10 years ago, PM Modi's five suggestions paved way for PMJDY roll-out & success

New Delhi: As India marks a decade of the Pradhan Mantri Jan Dhan Yojana (PMJDY), it has been learnt that Prime Minister Narendra Modi, besides being the driving force behind the momentous initiative, was involved in the process since its conception.

Anurag Jain, Secretary to the Government of India, recalling the roll-out of Jan Dhan Yojana, said that the Prime Minister took a keen interest at the conceptualization stage and gave valuable suggestions that led to the emergence of this scheme as the most successful financial inclusion schemes in the world.

Anurag Jain, who was then Joint Secretary in the Department of Financial Services, said that the programme was initially conceived as a Comprehensive Financial inclusion programme and later was re-named the Jan Dhan Yojana.

Below are the key suggestions that were given by PM Modi:

The ‘Jhande se Jhande tak’ ambitious target

During discussions about the scheme's rollout in early 2014, PM Modi asked officials for a target date to cover every household. Officials estimated it would take at least two years, suggesting March 2016 as the completion date. However, PM Modi set a much more ambitious goal, captured in the slogan ‘Jhande se Jhande tak’ -- ensuring all Indian families had a bank account between Independence Day 2014 and Republic Day 2015, in a span of five months. This bold target was successfully met.

1 crore accounts on Day 1 and Guinness Record

On the day of launch, i.e., August 28, 2014, PM Modi set a target of opening one crore bank accounts on the very first day. This seemingly unattainable target was not only achieved but surpassed, with over 2.16 crore Jan Dhan accounts opened within the first three days. This remarkable accomplishment set the stage for the scheme’s future success and was recognised by the Guinness World Records and Limca Book of Records.

Crowdsourcing the scheme’s name

PM Modi has always advocated for Jan Bhagidari (public participation). This was evident in the naming of the Jan Dhan scheme. Recognizing the importance of public involvement, he suggested crowdsourcing the name through the MyGov platform, inviting public suggestions. From thousands of entries, PM Modi chose the name ‘Pradhan Mantri Jan Dhan Yojana’.

The big launch

To create a grand start, PM Modi recommended holding 75 major events across the country on the launch day, involving state Chief Ministers, Governors, and Central Ministers to raise awareness about the scheme. This approach generated nationwide excitement, turning PMJDY into a national movement rather than just another government initiative.

Simplifying the Account Opening process

One challenge during the early stages was the cumbersome multi-page bank account opening form. PM Modi questioned this complexity and suggested simplifying the form to just one page. This straightforward change made it much easier for people to open accounts. When banks ran out of forms due to the overwhelming response, even photocopies of the one-page form were used, demonstrating the power of simplicity in driving widespread adoption.

The suggestions from PM Modi were crucial to a seamless and massive rollout of the Pradhan Mantri Jan Dhan Yojana, said Anurag Jain. The scheme's success is also a testament to PM Modi’s approach of thinking big and aiming high, he added.