The Pradhan Mantri Jan Dhan Yojana (PMJDY) has made significant strides in reducing zero-balance bank accounts, declining from 58% at its inception to just 8% as of August 16. The scheme, which aimed to provide basic banking facilities to the unbanked population, has now amassed a low-cost fund pool of Rs 2.03 trillion.
With around 500.9 million PMJDY accounts, it offers benefits such as Rupay Debit cards, accident insurance, and overdraft facilities. This substantial progress signifies a remarkable transformation in financial inclusion, offering basic banking services and additional benefits to millions of previously unbanked individuals.