PM Jan Dhan Yojana Completes 9 Years Of Implementation; Here Are Some Interesting Facts
The PM Jan Dhan Yojana was announced by Prime Minister Narendra Modi in his Independence Day address on August 15, 2014.
The Pradhan Mantri Jan Dhan Yojana (PMJDY) on Monday completed nine years of successful implementation, the Finance Ministry said.
The PM Jan Dhan Yojana was announced by Prime Minister Narendra Modi in his Independence Day address on August 15, 2014.
While launching the programme on August 28, 2014, PM Modi had described the occasion as a festival to celebrate the liberation of the poor from a vicious cycle.
In a statement issued by the finance ministry on the 9th anniversary of the scheme, Finance Minister Nirmala Sitharaman said, "The 9 years of PMJDY-led interventions and digital transformation have revolutionised financial inclusion in India. It is heartening to note that more than 50 crore people have been brought into the formal banking system through the opening of Jan Dhan Accounts."
"Among these accounts, approximately 55.5% belong to women, and 67% have been opened in Rural / Semi-Urban areas. The cumulative deposits in these accounts surpass Rs 2 lakh crore. Furthermore, about 34 crore RuPay cards have been issued to these accounts without charge, which also provides for a Rs 2 lakh accident insurance cover," she added.
According to the finance ministry, here are the major aspects and achievements of this scheme so far:
PM Jan Dhan Yojana: Achievements
As of August 9, 2023, the number of total PMJDY Accounts: 50.09 crore; 55.6% (27.82 crore) Jan-Dhan account holders are women and 66.7% (33.45 crore) Jan Dhan accounts are in rural and semi-urban areas
During the first year of scheme 17.90 crore PMJDY accounts were opened.
PMJDY accounts have grown three-fold (3.4) from 14.72 crore in March 2015 to 50.09 crore as of August 16, 2023.
Total deposit balances under PMJDY Accounts stand at Rs 2,03,505 crore.
Deposits have increased about 13 times with increase in accounts 3.34 times (Aug’23 / Aug’15).
Average deposit per account is Rs 4,063 as of August 16, 2023.
Total RuPay cards issued to PMJDY account holders: 33.98 crores.
As informed by banks, about 6.26 crore PMJDY accountholders receive direct benefit transfer (DBT) from the Government under various schemes.
About PM Jan Dhan Yojana
Pradhan Mantri Jan Dhan Yojana (PMJDY) is National Mission for Financial Inclusion to ensure access to financial services, namely, Banking/ Savings and Deposit Accounts, Remittance, Credit, Insurance, Pension in an affordable manner.
Objectives:
Ensure access of financial products & services at an affordable cost
Use of technology to lower cost & widen reach
Basic tenets of the scheme:
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 lakhs
Funding the unfunded - Other financial products like micro-insurance, overdraft for consumption, micro-pension & micro-credit.
