A national financial inclusion mission launched on 28 August 2014 that aims to give every household a basic bank account, along with a RuPay debit card, accident insurance cover and access to an overdraft, so that the poor can save, receive government payments and use formal credit.
For decades, a large part of rural and poor urban India had no relationship with a bank. People saved in cash, in gold or with informal chit groups, and borrowed from moneylenders at very high rates. Earlier efforts such as the nationalisation of banks in 1969, priority-sector lending, the lead bank scheme, self-help group linkage and the 2005 push for "no-frills" accounts expanded the network, but many accounts were opened and never used, and huge numbers of households still had no account at all.
The Jan Dhan mission, announced in the Independence Day speech of 2014 and launched within two weeks, took a campaign approach. Banks were set targets, camps were held across the country, and business correspondents (local agents with handheld devices) were used to reach villages without branches. The focus shifted from covering villages to covering households, and later to covering every adult. A record number of accounts opened in a single week was recognised by Guinness World Records. The scheme was later made open-ended in 2018 with a broader set of benefits.
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