Finance Minister Nirmala Sitharaman given important update to account holders

Finance Minister Nirmala Sitharaman: The Pradhan Mantri Jan Dhan Yojana (PMJDY), a national mission for financial inclusion, has recently completed a decade since its launch on August 28, 2014. Finance Minister Nirmala Sitharaman given important update for account holders.

On this momentous occasion, Finance Minister Nirmala Sitharaman highlighted the scheme’s transformative impact on India’s financial landscape.

In her address, Sitharaman emphasized the following key points:

The PMJDY has successfully integrated a massive number of previously unbanked individuals, especially from marginalized and low-income communities, into the formal banking system. This has been achieved by providing access to basic savings accounts, credit, remittance, insurance, and pension services at an affordable cost.

Sitharaman praised the scheme as the world’s largest financial inclusion initiative, citing a significant increase in the number of bank accounts. As of August 2025, over 55 crore bank accounts have been opened under PMJDY.

The Finance Minister specifically highlighted the scheme’s impact on women’s financial empowerment. Over half of the total Jan Dhan accounts belong to women, a testament to the scheme’s success in promoting gender equality in financial access.

A crucial pillar of the scheme’s success has been the linking of Jan Dhan accounts with Aadhaar and mobile numbers. This “Jan Dhan-Mobile-Aadhaar” (JAM) trinity has enabled swift, seamless, and transparent transfer of government welfare schemes and subsidies directly to beneficiaries, effectively removing middlemen and reducing corruption.

The average balance in Jan Dhan accounts has seen a substantial increase, indicating a growing trust in the formal banking system and the inculcation of a savings habit among account holders.

The scheme has been a catalyst for the growth of digital payments in India. The widespread issuance of RuPay debit cards and the promotion of mobile-based payment systems like UPI have contributed to a massive increase in digital transactions across the country.

Important Update on Re-KYC:

Sitharaman also brought up an important update for all Jan Dhan account holders. As the accounts complete ten years, many are due for a fresh KYC (Know Your Customer) verification. The Reserve Bank of India (RBI) has instructed banks to hold special camps at the panchayat level to help account holders complete their re-KYC process.

This campaign is being carried out from July 1 to September 30, 2025. This step is crucial to ensure that the accounts remain active and that beneficiaries can continue to avail of all the services and benefits.

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