State of Uttar Pradesh the largest beneficiary of Prime Minister’s Jan Dhan Yojana

The Prime Minister’s Jan Dhan Yojana (PMJDY) was launched in 2014 with an aim to provide better access to banking services to all households across India. The program is the largest financial inclusion initiative in the world.

Both the number of beneficiaries and the deposits under the PMJDY program have grown since its launch, however, the rates slowed down in 2020, as a result of the pandemic. In terms of beneficiaries, the share of those from rural areas increased sharply with respect to those from urban areas after the announcement of the fiscal stimulus package in May 2020.

Source: CEIC Data, Department of Financial Services 

Uttar Pradesh recorded the largest share of the beneficiaries and deposits in 2020 with 17% and 19%, respectively, substantially higher than the states that follow. Bihar and West Bengal occupy about a tenth of the total for both beneficiaries and deposits. Interestingly, Karnataka has a greater share of deposits than Jharkhand and Assam, which have larger number of beneficiaries compared to Karnataka. 

Source: CEIC Data, Department of Financial Services 

Download our free webinar recording - "India's Budget 2021-2022 | Economy vs Finance in a Pandemic". Take a look at our full list of archived webinars here.