PMJDY: Lesson Of Financial Inclusion: A Story Of Young School Boy Who Is Now Prime Minister Narendra Modi!

Financial inclusion is exactly what Pradhan Mantri Jan Dhan Yojana is all about! What does it mean? Regardless of net worth or status, financial products and services to be accessible by everyone irrespective of who it is, a businessman or a mere citizen! It has been 10 years since Prime Minister Narendra Modi-led government launched PMJDY for Indians with the aim of financial inclusion. The launch of this government scheme is special, and closer to his heart since he experienced it first hand, the significant need for financial inclusion in India. His journey to learning the important lesson of financial inclusion took around two decades and it all started when he was just a young school student.

Let's dive into the success of Jan Dhan Yojana through the tale that taught PM Modi the crucial importance of financial inclusion, and what has benefited Indians mightily currently!

Narendra Modi when he took the reign of India as Prime Minister, made key notable developments and took many measures. One of them was PM Jan Dhan Yojana's account, a national mission on financial inclusion.

He introduced the scheme on Independence Day at Red Fort on August 15, 2014. The scheme eventually came into effect on August 28, 2014.

10 years later, on August 28, 2024, a short video clip of PM Modi by Modi Archive on X handler is circulated to express the importance of the Jan Dhan Yojana. It was a video clip of PM Modi reminiscing about the time he learned a very important lesson - a lesson on financial inclusion.

In the 2014-dated video clip, PM Modi revealed that when he was a young student in his village, one day Dena Bank's representatives visited his school. The story is from more than five decades ago.

Modi reminisced that the representatives would show them how to save money while using a piggy bank. Just like everyone, the young boy opened a bank account as well, having been taught the value of savings.

"At that time he was unaware that it would go on to teach him a very important lesson - a lesson on 'financial exclusion'," the Modi Archive said.

It further revealed that the financial situation of the family was such that the student, even as he grew older, did not have the wherewithal to deposit money in the bank account.

The archive added, "Lying unused for decades, the system viewed this account as a burden, relentlessly trying to shut it down. Finally, 20 years later, he decided to close it himself."

"This young boy was none other than our Prime Minister Narendra Modi," the archive further added.

Finally, it said, "The shift from a system focused on closing accounts to one that incentivized opening bank accounts, which stressed 'financial inclusion', is a change that could perhaps only be driven by someone with a lived experience of poverty and financial exclusion."

In the video, Modi in his closing remarks said "Back then the, focus on closing bank accounts was sought."

But with Jan Dhan Yojana's account, he added, "But today, our efforts are centered on opening accounts for everyone." He added, "I truly believe that these efforts will bring light into the lives of those who have been living in poverty, giving them a new sense of hope and dignity."

PMJDY is an integrated approach to bring about comprehensive financial inclusion and provide banking services to all households in the country.

As per the government, in a span of ten years (from August 28, 2014, to August 28, 2024), there were at least 53.13 crore beneficiaries banked so far under the PMJDY scheme, while the balance in beneficiary accounts was to the tune of Rs 231,235.97 crore. Also, there were about 11.59 lakh Bank Mitras delivering branchless banking services of the scheme in the country.

Also, a total of 36.14 crore number of RuPay debit cards are issued to beneficiaries. Of the total, 31.29 crore debit cards are issued by public sector banks.