India has reached significant milestones in financial inclusion, with the National Mission for Financial Inclusion (NMFI), launched through the Pradhan Mantri Jan Dhan Yojana (PMJDY) in August 2014, recording the opening of over 55.02 crore Jan-Dhan accounts as of March 7. Of these, 36.63 crore accounts are in rural and semi-urban areas, underscoring the scheme’s reach in underserved regions. The Minister of State for Finance, Pankaj Chaudhary, shared this information in a written reply to the Rajya Sabha on Tuesday.
The PMJDY aims to provide universal banking access to all unbanked adults, following the principles of “banking the unbanked, securing the unsecured, and serving underserved areas.” In addition to this, several other financial inclusion initiatives have made substantial progress in providing affordable financial services, particularly to marginalized populations.
The PM Vishwakarma Scheme, launched in September 2023, supports traditional artists and craftspeople by offering skill development, access to credit, and market linkages. The Prime Minister Street Vendor’s Atma Nirbhar Nidhi (PMSVANidhi), introduced in June 2020, provides financial aid to street vendors impacted by the COVID-19 lockdown, contributing to their economic recovery.
Other key schemes have also seen remarkable progress. Pradhan Mantri Suraksha Bima Yojana (PMSBY) has enrolled 50.30 crore people as of March 7, offering accident insurance coverage of Rs. 2 lakh for death or total disability at a premium of Rs. 20 per year. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) has reached 23.21 crore enrolments, providing life insurance coverage of Rs. 2 lakh for death from any cause at an annual premium of Rs. 436.
Atal Pension Yojana (APY) has garnered 7.49 crore enrolments, providing a fixed monthly pension of Rs. 1,000 to Rs. 5,000 at retirement, depending on contributions. The Pradhan Mantri Mudra Yojana (PMMY) has sanctioned 52.07 crore loans totaling Rs. 33.19 lakh crore as of February 28, supporting small businesses in income-generating activities.
The Stand Up India Scheme (SUPI) has approved 2.67 lakh loans worth Rs. 60,504 crore, promoting entrepreneurship among Scheduled Caste/Scheduled Tribe individuals and women by offering loans for greenfield enterprises.
This information was shared by Minister of State for Finance, Pankaj Chaudhary, in a written reply to the Rajya Sabha on Tuesday.
