India’s RuPay Transactions Soar 7 Times in 5 Years
Chennai: The number of cashless transactions by Jan Dhan accounts using RuPay scheme have risen from 2,338 crore in FY 2018-19 to 16,443 crore in FY 2023-24.
Jan Dhan accounts have accumulated deposits totalling around Rs 2.3 lakh crore currently, indicating a significant increase in savings among account holders.
Over the past decade, more than 53.13 crore Jan Dhan accounts have been opened. This marks a 3.6-fold increase since March 2015, with 66.6 per cent in rural and semi-urban areas and 55.6 per cent held by women.
The RuPay scheme has facilitated the issuance of 36.06 crore debit cards, promoting cashless transactions from 2,338 crore in FY 2018-19 to 16,443 crore in FY 2023-24, as per the data of Brickwork Ratings.
The scheme's total deposit balance has risen 15 times since its launch, with an average deposit per account quadrupling since its launch. Since the scheme's inception, the average deposit per account has increased four times, reaching Rs 4,352 as of August 14, 2024.
PMJDY has gained global recognition for its significant role in promoting financial inclusion, setting a Guinness World Record for the most bank accounts opened in a week. About 55.6 per cent of account holders are women, indicating progress in financial empowerment, with 29.56 crore women having access to formal banking services.
PMJDY provides basic bank accounts for un-banked adults, free of charge and maintenance, with accident insurance coverage of Rs. 2 lakh and up to Rs. 10,000 overdraft eligibility. The scheme's rural outreach is evident in the 66.6 per cent (35.37 crore) of accounts held by beneficiaries in rural and semi-urban areas.
This scheme has played a crucial role in empowering economically weaker sections particularly women and rural populations, through account openings, financial literacy, and direct benefit transfers. PMJDY has boosted financial literacy among beneficiaries by opening bank accounts and promoting effective banking services, thereby reducing reliance on money lenders.