PM Jan-Dhan Yojana (PMJDY) - National Mission for Financial Inclusion, completed its six years of successful implementation

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  PM Jan-Dhan Yojana (PMJDY) - National Mission for Financial Inclusion, completed its six years of successful implementation

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Key point –  

1. Program was launched on 28th August 2014. It is a key initiative towards commitment of financial inclusion is the Pradhan Mantri Jan Dhan Yojna (PMJDY). Financial inclusion is defined as the process of ensuring access to financial services and timely and adequate credit where needed by vulnerable groups.

Achievements - 

1. Total Number of PMJDY Accounts (as on 19th August 2020): 40.35 Crore; Rural PMJDY accounts: 63.6%, Women PMJDY accounts: 55.2%. Out of total 40.35 crore PMJDY accounts, 34.81 crore (86.3%) are operative. Total deposit balances under PMJDY Accounts stand at Rs. 1.31 lakh crore.
2. Deposits have increased about 5.7 times with increase in accounts 2.3 times between 2015 to 2020.
3. Total RuPay cards issued to PMJDY account holders: 29.75 Crore
4. Jan Dhan Darshak App - A mobile application was launched to provide a citizen centric platform for locating banking touchpoints such as bank branches, ATMs, Bank Mitras, Post Offices, etc.
5. Pradhan Mantri Garib Kalyan Package (PMGKP) for PMJDY women beneficiaries - An amount of Rs. 500/- per month for three months (April’ 20 to June’ 20), was credited to the accounts of women account holders under Pradhan Mantri Jan Dhan Yojana (PMJDY).
6. DBT transactions - As informed by banks, about 8 crore PMJDY account holders receive Direct Benefit Transfer (DBT) from the Government under various schemes.
7. Enhancement in overdraft facilities - OD limit doubled from Rs 5,000/- to Rs 10,000/-; OD upto Rs 2,000/- (without conditions). Increase in upper age limit for OD from 60 to 65 years.

The road ahead - 

1. Ensure coverage of PMJDY account holders under micro insurance schemes. Eligible PMJDY accountholders will be sought to be covered under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY).
2. Promotion of digital payments including RuPay debit card. Improving the access of PMJDY account holders to Micro-credit and micro-investment such as Flexi-recurring deposit etc.
3. Adding more focus on financial literacy and digital literacy for the common man.

Read more on - Polity | Economy | Schemes | S&T | Environment

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