Pradhan Mantri Jan-Dhan Yojana (PMJDY)

In News

• Deposits under the PMJDY have crossed the Rs 1.5 lakh crore mark as per the finance ministry data. 
  • Recently, PMJDY has completed seven years.

About the Scheme (Launched in 2014)

• Objectives:
  • Financial Inclusion & Access to financial products & services.
  • Use of technology to lower cost & widen reach.

• Key pillars:
  • Universal access to banking services
  • Basic Savings Bank Accounts with OverDraft (OD) Facility
  • Financial Literacy Program
  • Creation of Credit Guarantee Fund
  • Insurance
  • Pension scheme for the Unorganized sector.
• Extension of PMJDY with New features (beyond 28.8.2018)
  • Focus shift from ‘Every Household’ to Every Unbanked Adult’
  • Free accidental insurance cover on RuPay cards increased from Rs. 1 to2 lakh.
  • OD limit doubled from Rs 5,000/- to Rs 10,000/-. ↑ OD from 60 to 65 years
• Achievements
  • 55.47% women Jan Dhan Account Holders & 66.69% 
  • Total PMJDY accounts stand at more than 44 crores.
  • 54 crore Jan Dhan accounts were held in rural and semi-urban bank branches.
  • Nearly 24.61 crore account holders were women as of December 29, 2021.

Impacts & Changes 

• Enhanced Financial Inclusion: People-centric economic initiatives (DBT, PM KISAN, MGNREGA, UJJAWALA YOJANA, COVID-19 ASSISTANCE etc) 
• Prevention of Leakages: Increased Good Governance through JAM Trinity.
• Formal financial system: Bringing out poor from clutches of money lenders.
• Jan Dhan Darshak App: Citizen-centric platform for locating banking touchpoints. 

Way Ahead

• Ensure coverage of PMJDY account holders under micro insurance schemes. 
• Increase Awareness & promotion of digital payments including RuPay debit cards.

Source: PIB