Pradhan Mantri Jan Dhan Yojana (PMJDY) has transformed access to financial services for the poorest by bridging the gap between banks and the unbanked, promoting dignity, self-reliance and economic inclusion, Prime Minister Narendra Modi said on Tuesday.

The PM shared an article on how the Pradhan Mantri Jan Dhan Yojana has transformed access to financial services for the poorest as the social welfare scheme completed 11 years.

"Pradhan Mantri Jan Dhan Yojana has transformed access to financial services for the poorest. It has bridged the gap between banks and the unbanked, promoting dignity, self-reliance and economic inclusion," PMO India said in a post on X.

The launch of PMJDY in August 2014 has marked a significant step in banking the unbanked by facilitating the opening of basic savings bank deposit accounts, with associated features such as RuPay debit cards and an in-built overdraft facility.

As of date, over 55.90 crore accounts have been opened under PMJDY, Minister of State for Finance, Pankaj Chaudhary, said in a written reply to a question in Lok Sabha.

The government has taken many initiatives to deepen financial inclusion and ensure that access to basic banking services leads to meaningful participation in the formal financial system, including access to credit.

At the same time, since its inception, 53.85 crore loans amounting to over Rs 35.13 lakh crore have been sanctioned under the Pradhan Mantri MUDRA Yojana (PMMY).

The PMMY provides collateral-free credit of up to Rs 20 lakh to micro and small enterprises, thereby enabling self-employment and income generation.

Dedicated schemes such as Stand-Up India (SUPI), PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi), PM Vishwakarma, and the Prime Minister’s Employment Generation Programme (PMEGP) have been implemented to expand credit access for SC/ST and women entrepreneurs, street vendors, artisans, and other micro-enterprises, said the minister.

To strengthen credit assessment frameworks for individuals lacking conventional credit history, the government is leveraging technology and alternative data sources.

A Grameen Credit Score has been announced to support credit appraisal of Self-Help Group (SHG) borrowers and rural populations, including farmers and marginalised communities.

This initiative is expected to enhance the quality and objectivity of credit decisions and facilitate improved access to formal credit in rural areas.