Pradhan Mantri Jan Dhan Yojana (PMJDY)
Pradhan Mantri Jan Dhan Yojana makes sure that every household in the country has access to at least one basic bank account, financial literacy, and access to credit, insurance, pension benefits, and universal banking services.
This enables a person without a savings account to open one without the requirement of a minimum amount, and in the case that they self-certify that they are missing any of the legally required papers required to open a savings account, they may open a small account.
1.59 lakh Sub Service Areas (SSAs) were created from the nation’s more than 6 lakh villages. Typically, 1,000 to 1,500 families are included in each SSA. Bank Mitras were used for branchless banking in the 1.26 lakh SSAs without bank branches..
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Pradhan Mantri Jan Dhan Yojana Benefits
Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched with the intention of establishing bank accounts for roughly 7.5 crore unaccounted-for households in India by January 26th, 2015. By the end of January 2015, this scheme had opened over 12.54 crore accounts with deposits totaling more than Rs. 10,000 crores. Guinness World Records has also recognised the PMJDY programme for its accomplishments, stating that the Department of Financial Services, Government of India, opened 18,096,130 bank accounts in one week as part of the Financial Inclusion Campaign.
The program supplies each account holder with an indigenous Debit Card (RuPay card), covering both urban and rural communities. Under this plan, there is no minimum balance requirement for opening an account. The beneficiary may open a new account with no balance at any bank branch or Business Correspondent location.
It guarantees to offer both mobile banking using USSD capabilities and the Core Banking System (CBS). There is a call centre facility and a toll-free number available anywhere. The Pradhan Mantri Each beneficiary of the Jan Dhan Yojana receives a debit card with built-in accident insurance along with basic banking accounts. One of the key benefits offered by this programme is a RuPay debit card with an integrated Rs. 1 lakh accident insurance cover and a Rs. 5,000 overdraft capacity for Aadhar-linked accounts.
The qualified beneficiaries are given a Life Insurance cover of Rs. 30,000 for accounts created between August 15 and January 26, 2015 Additionally, the beneficiary would be qualified for an overdraft of up to Rs 5,000 after continuing to be active for 6 months.
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Pradhan Mantri Jan Dhan Yojana Performance
Number of all PMJDY Accounts as of August 10, 22: 25 crore; 55.59% (25.71 crore) 66.79% of Jan-Dhan account holders are women (30.89 crore) In rural and semi-urban areas, there exist Jan Dhan accounts. The first year of the programme saw the opening of 17.90 crore PMJDY accounts. Its ongoing growth in the number of accounts under PMJDY: As of 10-08-2022, PMJDY Accounts have tripled from 14.72 crore in March 2015 to 46.25 crore.
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Operative PMJDY Accounts
A PMJDY account is deemed inoperative under current RBI regulations if there have been no customer-induced transactions in the account for more than two years. Out of the 46.25 crore PMJDY accounts in existence as of August 22, 37.57 crore (81.2%) are active. Zero balance accounts make up just 8.2% of PMJDY accounts.
Deposits under PMJDY accounts
The total amount of deposits in PMJDY Accounts is Rs. 1,73,954 crore. With a 2.58x growth in accounts, deposits have climbed by nearly 7.60 times.
Average Deposit per PMJDY Account
The typical deposit is Rs. 3,761 per account. Over August 15, the average deposit has climbed by more than 2.9 times.
Rupay Card issued to PMJDY account holders
There have been 31.94 crore RuPay cards issued to PMJDY account holders. The quantity of RuPay cards and their use have grown over time.
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Pradhan Mantri Jan Dhan Yojana Achivements
With more than 46 billion bank accounts opened since August 28, 2014, and a deposit balance of Rs 1.74 lakh crore, the PMJDY has increased its reach to 67% of rural or semi-urban areas and 56% of women who have Jan Dhan accounts. There was a discernible shift in approach when PMJDY was continued after 2018 to address the demands and challenges of the country’s evolving FI market.
Deposits in PMJDY accounts have increased over time. As of 27.3.2019, the deposit balance in PMJDY accounts was Rs. 96,107 crore. The average deposit per account increased significantly between March 2015 and March 2019, going from Rs. 1,064 to Rs. 2,725 per account. The strength and acceptance of the Bank Mitra network have also increased. The average number of transactions per Bank Mitra on the Aadhaar Enabled Payment System managed by Bank Mitras has increased more than eightyfold from 52 transactions in 2014–15 to 4,291 transactions in 2016–17.
The most current statistics shows that there were 35.50 crore beneficiaries and that these basic bank accounts had a total balance of 99,752 crores. Banks in the private sector and regional rural banks have respective balances of 2,926 crores and 17,648 crores. With 79,177 crores, public sector banks are the ones with the majority of the balance.
The initiative places a high priority on women and rural communities. Of the 35.50 crore account holders, 21 crore were from semi-urban and rural areas. Women made up 18.88 crore of the awardees. The demonetization in November 2016 has hastened this growth in the scheme’s overall balance, which was first implemented on August 15, 2014.
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Pradhan Mantri Jan Dhan Yojana FAQs
Q) What is Pradhan Mantri Jan Dhan Yojana scheme?
Ans.Pradhan Mantri Jan-Dhan Yojana (PMJDY) is National Mission for Financial Inclusion to ensure access to financial services, namely, a basic savings & deposit accounts, remittance, credit, insurance, pension in an affordable manner.
Q) Who is eligible for Jan Dhan Yojana scheme?
Ans.The person should normally be head of the family or an earning member of the family and should be in the age group of 18 to 59 (i.e. person should be at least 18 years old, and should not have turned 60).
Q) What is the main objective of Pradhan Mantri Jan Dhan?
Ans.Objective of “Pradhan Mantri Jan-Dhan Yojana (PMJDY)” is ensuring 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.
Q) What is the limit of Jan Dhan account?
Ans.The withdrawal limit under PMJDY is Rs 10,000 per month. Jan Dhan Account Limit: Account Holders can deposit a maximum of Rs 1,00,000 in the account, under the scheme. The banks allow free mobile banking facilities.
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