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The Pradhan Mantri Jan Dhan Yojana (PMJDY), launched by the Modi government in 2014, has spearheaded one of the world's largest financial inclusion campaigns. Over 540 million bank accounts have been opened under this scheme, a significant milestone in India's financial sector.
One of the most notable aspects of this campaign has been the impressive growth in women's participation in financial services. Today, more than half of these bank accounts are held by women, marking a significant shift in gender dynamics. This transformation has been accompanied by a near-vanishing gender gap in bank account ownership, which dropped from 17% in 2011 to nearly zero today.
Women's demat account ownership has seen impressive growth as well. Nearly 67 lakh demat accounts were owned by women in the past, which has surged to about 2.77 crore today. This growth is mirrored in the increase of demat accounts held by men, which rose from around 2.66 crore to over 11.53 crore during the same period.
The Securities and Exchange Board of India (SEBI) is playing a crucial role in encouraging this growth. The chairperson of SEBI recently announced plans to offer extra financial incentives to distributors and fund houses. These incentives are intended to attract first-time women investors, further boosting women's participation in the financial market.
While the specific individuals responsible for initiating the PMJDY program and contributing to this growth remain unidentified, the impact of these initiatives on financial inclusion and women's empowerment in India is undeniable. The success of the PMJDY scheme and SEBI's ongoing efforts underscore the potential for continued progress in financial inclusion and gender equality in India.
