Pradhan Mantri Jan Dhan Yojana
About PMJDY
- In 2014, the government launched Pradhan Mantri Jan Dhan Yojana (PMJDY) to bring about comprehensive financial inclusion in the country.
- PMJDY envisages universal access to banking facilities with at least one basic banking account for ‘every adult’, financial literacy, access to credit, insurance and pension facility.
Features of PMJDY
- 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.
- 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 holders.
- Accident Insurance Cover of Rs.2 lakh 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.
Why in News?
- The number of bank accounts, under the Pradhan Mantri Jan DhanYojana (PMJDY), the government’s financial inclusion programme, crossed 500 million in August.
- The scheme completes nine years on 28 August 2023.
- Meanwhile, total deposits in these accounts combined stood at ₹ 2.03 trillion on 16 August, up from ₹15,670 crore at the end of March 2015.
- Average deposits in Jan Dhan accounts increased to ₹4,063 as of 16 August, up from ₹1,065 at the end of March 2015.
- The PMJDY scheme is responsible for providing basic banking facilities to the underprivileged, catalysing the government’s mission for financial inclusion.
- According to data from the Ministry of Finance, of the total Jan Dhan accounts, 56% belong to women and 67% accounts have been opened in rural/semi-urban areas.
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