What PMJDY beneficiaries are really telling us beyond access

• by Ankit Chawla and Sushma Kaw
• Jul 23, 2026
• 5 min

This blog explores insights from an MSC (MicroSave Consulting)-led discussion between PMJDY beneficiaries and Her Majesty Queen Máxima. It highlights how India’s financial inclusion journey should move beyond account ownership and focus on financial health, resilience, savings, insurance continuity, and trusted human support.

The room held a quiet anticipation on a June morning in 2026. The Pradhan Mantri Jan Dhan Yojana (PMJDY) beneficiaries sat together, some glancing toward the door. They were waiting to meet someone they had never imagined they would encounter in person: a globally respected advocate for financial health.

Her Majesty Queen Máxima of the Netherlands, the UN Secretary-General’s Special Advocate for Financial Health (UNSGSA), had come to India to engage directly with beneficiaries of the Pradhan Mantri Jan Dhan Yojana (PMJDY). During the interaction, she sought to understand their experiences with formal financial services, including the challenges they face, their awareness and use of PMJDY-linked benefits, their ability to prepare for and manage financial emergencies, the financial shocks they commonly encounter, and the role that trusted banking touchpoints play in supporting their financial wellbeing.

India has opened more than 560 million bank accounts under the PMJDY. It stands as one of the most ambitious financial inclusion drives in the world.

Spend a little time with account holders, and the conversation quickly moves beyond account numbers. People talk aboutthe impact of emergencies on their finances They wonder whether insurance would really support them when it matters. Many say that saving feels harder than borrowing. Almost every group mentions one familiar figure in their community, the business correspondent (BC), who they simply call “our bank.”

These everyday realities shift the focus from financial access to financial health. They may shape the next phase of India’s financial inclusion journey.

The session: Bringing beneficiary voices into a global conversation

On 23^rd June 2026, MSC (MicroSave Consulting) led a focus group discussion (FGD) with PMJDY beneficiaries during Her Majesty Queen Máxima’s UN-visit to India. She spoke directly with participants using real-time translation. The exchange felt rare and direct. It created space for honest voices from the ground to meet global advocacy. As the beneficiaries shared their stories, the conversation offered valuable insights into how access to formal financial services can strengthen resilience, improve financial security, and enhance everyday lives.

The findings are both encouraging and sobering. PMJDY has changed lives in visible ways. Yet, beneficiaries are clear that opening a bank account is only the first step.

A major takeaway from the session was that people’s understanding of financial products grows primarily through experience rather than education or outreach. A medical emergency increased awareness about insurance benefits. A financial shock prompted the use of the overdraft facility. Digital payments became important when they addressed an immediate and practical need.

This is an important signal for program design. Financial literacy efforts that are disconnected from lived experience may have a limited impact. Knowledge and action, it seems, often develops when relevance exists.

The insurance gap: Small amounts and big consequences

The PMJDY’s social insurance schemes cover life and accident risks and carry modest annual premiums, by design. Yet, participants described a recurring difficulty. They could not maintain sufficient account balances when those premiums fall due.

A participant noted, “The amount for the premium is small, but sometimes there is no money in the account when it is deducted.”

The issue is not a lack of willingness to pay. The problem is the mismatch between the timing of deductions and the availability of funds. It is a direct result of irregular, seasonal, and informal incomes that define the lives of many PMJDY beneficiaries. Insurance continuity, therefore, might be just as important as insurance coverage itself.

The savings gap: Easier to borrow than to save

Participants noted a shift from moneylenders to formal credit, particularly banks and self-help groups (SHGs). SHG loans have become a trusted and accessible source of emergency funding for health costs, household needs, and short-term cash needs. This is a notable achievement, but regular savings remained out of reach.

Another participant shared, “If there is a need, we can arrange a loan. Saving every month is more difficult.”

Access to credit and the ability to build financial resilience do not always develop together. A household that can borrow during a crisis is better positioned than one that cannot. However, a household that can save and handle a shock without taking on debt is in a fundamentally different position. The savings gap remains a significant and often overlooked challenge in financial inclusion and financial health.

The BC continues to be the face of the financial system

Perhaps the most striking theme in the discussion was the role of the BC. For many participants, the BC was not a service channel but represented the entire financial system, as several participants referred to their BC simply as “our bank.”

Beneficiaries reported how this single human touchpoint helped them open accounts, conduct transactions, understand products, access government benefits, and resolve issues.

As financial services become more digital, a common assumption holds that human intermediaries will become less important. However, the evidence from this session suggests otherwise. For many beneficiaries, trust still depends on personal relationships, local presence, and access to help when issues arise. In a growing digital ecosystem, the BC’s role might actually matter more.

The questions beneficiaries ask

Throughout the discussion, beneficiaries did not question whether they could access a bank account, as the question had already been answered. Instead, they asked more difficult questions, such as:

“Am I saving enough to handle an emergency?”

“Will my insurance still be there when I need it?”

“Can I use digital services confidently without fear of making a mistake?”

“Is there someone I can rely on if something goes wrong?”

“Can my household handle a financial shock?”

These questions reflect concerns about financial resilience, confidence, and well-being, as account ownership data alone cannot answer them.

The next chapter in financial health

India’s journey toward financial inclusion has effectively answered the key question of whether people can access formal financial services. The PMJDY’s response has been a clear yes.

When the discussion ended, the beneficiaries had not asked for more bank accounts. UNSGSA Queen Máxima came to listen, and what she heard was unfinished progress. India’s population, which had crossed the threshold of access, grapples with quieter questions of financial resilience. The beneficiaries did not need anyone to explain financial health. They described it themselves, in the gap between a premium due date and an empty account, and in the comfort of a BC. They offered a clearer map of where India’s financial inclusion journey goes next.

This blog is based on insights from FGD with PMJDY beneficiaries, convened by MSC during Her Majesty Queen Máxima of the Netherlands’ visit as UNSGSA to India. She was visiting in her capacity as the United Nations Secretary-General’s Special Advocate for Financial Health. MSC has been working on financial inclusion across emerging markets for more than 27 years.