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