Senior Congress leader P Chidambaram said that the Jan Dhan Yojana, widely recognized today, is essentially a rebranded version of a financial inclusion scheme initiated during the UPA era. Chidambaram emphasized that the groundwork for this scheme was laid well before the current government, with millions of accounts being opened between 2005 and 2014.

Chidambaram highlighted that the concept of financial inclusion was originally conceived by then Reserve Bank of India (RBI) Governor C Rangarajan. In 2005, under the leadership of Governor Dr. Y V Reddy, the 'No Frills Account' or 'Zero Balance Account' initiative was launched, aimed at providing banking access to the unbanked population. This initiative was further developed and renamed as the Basic Savings Bank Deposit Account (BSBDA) in 2012 during the UPA government.

According to Chidambaram, the current government later rebranded this scheme as the Pradhan Mantri Jan Dhan Yojana. He emphasized that the credit for this financial inclusion initiative should also be shared with the past RBI governors who played pivotal roles in its inception and implementation.

On the occasion of the Pradhan Mantri Jan Dhan Yojana completing 10 years, Prime Minister Modi celebrated the scheme's success, highlighting its role in promoting financial inclusion and empowering millions of households across the nation. The Prime Minister also commended those who contributed to making the initiative a significant step toward integrating every household into the country's economic framework.

India Targets Opening 3 Crore New Jan Dhan Accounts in FY25, Says Finance Minister Sitharaman