Eight Years of PMJDY

Published: 1st Sep, 2022

Context

Pradhan Mantri Jan Dhan Yojana (PMJDY), the National Mission for Financial Inclusion completed eight years of successful implementation.

About

Pradhan Mantri Jan-Dhan Yojana (PMJDY)

Pillars of PMJDY, namely-

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.
Under the scheme, a basic savings bank deposit (BSBD) account can be opened in any bank branch or Business Correspondent (Bank Mitra) outlet, by persons not having any other account.

Benefits under PMJDY

One basic savings bank account is opened for unbanked person.
There is no requirement to maintain any minimum balance in PMJDY accounts.
Interest is earned on the deposit in PMJDY accounts.
Rupay Debit card is provided to PMJDY account holder.
Accident Insurance Cover of Rs.1 lakh (enhanced to Rs. 2 lakh to new PMJDY accounts opened after 28.8.2018) is available with RuPay card issued to the PMJDY account holders.
An overdraft (OD) facility up to Rs. 10,000 to eligible account holders is available.
PMJDY accounts are eligible for Direct Benefit Transfer (DBT), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY), Micro Units Development & Refinance Agency Bank (MUDRA) scheme.

Progress Report of PMJDY:

More than 46.25 crore beneficiaries banked under PMJDY since inception, amounting to over one lakh 73 thousand crore rupees.
PMJDY Accounts grew three-fold from 14.72 crore in March 2015 to 46.25 crore as on the 10th August, 2022.
56 percent Jan-Dhan account holders are women and 67 percent of Jan Dhan accounts are in rural and semi-urban areas.
94 crore RuPay cards have been issued to PMJDY account holders.
Only 8.2 per cent of PMJDY accounts are zero balance accounts.
Deposits have increased 7.60 times with an increase in accounts by 2.58 times between August 2015 and August 2022. The average deposit per account is Rs 3,761.

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