New Delhi, 08 June (H.S.): Union Finance and Corporate Affairs Minister Nirmala Sitharaman said on Monday that more than 580 million Jan Dhan accounts have connected millions of Indians to the formal banking system. She noted that this expansion has significantly strengthened financial inclusion while ensuring that welfare benefits and pensions reach beneficiaries directly without leakages.

According to the Ministry of Finance, Sitharaman said that under the Pradhan Mantri Jan Dhan Yojana, benefits of welfare schemes, low-cost insurance, and pension programmes are being delivered directly to citizens. She added that India is carving out a distinct global identity through its efforts to combat poverty and deprivation.

The Pradhan Mantri Jan Dhan Yojana was launched on August 28, 2014, and has emerged as one of the world's largest financial inclusion initiatives. Under the scheme, women account for 56 percent of all account holders, while 67 percent of the accounts have been opened in rural and semi-urban areas.

The Finance Ministry stated that the Jan Dhan scheme has helped integrate millions of people into the formal financial system, transforming lives and strengthening the country's economy. According to the ministry, nearly ₹45 lakh crore has been transferred directly into beneficiaries' accounts through the Direct Benefit Transfer (DBT) mechanism.

The ministry further noted that 94 percent of India's adult population now possesses a bank account. Accounts opened under the scheme provide several benefits, including a zero-balance facility, a free RuPay card, accident insurance coverage, and overdraft facilities.

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Hindusthan Samachar / Jun Sarkar