The Pradhan Mantri Jan Dhan Yojana (PMJDY), a National Mission for Financial Inclusion, launched on August 28, 2014 by the Prime Minister (PM) Narendra Modi, completed 10 years (decade) of successful implementation.
- It is implemented by Department of Financial Services (DFS), Ministry of Finance(MoF).
- As the largest initiative of its kind globally, PMJDY has integrated millions into the formal banking system, empowering marginalized communities and enhancing financial security.
Pradhan Mantri Jan Dhan Yojana(PMJDY):
PMJDY is National Mission for Financial Inclusion(FI) to ensure access to financial services. The aim of PMJDY is to promote the Direct Benefits Transfer (DBT) scheme of the Union Government.
- The slogan of PMJDY is “Mera Khaata, Bhagya Vidhata” (My account, fortune maker).
Features:
i.Under the scheme, a Basic Savings Bank Deposit (BSBD) account can be opened in any bank branch or Business Correspondent (Bank Mitra), by persons without having other account.
ii.Any people can open PMJDY account by providing a self-attested photograph and signing or thumb printing.
iii.There is no age restriction for opening PMJDY account and accounts are opened with a zero balance.
Benefits:
i.There is no need to maintain minimum balance in PMJDY account and also no charges are levied on this account.
ii.RuPay Debit card with in-built accident insurance cover of Rs. 2 lakh is provided to promote digital transactions.
iii.Interest is earned on the deposit in PMJDY accounts.
iv.An overdraft (OD) facility up to Rs. 10,000 to eligible account holders.
v.PMJDY accounts are eligible for DBT, Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY), Micro Units Development & Refinance Agency Bank (MUDRA) scheme.
Note: Kerala became the first state in India where every household has been ensured at least one bank account.
Achievements (As of August 14, 2024):
i.Widespread Financial Inclusion: PMJDY has brought 53.13 crore people into the formal banking system as of August 14, 2024, with 55.6% (29.56 crore) of Jan-Dhan account holders being women and 66.6% (35.37 crore) of accounts in rural or semi-urban areas.
ii.Deposit Growth: Total deposits in PMJDY accounts have reached Rs 2,31,236 crore, reflecting a 15-fold increase since 2015.
iii.Increased Savings and Usage: The average deposit per account stands at Rs 4,352, a fourfold increase since 2015, indicating higher account usage and savings habits among account holders.
iv.RuPay Card Distribution: A total of 36.14 crore RuPay cards have been issued to PMJDY account holders, providing them with access to digital transactions and an accident insurance cover of Rs 2 lakh.
v.Digital and Financial Empowerment: The PMJDY scheme has significantly boosted digital payments, with UPI and RuPay card transactions, thus, contributing to a more financially inclusive society.
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