, introduced in September 2023, is also gaining momentum. It supports traditional artisans and craftspeople involved in 18 specified trades by providing skill development, credit without collateral, modern equipment, and digital incentives. This scheme is jointly administered by the Ministries of MSME, Skill Development, and Financial Services.
Additionally, urban informal workers continue to benefit from the PM Street Vendor’s Atma Nirbhar Nidhi (PMSVANidhi) scheme. Launched in June 2020 to mitigate the economic impact of the COVID-19 pandemic, it offers working capital loans and holistic support to street vendors.
To deepen the impact of these schemes, the government has been conducting awareness and enrolment camps at the grassroots level, ensuring wide-scale participation and benefit distribution.
