Pradhan Mantri Jan-Dhan Yojana (PMJDY)

Why in news?

The PMJDY has Completed 10 successful years from the date of its inception bringing scores of marginalized and vulnerable population into financial inclusion.

About PMJDY:

PMJDAY was launched in 2014 under Ministry of Finance to ensure access to financial services, namely, Basic Savings Bank Account (BSBD), remittance, credit, insurance, pension in an affordable manner.

Key features of PMJDY

• BSBD account can be opened in any bank branch or Business Correspondent (Bank Mitra) outlet, by persons not having any other account
• Focus onevery unbanked adult.
• Rupay Debit card is provided to the PMJDY account holder.
• Free accidental insurance cover on RuPay cards increasedfrom Rs. 1 lakh toRs. 2 lakhsfor PMJDY accounts after 28.8.2018.

• Rs 10,000Overdraft (OD) facilitiesandupper age limit for ODis 65 years.
• PMJDY accounts areeligible for Direct Benefit Transfer, Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana, Atal Pension Yojana, Micro Units Development & Refinance Agency Bank scheme.

Achievements of PMJDY:

More than 53.14 crore beneficiaries banked under PMJDY since inception

Total deposit balances under PMJDY Accounts stand at Rs. 2,31,236 crore

PMJDY accounts grow 3.6 -fold from 15.67 crore in March 2015 to 53.14 crore as on 14-08-2024

Around 55.6% Jan-Dhan account holders are women and around 66.6% Jan Dhan accounts in rural and semi-urban areas

36.14 crore RuPay cards issued to PMJDY accountholders