New Delhi, Aug. 4 -- More than 559 million bank accounts have been opened under the financial inclusion scheme Pradhan Mantri Jan Dhan Yojana (PMJDY) since its launch in 2014, the government informed Parliament on Monday, highlighting efforts to boost financial inclusion and improve access to credit.

In a written reply to a question in the Lok Sabha, minister of state for finance Pankaj Chaudhary said the Centre has taken several initiatives to ensure that access to basic banking services leads to meaningful participation in the formal financial system.

Launched in August 2014, the PMJDY was a key step in banking the unbanked by facilitating the opening of basic savings bank deposit accounts. These accounts come with features such as Ru...