India's Pradhan Mantri Jan Dhan Yojana (PMJDY) has transformed global financial inclusion, bringing more than 560 million people into the formal banking system since its launch in 2014. As the programme celebrates its 11th anniversary this week, it stands as the world's largest initiative of its kind and a cornerstone of India's efforts to foster inclusive growth. Launched on 28 August 2014 by Prime Minister Narendra Modi, PMJDY was designed to "bank the unbanked" and extend financial services to underserved populations. Over the past decade, the initiative has played a pivotal role in reducing poverty and advancing economic empowerment, offering beneficiaries access to credit, insurance, pensions, and other essential services. A hallmark of the programme is its inclusive features: zero-balance savings accounts, RuPay debit cards with built-in accident insurance, and overdraft facilities. These measures ensure that even first-time account holders gain both financial security and opportunities for upward mobility. Since inception, more than 560 million accounts have been opened under PMJDY, of which 300 million are held by women, marking a significant stride toward gender equality in financial access. The surge in participation has been accompanied by strong deposit growth, rising from the equivalent of EGP 86.77bn in March 2015 to EGP 1.48trn by August 2025, reflecting growing public trust in the formal banking sector. The scheme has also made deep inroads into underserved communities, with 67% of accounts opened in rural and semi-urban areas. By linking accounts to government programmes, PMJDY has facilitated Direct Benefit Transfers (DBT), ensuring that subsidies and welfare payments are delivered transparently and directly to beneficiaries. Digital adoption has been another key success. To date, 386.8 million RuPay debit cards have been issued, driving cashless transactions and offering added protection through accident insurance coverage. PMJDY's unprecedented scale was recognised by the Guinness World Records, after 18 million accounts were opened in just one week during its initial financial inclusion campaign — a milestone that underscored India's mission-driven approach to universal banking access. The initiative has also had global resonance, with many developing countries looking to India's model as a blueprint for advancing financial inclusion. In parallel, Egypt has pursued its own ambitious financial inclusion agenda through the National Financial Inclusion Strategy, encouraging banks to offer low-minimum-balance accounts and promoting financial literacy. Both nations share a vision of broadening financial access, opening avenues for knowledge-sharing and collaboration in building inclusive financial ecosystems. Eleven years on, PMJDY remains one of the most ambitious social and financial reforms in India's modern history — a programme that has not only reshaped banking but also redefined the possibilities of inclusive development on a global scale.
