Photo Source: Babushahi Bureau
MP Satnam Sandhu raises issue of financial inclusion of women, accessibility of financial services in rural areas in Parliament
Women account for 55.6% of the total PM Jan Dhan Accounts: Punjab has more than 50 lakh women Jan Dhan Accounts
Babushahi Bureau
New Delhi, February 5, 2025: The Government of India has made significant efforts by launching the National Mission for Financial Inclusion (NMFI), which has greatly increased the financial inclusion of women over the past decade, ensuring financial independence for the women of India, or Nari Shakti.
The data was shared by Union Minister of State for Finance Pankaj Chaudhary in response to a question raised by Rajya Sabha MP Satnam Singh Sandhu during the ongoing budget session in Parliament.
MP Satnam Singh Sandhu had asked about the steps taken by the Ministry to bring more Indian women into the fold of financial inclusion through various schemes offered by the Government of India.
He also inquired about the measures taken by the Ministry to make digital financial services more accessible and user-friendly for women, especially in rural areas.
According to the data presented by the Union Minister of State for Finance, there are eight schemes currently offered by the Government of India, with the percentage of women beneficiaries ranging from 35% to as high as 82.9%.
Providing details of various schemes aimed at increasing the financial inclusion of women, the Union Minister of State for Finance stated that out of the total 54.3 crore Jan Dhan accounts opened by January 15, 2025, 30.37 crore (55.7%) are held by women.
Further the data presented by Union minister for State shows 50.55 lakh women accounts in Punjab under Jandhan yojana which accounts for 53.59% of the total number of accounts opened under scheme.
Providing social security to Indian Women by providing them insurance cover through Pradhan Mantri Jeevan Jyoti Bima Yojna (PMJJBY), the data Presented by the Union Minister of State for Finance shows 10 crores (44.4%) women beneficiaries. With 43.32 lakh registered beneficiaries under PMJJBY scheme, Punjab has 44.92% women being covered under this initiative.
With more than 22.84 crore women covered under Pradhan Mantri Suraksha Bima Yojana (PMSBY) which account for 46.5% of the total beneficiaries, the scheme provides a comprehensive insurance cover up to Rs. 2 Lakh in case of death and disability due to accident.
55.09 lakh women in Punjab (44.59%) are covered under the scheme. Union Minister of State for Finance through the data also presented that a total of 3.44 crore women has been covered under Atal Pension Yojna providing a social security cover in the form of old-age pension.
A total of 8.21 lakh women beneficiaries from Punjab have been covered under Atal Pension Yojna which accounts for 39.74% of the total beneficiaries under the scheme.
The data presented by the ministry in reply of the question asked MP Satnam Singh Sandhu also gave the figures of number of women beneficiaries under various category of schemes which provide loans to ensure their financial independence.
Under the Pradhan Mantri mudra Yojna out of the total 5.45 crores loan sanctioned to promote entrepreneurship, a total of 3.03 crore loan accounts under this scheme has been given to women beneficiaries which account for 55.04% of the total beneficiaries.
In the other Startup India scheme to promote startup ecosystem amongst the youth, 2.15 lakh women have been sanctioning loan under this scheme which accounts for 82.9% of the total beneficiaries covered.
The government is providing collateral-free loans of up to ₹50,000 to street vendors under the Pradhan Mantri Street Vendors Atma Nirbhar Nidhi (PMSVANidhi) Yojana. According to ministry data, a total of 44.62 lakh women beneficiaries have received loans, accounting for 45% of the total beneficiaries.
Additionally, the government is offering financial support to craftsmen and artisans through the PM Vishwakarma Scheme, under which 1.04 lakh women beneficiaries have been granted loans, making up 35% of the total beneficiaries covered.
Replying to the Question on steps taken to improve accessibility of digital financial services in rural areas the Union Minister of State for Finance said the government has started 107 digital banking units with an objective to ensure that the banking services reaches every nook and corner of country. these units offered facilities like opening of saving bank account, passbook printing, transfer of funds and applying for loan.
In addition, Jan Samarth portal has been launched as a one window process to apply for loans under various categories to the public sectors banks which provide quick hassle-free loan facilities to every citizen.
MP Satnam Singh Sandhu praised the efforts made by the Union Government under the leadership of Prime Minister Narendra Modi to promote financial inclusion for women and provide user-friendly, digital financial services to all citizens, especially in rural areas.
He further emphasized that PM Modi has ensured the financial independence of India’s Nari Shakti (women), and the government’s initiatives have also led to an increase in women’s participation in the nation's workforce.