India’s financial inclusion drive has reached a major milestone, with Jan Dhan accounts across the country now holding a total balance of about Rs 2.75 lakh crore.
This works out to an average of Rs 4,815 in each account, according to M. Nagaraju, Secretary, Department of Financial Services.
Delivering the 69th Foundation Day Lecture on India’s Financial Inclusion Journey at the Administrative Staff College of India (ASCI), Nagaraju said India has witnessed a transformation in how people access and use financial services.
He described the country’s progress as “nothing short of a miracle”, noting that the Pradhan Mantri Jan Dhan Yojana (PMJDY) launched in 2014 played a crucial role in bringing more than 57 crore people into the formal banking system.
He said that financial inclusion is now deeply linked with India’s development model, especially through Direct Benefit Transfers (DBT).
In the current financial year alone, Rs 3.67 lakh crore has been transferred directly to beneficiaries, ensuring transparency and timely delivery of government support.
Nagaraju highlighted that the majority of Jan Dhan accounts continue to benefit people living outside major cities.
About 78.2 per cent of these accounts are located in rural or semi-urban areas, while women hold around 50 per cent of them.
This, he said, reflects the government’s emphasis on empowering rural households and improving financial access for women.
He also pointed out that India’s Financial Inclusion Index has steadily improved, standing at 67 as of March 2025.
The rise indicates better access, wider usage and improved quality of financial services, supported by ongoing initiatives under PMJDY.
Responding to a question, the DFS Secretary said that LIC is in the final stages of digitising its product purchase and benefits disbursement systems.
These fully digital services are expected to be rolled out for consumers “in a couple of months”.
India’s financial inclusion efforts have been gaining momentum through awareness events and ground-level initiatives across the country.
Recently, RBI Governor Sanjay Malhotra attended a Jan Dhan anniversary event in Indore, where he emphasised that financial inclusion remains central to India’s growth story.
