The Government initiated the National Mission for Financial Inclusion (NMFI), namely the Pradhan Mantri Jan Dhan Yojana (PMJDY) in August, 2014 to provide universal banking services for every unbanked household based on the guiding principles of banking the unbanked, securing the unsecured, funding the unfunded and serving unserved and underserved areas, with a strong focus on women. To give further impetus to financial inclusion initiatives of the Government, PMJDY Scheme was extended beyond 14.08.2018 and the focus was shifted to “every unbanked adult” instead of “every household”. A total of 54.58 crore JanDhan accounts have been opened till 15.01.2025, of which 30.37 crore (55.7%) belong to women. NMFI has also facilitated the coverage of women with various social security and credit linked Schemes.

To ensure accessibility of these schemes to women, rural population, marginalised groups and underprivileged communities in the country, various steps are being taken such as:

• • Allocation of targets to all banks under each scheme;
  • Organisation of various camps and specialised campaigns to promote awareness;
  • Periodic review of performance of banks etc;

All Banks, including private banks, participate in these activities to ensure effectiveness of these schemes and make them accessible to all stakeholders.

Several initiatives are being undertaken in an ongoing manner by the Government along with State Authorities to address challenges such as low enrolment, lack of awareness, etc. being faced in financial inclusion schemes in the country. Some of these areas under:

1. Several special campaigns have been launched, from time to time, at Gram Panchayat level to reach the last mile beneficiaries. These campaigns aim at enrolling individuals under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and other financial inclusion Schemes. 
2. The State Level Bankers' Committee (SLBC) plays a crucial role by coordinating efforts among Banks, Government agencies, Lead District Managers, Financial Institutions, Insurance companies, and other stakeholders to increase coverage under these Schemes at the state level.
3. Centre for Financial Literacy (CFL) pilot project on financial literacy was initiated by the Reserve Bank of India in 2017 with an objective to adopt community led innovative and participatory approaches to financial literacy.
4. A strong network of about 13 lakh Banking Correspondents (BCs), representing the last mile connect in the Banking Services delivery system, is also enrolling eligible people under financial inclusion Schemes.
5. To make digital financial services more accessible and user-friendly, 107 Digital Banking Units (DBUs) have been set-up by Banks (as on December 2024) with an objective to ensure the benefits of digital banking to every nook and corner of the country. These units offer facilities like opening of saving bank accounts, passbook printing, transfer of funds, loan applications, etc. 
6. Further, various online platforms like Jan Samarth portal, PSB Loans in 59 Minutes, Stand-up Mitra, etc., have been established to provide quick and hassle-free credit to everyone in a user-friendly manner. 

 

Financial Inclusion  Schemes and Coverage
Category	Grand Total
Number of PMJDY Accounts (as on 15.01.2025)	545,780,806
Women PMJDY Accounts	303,710,652
PMJJBY Cumulative Enrolments (as on 15.01.2025)	225,220,758
Women PMJJBY Enrolments	100,095,919
PMSBY Cumulative Enrolments (as on 15.01.2025)	491,225,285
Women PMSBY Enrolments	228,437,446
APY Enrolments (as on 31.12.2024)	72,577,540
Women APY Enrolments	34,415,361
Source: Banks, Insurance Companies & PFRDA

 

This information was given by Union Minister of Finance, Nirmala Sitharaman in a written reply to a question in Lok Sabha today

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