FINANCEOUTLOOKINDIADECEMBER, 20248ABOUT 531.5 MILLION BANK ACCOUNTS WERE OPENED UNDER PMJDYBy Finance Outlook India TeamAccording to a research by Access Development Services, approximately 531.5 million bank accounts have been established since PM Modi launched the Pradhan Mantri Jan Dhan Yojana (PMJDY) in 2014, laying the groundwork for India's road to financial inclusion.According to the World Bank's Global Findex Report for 2022, 78 percent of the adult population in India has bank accounts, making it one of the most financially inclusive developing economies. According to the research, PMJDY has caused tectonic and transformative transformations in the financial inclusion landscape, bringing actual and practical benefits to millions at the bottom of the pyramid and providing them with access to a wide range of financial services.This is the tenth year of the ambitious PMJDY, with 540.3 million bank accounts open as of November 2024 and deposits totaling over Rs 2.37 trillion. In October 2024 alone, UPI facilitated 16.58 billion transactions worth more than Rs 23.50 trillion.According to the report, AI-powered platforms such as Credit Vidyaa and SBI YONO are increasing credit access to underserved populations, including farmers and gig workers, by using alternative credit scoring and data analytics. Microfinance attracted 18.1 million new clients in FY 2024, resulting in a 26 percent increase in the loan portfolio. The overall number of active loan accounts has reached 161 million.Account dormancy has been a serious issue, with many newly formed accounts experiencing little to no activity after their initial use. Addressing this issue will be important for PMJDY's long-term success. Nonetheless, the programme's success in bringing millions of people into the official banking system is a huge step forward in India's march to financial inclusion.Satin Creditcare Network Receives an Award for driving Financial InclusivitySatin Creditcare Network was honored for making microfinance inclusive and having a lasting influence on millions of households.Satin Creditcare Network, a leading microfinance organization, got the 'Microfinance Organization of the Year Award' at the Global Inclusive Finance Summit.The organization was recognized for making microfinance more inclusive and having a long-term impact on millions of people, helping them to create sustainable livelihoods and achieve financial security. SCNL continues to bridge the gap in access to affordable credit by serving the country's most distant areas, thereby promoting economic growth and social upliftment.According to HP Singh, CMD of SCNL, the company has worked hard to improve the bottom of the pyramid by bridging gaps and turning ambitions into achievements. REPORT
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