10 Years of Jan Dhan: 'Officials estimated 4 years for Jan Dhan target, PM Modi ensured it was met in 5 months,' B. V. R. Subrahmanyam, CEO – NITI Aayog

India celebrates a decade of the Pradhan Mantri Jan Dhan Yojana (PMJDY), a transformational initiative launched by PM Modi on August 28, 2014. This financial inclusion initiative aimed to provide basic banking services to every household in India, especially benefiting the unbanked and marginalized sections.
Furthermore, the scheme has played a crucial role in facilitating direct benefit transfers (DBT), ensuring government welfare benefits reach the intended beneficiaries efficiently and directly.

B.V.R. Subrahmanyam, CEO of NITI Aayog and former Joint Secretary in PMO, recalls a pivotal moment in the scheme's rollout:

The concept for the Jan Dhan Yojana emerged during initial briefings of officials soon after PM Modi took office in 2014.

The Jan Dhan Yojana was identified as one of the initial schemes to be rolled out by the government. Subrahmanyam remembers PM Modi asking everyone, 'How long will it take to ensure every household is covered?'

When PM Modi posed this question to the RBI Governor, he estimated that it would take four years. Some other officials in the PMO suggested it might take two years... Subrahmanyam himself said it would take at least one year, with full effort dedicated to it.

To everyone’s surprise, on August 15th, PM Modi announced that the task would be completed by January 26th—compressing what was originally estimated as a four-year project into just five months. Subrahmanyam admits, 'We were all shocked.'

Despite the initial shock, officials worked tirelessly under PM Modi's guidance. They successfully met the ambitious deadline, bringing nearly 12 crore previously unbanked individuals into the formal banking system within 5 months of the scheme's launch.

#10Year.