PM launches Pradhan Mantri Jan Dhan Yojana

Published By : Admin | August 28, 2014 | 19:13 IST
"End financial untouchability for freedom from poverty"
""Vish-chakra se gareebon ki aazadi ka parv" – celebration of liberation of the poor from a poisonous cycle"
"A record unprecedented in economic history – 1.5 crore bank accounts opened in one day"

The Prime Minister, Shri Narendra Modi, today declared the beginning of the end of financial untouchability in India, with the opening of an estimated 1.5 crore bank accounts across the country, in an exercise unprecedented in scale in economic history. 

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Formally launching the Pradhan Mantri Jan Dhan Yojana (PMJDY) at a function broadcast across the nation from Vigyan Bhawan in New Delhi, the Prime Minister described the occasion as a festival to celebrate the liberation of the poor from a poisonous cycle. (Vish-chakra se gareebon ki aazaadi ka parv)
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Expressing satisfaction at a number of records being broken today, the Prime Minister said the nationwide success of the enrolment drive today would give confidence not just to the officials of the Department of Financial Services and banking sectors, but also to officers across the Union Government, that they can successfully achieve the goals that they set for themselves. "Never before would insurance companies have issued 1.5 crore accident insurance policies in a single day. Never before in economic history would 1.5 crore bank accounts have been opened in a single day. Never before has the Government of India organized a programme of such scale – over 77,000 locations – with the participation of so many Chief Ministers, Union Ministers, Government and bank officials." He said the success is an inspiration for achieving new heights. 
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The Prime Minister said that though the initial target of PMJDY was to open bank accounts for 7.5 crore families in one year, he had exhorted the concerned officials to complete the task before the next Republic Day. 

Elaborating the benefits under PMJDY, the Prime Minister said this was not a mere bank account, but had other benefits including an RuPay debit card, Rs 1 lakh accident insurance cover, and an additional Rs. 30,000/- life insurance cover for those opening bank accounts before January 26th, 2015. He said the account performance would be monitored and overdraft facility would be given. The Prime Minister said he had sent 7.25 lakh bank employees, exhorting them to help reach the target of 7.5 crore bank accounts, and bring freedom from financial untouchability.

The Prime Minister referred to the five beneficiary couples who had received account opening kits in today's event at Vigyan Bhawan, and said the ladies appeared to have dressed for a festival. He said they knew that there could be no bigger festival than the opening of a bank account for empowering women. 
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The Prime Minister said when banks were nationalized in 1969, it was done with the objective of bringing people into the economic mainstream. But that objective had not been achieved till date. After 68 years of independence, not even 68% of India's population had access to banking, he added. He said it is easy for the rich to get a loan at low interest rates. But the poor are forced to seek loans from money-lenders at five times the rate charged to the rich. Is it not the responsibility of the banking industry to provide banking access to the poor, the Prime Minister asked. 

The Prime Minister illustrated his point through the example of a mother saving money and being forced to hide it somewhere within the house. He said the bank officials who had opened an account for such a mother, had been blessed today.

He said a breakthrough was required to overcome the vicious cycle of poverty and debt, and that breakthrough had been achieved today. He said there were similarities between the poor getting access to mobile telephones, and getting access to debit cards. They both had the effect of instilling confidence and pride among the poor, he added. 

The Prime Minister referred to the ancient Sanskrit verse: Sukhasya Moolam Dharma, Dharmasya Moolam Artha, Arthasya Moolam Rajyam – which puts the onus on the state to involve people in economic activity. "This Government has accepted this responsibility," the Prime Minister said.

The Prime Minister said Indians had a habit of saving, and thinking about the future of their children. 

The Prime Minister also distributed awards to winners of the Name and Logo contest for this scheme. He observed that those who won prizes were predominantly from non-Hindi speaking states, but had won prizes for coining a name and slogan in Hindi. This is an example of national integration, he said. 
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Speaking on the occasion, the Finance Minister said PMJDY would be taken forward in Mission Mode, and the first target of reaching 7.5 crore unbanked families would be achieved by January 26th, 2015.

