India, Aug. 28 -- Prime Minister Narendra Modi on Friday lauded the Pradhan Mantri Jan Dhan Yojana (PMJDY) for its "unprecedented scale and transformative outcomes" with 590 million bank accounts in the last 12 years with deposits of Rs.3.16 lakh crore.

"Jan Dhan Yojana has had an unparalleled impact," he said in a post on X, pointed at rapid financial inclusion because of the scheme. According to the latest government data, about 78% of Jan Dhan accounts are in rural and semi urban areas, and 56% of the accountholders are women. PMJDY was launched by him on August 28, 2014.

Highlighting growing participation in formal banking, Union finance minister Nirmala Sitharaman said PMJDY has brought transformation from banking the few to bankin...