- 59cr accounts by Aug 2026
- next phase must focus on
- financial deepening
- addressing dormant accounts
- digital & biometric exclusion
- limited overdraft access
- cash heavy usage
About scheme
- launched aug 2014
- access to fin services, basic savings & deposit accounts, remittance, credit, insurance, pension
- 2018: transformed strategic target from “every household” to “every unbanked adult”
- benefits
- open BSBD account (zero balance)
- interest on savings
- small account - open acct w/o formal docs, function for 12mo
- RuPay card, withdraw cash from any ATM, make PoS payments
Key achievements
- 59cr accounts in Aug 2026
- India’s Financial Inclusion Index rose from 53.9 in 2018 to 67 in 2026
- Massive deposit mobilization
- focus on vulnerable
- 56% JD account holders women
- 78% accounts in rural / semi urban area - last mile access
- RuPay cards insurance
Challenges
- digital literacy gap
- UPI frauds
- dormancy, inactive accounts
- limited overdraft facility
- cash heavy usage
- infra bottleneck