The Minister of State for Finance, Smt. Nirmala Sitharaman, said the lady of the house had been given priority in the PMJDY. She said this scheme would touch the lives of everyone in a positive and constructive way.

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PM Modi’s remarks at the BRICS session: Environment, COP-30, and Global Health
July 07, 2025

Your Highness,
Excellencies,

I am glad that under the chairmanship of Brazil, BRICS has given high priority to important issues like environment and health security. These subjects are not only interconnected but are also extremely important for the bright future of humanity.

Friends,

This year, COP-30 is being held in Brazil, making discussions on the environment in BRICS both relevant and timely. Climate change and environmental safety have always been top priorities for India. For us, it's not just about energy, it's about maintaining a balance between life and nature. While some see it as just numbers, in India, it's part of our daily life and traditions. In our culture, the Earth is respected as a mother. That’s why, when Mother Earth needs us, we always respond. We are transforming our mindset, our behaviour, and our lifestyle.

Guided by the spirit of "People, Planet, and Progress”, India has launched several key initiatives — such as Mission LiFE (Lifestyle for Environment), 'Ek Ped Maa Ke Naam' (A Tree in the Name of Mother), the International Solar Alliance, the Coalition for Disaster Resilient Infrastructure, the Green Hydrogen Mission, the Global Biofuels Alliance, and the Big Cats Alliance.

During India’s G20 Presidency, we placed strong emphasis on sustainable development and bridging the gap between the Global North and South. With this objective, we achieved consensus among all countries on the Green Development Pact. To encourage environment-friendly actions, we also launched the Green Credits Initiative.

Despite being the world’s fastest-growing major economy, India is the first country to achieve its Paris commitments ahead of schedule. We are also making rapid progress toward our goal of achieving Net Zero by 2070. In the past decade, India has witnessed a remarkable 4000% increase in its installed capacity of solar energy. Through these efforts, we are laying a strong foundation for a sustainable and green future.

Friends,

For India, climate justice is not just a choice, it is a moral obligation. India firmly believes that without technology transfer and affordable financing for countries in need, climate action will remain confined to climate talk. Bridging the gap between climate ambition and climate financing is a special and significant responsibility of developed countries. We take along all nations, especially those facing food, fuel, fertilizer, and financial crises due to various global challenges.

These countries should have the same confidence that developed countries have in shaping their future. Sustainable and inclusive development of humanity cannot be achieved as long as double standards persist. The "Framework Declaration on Climate Finance” being released today is a commendable step in this direction. India fully supports this initiative.

Friends,

The health of the planet and the health of humanity are deeply intertwined. The COVID-19 pandemic taught us that viruses do not require visas, and solutions cannot be chosen based on passports. Shared challenges can only be addressed through collective efforts.

Guided by the mantra of 'One Earth, One Health,' India has expanded cooperation with all countries. Today, India is home to the world’s largest health insurance scheme "Ayushman Bharat”, which has become a lifeline for over 500 million people. An ecosystem for traditional medicine systems such as Ayurveda, Yoga, Unani, and Siddha has been established. Through Digital Health initiatives, we are delivering healthcare services to an increasing number of people across the remotest corners of the country. We would be happy to share India’s successful experiences in all these areas.

I am pleased that BRICS has also placed special emphasis on enhancing cooperation in the area of health. The BRICS Vaccine R&D Centre, launched in 2022, is a significant step in this direction. The Leader’s Statement on "BRICS Partnership for Elimination of Socially Determined Diseases” being issued today shall serve as new inspiration for strengthening our collaboration.

Friends,

I extend my sincere gratitude to all participants for today’s critical and constructive discussions. Under India’s BRICS chairmanship next year, we will continue to work closely on all key issues. Our goal will be to redefine BRICS as Building Resilience and Innovation for Cooperation and Sustainability. Just as we brought inclusivity to our G-20 Presidency and placed the concerns of the Global South at the forefront of the agenda, similarly, during our Presidency of BRICS, we will advance this forum with a people-centric approach and the spirit of ‘Humanity First.’

Once again, I extend my heartfelt congratulations to President Lula on this successful BRICS Summit.

Thank you very much.