Pradhan Mantri Jan Dhan Yojana (PMJDY) – National Mission for Financial Inclusion, completed eight years of successful implementation.
Key achievements
- PMJDY was announced by Prime Minister, Shri Narendra Modi in his Independence Day address on 15th August 2014.
- While launching the programme on 28th August, the Prime Minister had described the occasion as a festival to celebrate the liberation of the poor from a vicious cycle.
- The success of the PMJDY since August 28, 2014 is reflected in terms of opening of over 46 crore bank accounts with deposit balance of Rs 1.74 lakh crore with its expanded coverage to 67% rural or semi-urban areas as well as 56% of women Jan Dhan account holders.
- 2018 saw a marked shift in approach to meet challenges and requirements of emerging Financial Inclusion landscape in the country.
- There has been a shift in focus in 2018 from “every household’ to “every adult”, with added emphasis on usage of accounts by enhancing Direct Benefit Transfer (DBT) flows through these accounts, promoting digital payments through the use of RuPay cards, etc.
- PMJDY has become the foundation stone for the government’s people-centric economic initiatives. Whether it is direct benefit transfers, COVID-19 financial assistance, PM-KISAN, increased wages under MGNREGA, life and health insurance cover, the first step is to provide every adult with a bank account, which PMJDY has nearly completed.
About Pradhan Mantri Jan Dhan Yojana (PMJDY)
- Pradhan Mantri Jan Dhan Yojana (PMJDY) is National Mission for Financial Inclusion to ensure access to financial services, namely, Banking/ Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension in an affordable manner.
- PMJDY objectives are: Ensure access of financial products & services at an affordable cost and Use of technology to lower cost & widen reach.
- Banking the unbanked – Opening of basic savings bank deposit (BSBD) account with minimal paperwork, relaxed KYC, e-KYC, account opening in camp mode, zero balance & zero charges.
- Securing the unsecured – Issuance of Indigenous Debit cards for cash withdrawals & payments at merchant locations, with free accident insurance coverage of Rs. 2 lakh.
- Basic savings bank accounts with overdraft facility of Rs. 10,000/– to every eligible adult,
- Accident cover up to Rs. 1,00,000 and life cover of Rs. 30,000 on account opened between 15 Aug 2014 to 31 January 2015,
- Free accidental insurance cover on RuPay cards increased from Rs. 1 lakh to Rs. 2 lakh for PMJDY accounts opened after 28.8.2018.
