The Pradhan Mantri Jan Dhan Yojana (PMJDY) celebrates its 10th anniversary today, marking a decade of financial inclusion efforts in India.
About Pradhan Mantri Jan Dhan Yojana (PMJDY):
- Launched in 2014 under the Ministry of Finance, PMJDY aims to provide universal access to banking services.
- It focuses on financial inclusion by ensuring that every unbanked adult has access to Basic Savings Bank Deposit (BSBD) accounts, remittances, credit, insurance, and pensions at an affordable cost.
Key Features:
- BSBD accounts can be opened by individuals without any existing accounts at any bank branch or Business Correspondent (Bank Mitra) outlet.
- Accounts come with a free RuPay debit card that includes accidental insurance coverage of Rs. 2 lakhs for accounts opened after August 28, 2018.
- Overdraft facility of up to Rs. 10,000 is available with an upper age limit of 65 years.
- PMJDY accounts are integrated with government schemes like Direct Benefit Transfer (DBT), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY), and the Micro Units Development & Refinance Agency Bank (MUDRA) scheme.
Achievements:
- As of July 2024, over 52.74 crore Jan Dhan accounts have been opened, with more than 55% belonging to women.
- The initiative has significantly reduced the number of zero-balance accounts from 8.52 crores in 2015 to 4.26 crores.
- The average deposit in these accounts has increased 4.12 times between 2015 and 2024.
- Nearly 100% of villages are covered by banking outlets within a 5 km radius, as mapped by the Jan Dhan Darshak App.
Future Goals:
- The government aims to open an additional 3 crore accounts under PMJDY in the financial year 2024-25.
Impact and Legacy:
- PMJDY has laid the foundation for people-centric economic initiatives and played a crucial role in direct benefit transfers, particularly during the COVID-19 pandemic.
- The JAM Trinity (Jan Dhan, Aadhaar, Mobile) has expanded the reach of Direct Benefit Transfers, making them a cornerstone of India’s economic inclusion efforts.
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Frequently Asked Question:
What is the Pradhan Mantri Jan Dhan Yojana (PMJDY)?
PMJDY is a financial inclusion program launched in 2014 to provide universal access to banking services.
What are the key features of PMJDY?
PMJDY offers BSBD accounts, RuPay debit cards with insurance, overdraft facilities, and integration with government schemes.
How many accounts have been opened under PMJDY as of 2024?
Over 52.74 crore accounts have been opened, with more than 55% belonging to women.
What is the significance of the JAM Trinity in PMJDY?
The JAM Trinity (Jan Dhan, Aadhaar, Mobile) is crucial for direct benefit transfers and economic inclusion efforts in India.