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
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