Union Minister for Coal and Mines, G. Kishan Reddy, on Friday, termed the eve of the 11th anniversary of the Pradhan Mantri Jan Dhan Yojana (PMJDY) scheme, “it is transformative impact on India’s financial landscape is a “silent revolution,” Reddy highlighted the scheme’s role in empowering the poor, eliminating middlemen, and fostering inclusive economic growth.

Launched on August 28, 2014, under the leadership of Prime Minister Narendra Modi, PMJDY aimed to bring every Indian into the formal banking system. At the time, only 3.35 crore basic savings bank deposit accounts existed nationwide, with a total deposit of ₹960 crore. Today, that number has surged to 56 crore Jan Dhan accounts, holding Rs 2.68 lakh crore in deposits — a staggering 278-fold increase in deposits and a 16-fold rise in account numbers.

“This is not just a financial milestone,” Reddy said, “but a testament to the dignity and empowerment of crores of Indians, especially women, youth, and the marginalized.” He emphasized that over 56% of Jan Dhan accounts are held by women, and nearly 67% are in rural and semi-urban areas — regions where banking access was once a distant dream.

In Telangana alone, 1.3 crore Jan Dhan accounts have been opened, with Rs 5,055.35 crore deposited by account holders. Reddy praised the state’s participation in the scheme and urged further collaboration to ensure every citizen benefits from financial inclusion.

The Minister also addressed the issue of corruption and inefficiency in welfare distribution prior to 2014. Quoting former Prime Minister Rajiv Gandhi’s famous remark that only 15 paise of every rupee reached the intended beneficiary, Reddy asserted that PMJDY has eliminated this leakage. “Today, if the Centre sends Rs 100, every single rupee reaches the beneficiary directly,” he said, citing the success of Direct Benefit Transfer (DBT) mechanisms enabled by Jan Dhan accounts.

In the financial year 2024–25 alone, Rs 6.9 lakh crore was transferred directly to beneficiaries’ accounts, bypassing intermediaries and ensuring transparency. Reddy noted that this has not only improved trust in the banking system but also protected the poor from exploitative moneylenders.

Beyond savings, Jan Dhan account holders now enjoy access to RuPay debit cards, insurance, overdraft facilities, pensions, and micro-insurance schemes. “Under Modi’s leadership, the poor are no longer passive recipients of aid — they are active partners in building a self-reliant India,” Reddy declared.

He concluded by reaffirming the government’s commitment to expanding financial inclusion and ensuring that every citizen, regardless of background, has access to dignified and secure banking services. “Jan Dhan Yojana is not just a scheme — it’s a movement toward economic justice and national development,” he said.