Nirmala Sitharaman,Union Finance Minister
Some of the features of PMJDY are, one Basic Savings Bank Deposit (BSBD) account to every unbanked adult, overdraft limit of Rs 10,000, and a free Rupay debit card with inbuilt accident insurance cover of Rs 2 lakh (Rs 1 lakh for accounts opened before August 28, 2018)
New Delhi:
On completion of nine years of PM Jan Dhan Yojana, Prime Minister Narendra Modi on Monday said through this initiative, millions have been brought in the financial mainstream, ensuring that every Indian has a rightful place in the country’s growing economy.
“As we mark 9 years of PM Jan Dhan Yojana, I congratulate all those who benefitted from this scheme and laud everyone who worked to make it a success. It is a milestone effort in empowering our people,” Modi said in a post on X
Finance Minister Nirmala Sitharaman on Monday said Jan Dhan Yojana-led interventions and digital transformation have revolutionised financial inclusion in the country, as more than 50 crore people have been brought into the formal banking system with cumulative deposits surpassing Rs 2 lakh crore.
On the ninth anniversary of the Pradhan Mantri Jan Dhan Yojana (PMJDY), which is one of the biggest financial inclusion initiatives in the world, Sitharaman in her message said 55.5 per cent bank accounts have been opened by women, and 67 per cent have been opened in rural/semi-urban areas.
Under the scheme, the number of bank accounts grew 3.4-fold from 14.72 crore in March 2015, to 50.09 crore as on August 16, 2023.
Total deposits too have swelled from Rs 15,670 crore as of March 2015, to over Rs 2.03 lakh crore as of August 2023.
The average deposits in Jan Dhan accounts have increased 3.8 times from Rs 1,065 as of March 2015, to Rs 4,063 in August 2023.
About 34 crore RuPay cards have been issued to these accounts without charge, which also provides for a Rs 2 lakh accident insurance cover.
The zero-balance accounts under the scheme have reduced to 8 per cent of total accounts as of August 2023, from 58 per cent in March 2015.
Sitharaman said, “the 9 years of PMJDY-led interventions and digital transformation have revolutionised financial inclusion in India. With the collaborative efforts of stakeholders, banks, insurance companies, and government officials, the PMJDY stands out as a pivotal initiative, changing the landscape of financial inclusion in the country…”.
Minister of State for Finance Bhagwat Karad said Jan Dhan–Aadhaar–Mobile (JAM) architecture has enabled successful transfer of government benefits in the accounts of the common man seamlessly.
“PMJDY accounts have become the fulcrum of people-centric initiatives like Direct Benefit Transfer (DBT) and have contributed towards inclusive growth of all sections of the society, especially the underprivileged,” Karad said.
The PMJDY was launched on August 28, 2014, with an aim to provide universal banking services through the opening of zero-balance bank accounts for every unbanked household, based on the guiding principles of banking the unbanked, securing the unsecured and funding the unfunded.
More than 50.09 crore accounts have been opened under the PM Jan Dhan Yojana in the last nine years and the deposit balance swelled to over Rs 2.03 lakh crore, the Finance Ministry said on Saturday.
The Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched on August 28, 2014, with the aim to provide universal banking services through the opening of zero-balance bank accounts for every unbanked household, based on the guiding principles of banking the unbanked, securing the unsecured and funding the unfunded.
Financial Services Secretary Vivek Joshi said 33.98 crore RuPay cards were issued to PMJDY account holders as of August 2023, up from 13 crore at the end of March 2015.
”Currently there are 225 crore bank accounts in the country. The data shows that many people have more than one bank account. Overall in terms of account opening, we are nearing saturation,” Joshi said.
He said the zero balance accounts under Jan Dhan yojana have reduced to 8 per cent of total accounts as of August 2023, from 58 per cent in March 2015.
”We have successfully achieved the 50 crore account opening mark in August. On an average 2.5-3 crore JDY accounts have been opened every year,” Joshi said on the eve of Jan Dhan Yojana completing 9 years on August 28.
The average deposits in Jan Dhan accounts have increased from Rs 1,065 as of March 2015 to Rs 4,063 in August 2023, an increase of 3.8 times. 56 per cent of the Jan Dhan account holders are women and 67 per cent of the total accounts are in rural and semi-urban areas.
Some of the features of PMJDY are, one Basic Savings Bank Deposit (BSBD) account to every unbanked adult, overdraft limit of Rs 10,000, and a free Rupay debit card with inbuilt accident insurance cover of Rs 2 lakh (Rs 1 lakh for accounts opened before August 28, 2018).