Since its inception, PMJDY has seen remarkable growth. Of the over 173 million CASA (Current and Savings Accounts) accounts across the country, over 53 million are PMJDY accounts, according to the government. The government, which has set an ambitious target for the next fiscal year, also aims to open over 3 million new PMJDY accounts in fiscal year 2025.
A major achievement of the scheme is that 99.95% of all inhabited villages now have access to banking services within a radius of five kilometres. The expansion of financial services has been achieved through various channels including agent banks and India Post Payments Bank.
Despite the success, there are challenges to be addressed. For example, approximately 8.4% of PMJDY accounts currently have a zero balance.
About 20% of the accounts are dormant, which officials say is in line with the banking industry trend.
The government notes that around 80% of PMJDY accounts are operational, indicating that a significant portion of account holders are actively engaged with the banking system.
In the future, PMJDY will focus on removing the left and neo-adults from the financial circle.
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