Pradhan Mantri Jan-Dhan Yojana (PMJDY) was started by Narendra Modi on August 28, 2014. It is a national mission with the aim of providing accessibility to various financial services including money transfer. , credit, insurance, pension, savings bank and deposit accounts in a reasonable way. Prime Minister Narendra Modi first announced the program in his Independence Day speech on 15 August 2014.
Pradhan Mantri Jan-Dhan Yojana (PMJDY) - National Mission for Financial Inclusion, completed six years of successful implementation in August 2020.
Financial inclusion is the provision of affordable financial services to a wide range of disadvantaged and low-income groups, giving them timely access. and complete with financial products and services. You can read more about financial inclusion on the linked page.
With the Covid-19 outbreak in India, India's Finance Minister Nirmala Sitharaman made an announcement offering rupees. 500 per month for each Jan-Dhan Woman account holder for the next three months.
A relief package of Rs 1.70 lakh crore will also be provided by the government to deal with the financial difficulties arising from the Covid-19 epidemic under the PM Garib Kalyan program. The closure for 21 days is expected to cost the Indian economy a cost of around 9 lakh crores.
As of August 3, 2020, it is reported that over 40 crore bank accounts have been opened as part of the government's main financial inclusion policy
Applicants can know Pradhan details. Mantri Jan Dhan Yojana on the official site (https://pmjdy.gov. In /).
Pradhan Mantri Jan Dhan Yojana is a financial inclusion campaign that provides universal access to banking services. It also ensures to provide financial education with at least one basic bank account per household in India.
Pradhan Mantri Jan-Dhan Yojana (PMJDY):-Download PDF Here
The highlights of this scheme have been mentioned in the table below:
| Name of the scheme | PMJDY |
| Full-Form | Pradhan Mantri Jan-Dhan Yojana |
| Date of launch | 28th August 2014 |
| Government Ministry | Ministry of Finance |
What are the benefits of the PMJDY scheme?
The Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched with the goal of creating bank accounts for 7.5 million unbanked Indian families by January 26, 2015. By the end of January 2015, this initiative has opened over 12.54 crore accounts, with deposits totaling over Rs 10,000 crores. The Department of Financial Services, Government of India, holds the Guinness World Record for the most bank accounts established in one week as part of the Financial Inclusion Campaign, with 18,096,130.
The following are some of the advantages given under this scheme:
- The program covers both urban and rural areas and offers a native debit card (RuPay card) to each account holder.
- No minimum balance is required to open an account under this program. Beneficiary can open his/her account at any bank branch or Sales Agent point of sale with zero balance.
- It ensures the provision of Core Banking System (CBS) as well as mobile banking services using USSD facilities. Call centers and toll-free numbers are available nationwide.
- Pradhan Mantri Jan Dhan Yojana provides each beneficiary with a basic bank account with a debit card with pre-existing accident insurance. Rs 4,444. 5,000 overdraft facility for Aadhar related accounts as well as RuPay debit card available at Rs. 10,000 accident insurance is one of the main features offered by this program.
- For accounts opened between August 15, 2014 and January 26, 2015, life insurance coverage of Rs 30,000 is provided to eligible beneficiaries. In addition, after remaining active for 6 months, the beneficiary will be eligible for an overdraft of up to Rs 5,000.
Implementation of Pradhan Mantri Jan Dhan Yojana
The implementation of Pradhan Mantri Jan Dhan Yojana (PMJDY) occurred in three phases:
Phase I: 15 August 2014 – 14 August 2015
- During this time, the PMJDY programme was introduced with the goal of providing universal banking access to all home families across the nation, with at least one basic banking account and a RuPay Debit Card with an integrated accident insurance cover of Rs 1 lakh.
- It offered the communities a financial literacy programme.
- During this time, it was also suggested that the Kisan Credit Card be issued.
Phase II – 15 August 2015 – 14 August 2018
Through Business Correspondents, it sought to provide individuals with microinsurance and pension programmes like Swavalamban to the unorganised sector.
Phase III – after 14 August 2018
- PMJDY aimed to create accounts for every family with an existing Overdraft (OD) capacity of Rs 5,000, which would be increased to Rs 10,000. For OD up to Rs 2,000, there were no conditions.
- The age limit for using the OD facility has been changed from 18-60 to 18-65.
- An accidental insurance cover for new RuPay card holders has been increased from Rs. 1 lakh to Rs. 2 lakh if the accounts were opened after 28.8.18 under this enhanced coverage.
Achievements under PMJDY –
- The total number of PMJDY accounts is 40.35 crore (as of August 19, 2020); rural PMJDY accounts for 63.6 percent, while women PMJDY accounts for 55.2 percent. There are 34.81 crores (86.3 percent) active PMJDY accounts out of a total of 40.35 crores.
- The total amount of money in PMJDY Accounts is Rs. 1.31 lakh crore.
- During the scheme's first year, 17.90 crore PMJDY accounts were created.
- Between 2015 and 2020, deposits climbed by 5.7 times, while accounts rose by 2.3 times.
- The Jan Dhan Darshak App is a citizen-centric tool for identifying banking touchpoints including as bank branches, ATMs, Bank Mitras, Post Offices, and other financial institutions.
Pradhan Mantri Jan-Dhan Yojana (PMJDY):-Download PDF Here
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