Shraddha Kapoor

"Today, we mark a momentous occasion – #10YearsOfJanDhan. Congratulations to all the beneficiaries and compliments to all those who worked to make this scheme a success," the prime minister said.

The Finance Ministry said the number of PMJDY accounts has increased 3.6 times, from 156.7 million in March 2015 to 531.4 million as of August 14. Union Finance Minister Nirmala Sitharaman said that everyone must be given access to formal banking services universally and at affordable costs if the country is aiming for financial inclusion or financial empowerment. This, she said, mainstreams the economically deprived sections and is essential for the development of such denied sections of society.

Sitharaman added that the average balance per account has also increased substantially from Rs 1,065 in March 2015 to Rs 4,352 as of today, of which around 80 percent of these accounts are operative. She said, "66.6 percent of total accounts have been opened in rural and semi-urban areas and 29.56 crore accounts are held by women," indicating large-scale operability of PMJDY accounts. She maintained that a very small percentage of accounts has zero balance-only 8.4 percent-and there has been no requirement for maintaining minimum balance in the accounts under the scheme.

According to information provided by banks, out of these Jan Dhan accounts, 56 per cent accounts belong to women and 67 per cent accounts have been opened in rural and semi-urban areas.