Pradhan Mantri Jan Dhan Yojana completes 7th Anniversary

Pradhan Mantri Jan Dhan Yojana (National Mission of Financial Inclusion) will complete its 7th Anniversary on 28th August, 2021. It was launched by Prime Minister Narendra Modi on August 28, 2014.

i.As per government data, PMJDY now has 42.89 crore beneficiaries (basic bank account holders) with INR 1,43,834 crore total balance.

• More than 50% of them are women – 23.76 crore, while 28.57 crore belong to rural and semi city areas.
• The average balance of PMJDY accounts stands at around INR 3000-3500.
• According to the Global Findex database of the World Bank, 80% of people above 15 years of age in the lower-middle income group have a bank account now compared to 53 per cent in 2014.

Pradhan Mantri Jan Dhan Yojana (PMJDY)

i.It is implemented by the Department of Financial Services, Ministry of Finance.

• Slogan of the Scheme is “Mera Khatha, Bhagya Vidhatha” (My account, fate restorer).
• Objective – To ensure access to various financial services like availability of basic savings bank account, access to need based credit, remittances facility, insurance and pension to the excluded sections i.e. weaker sections & low income groups.
• Guinness World Records has also recognised the achievements made under the PMJDY. It certified that the “Most bank accounts opened in one week as part of the Financial Inclusion Campaign is 18,096,130 and was achieved by the Department of Financial Services, Government of India.”

ii.Major Benefits under the PMJDY

• There is no requirement to maintain any minimum balance in PMJDY accounts.
• An overdraft (OD) facility up to Rs. 10,000 to eligible account holders is available.
• The beneficiaries would get RuPay Debit card having inbuilt accident insurance cover of INR 1 lakh (enhanced to Rs. 2 lakh to new PMJDY accounts opened after 28.8.2018).
• PMJDY accounts are eligible for Direct Benefit Transfer (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)

About Ministry of Finance

Union Minister – Nirmala Sitharaman(Rajya Sabha,Karnataka)
Minister of State(MoS): Dr S Bhagwat Karad(Rajya Sabha, Maharashtra) and Shri Pankaj Chaudhary( Maharajganj, Uttar Pradesh)