Pradhan Mantri Jan Dhan Yojana (PMJDY)
Central Government Schemes: We will study here the central government schemes from 2014 onwards when the Honorable Prime Minister Shri Narendra Modi came to power.
The Modi government has started many welfare schemes which include; Beti Bachao-Beti Padhao, Swachchh Bharat Mission, PM Mudra Yojna, Atal Pension Yojna, Smart city scheme, and Make in India, etc. Read this article to know the list of important welfare schemes started by Narendra Modi.
Insights of Pradhan Mantri Jan Dhan Yojana (PMJDY)
- Announced Date of PMJDY: 15th August 2014
- Launched Date: 28th August 2014
Pradhan Mantri Jan Dhan Yojana (PMJDY), the biggest financial inclusion initiative in the world, was announced by the Hon’ble Prime Minister Shri Narendra Modi on 15th August 2014 from the ramparts of the Red Fort and launched by him on 28th August 2014 across the country.
Pradhan Mantri Jan-Dhan Yojana (PMJDY) is National Mission for Financial Inclusion to ensure access to financial services, namely, basic savings & deposit accounts, remittance, credit, insurance, and 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 an unbanked person.
- No minimum balance is required. However, for withdrawal of money from any ATM with a Rupay Card, some balance is advised to be kept in the account.
- Interest is earned on the deposit in PMJDY accounts.
- A Rupay Debit card is provided to the PMJDY account holder.
- Accident Insurance Cover of Rs.1 lakh (enhanced to Rs. 2 lakhs to new PMJDY accounts opened after 28.8.2018) is available with a RuPay card issued to the PMJDY account holders.
- Accidental Insurance Cover, RuPay Debit Card must be used at least once in 45 days.
- Life insurance cover of Rs.30,000/-
- After satisfactory operation of the account for 6 months, an overdraft facility will be permitted
- An Overdraft facility up to Rs.5000/- is available in only one account per household, preferably a lady of the household.
- PMJDY accounts Beneficiaries are eligible for Direct Benefit Transfer (DBT) of Government Schemes, 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.
- Easy Transfer of money across India
WHERE CAN I OPEN AN ACCOUNT UNDER THIS SCHEME?
An account can be opened in any bank branch or Business Correspondent (Bank Mitr) outlet.
What documents are required?
- If Aadhaar Card/Aadhaar Number is available then no other documents are required. If the address has changed, then a self-certification of the current address is sufficient.
- If Aadhaar Card is not available, then any one of the following Officially Valid Documents (OVD) is required: Voter ID Card, Driving License, PAN Card, Passport & NREGA Card. If these documents also contain your address, it can serve both as “Proof of Identity and Address”.
- If a person does not have any of the “officially valid documents” mentioned above, but it is categorized as ‘low risk’ by the banks, then he/she can open a bank account by submitting any one of the following documents:
- Identity Card with applicant’s photograph issued by Central/State Government Departments, Statutory/Regulatory Authorities, Public Sector Undertakings, Scheduled Commercial Banks, and Public Financial Institutions;
- Letter issued by a gazette officer, with a duly attested photograph of the person.
Continuation of Pradhan Mantri Jan Dhan Yojana (PMJDY): Latest Updates.
- The Government has decided to continue National Mission for Financial Inclusion PMJDY with the following modifications:
- To continue the National Mission for Financial Inclusion (PMJDY) beyond 14.8.2018
- The existing OD limit of Rs 5,000 is to be raised to Rs 10,000
- There will not be any conditions attached for OD up to Rs 2,000.
- The age limit for availing of the OD facility is to be revised from 18-60 years to 18-65 years.
- Under the expanded coverage from “every household to every adult”, accidental insurance cover for new RuPay cardholders is to be raised from Rs 1 lakh to Rs 2 lakh for new PMJDY accounts opened after 28.8.18.
- Achievements under PMJDY
- 32.41 crore Jan Dhan accounts have been opened with more than Rs 81,200 crore of deposit balance.
- 53% of women Jan Dhan account holders and 59% of Jan Dhan accounts are in rural and semi-urban areas. More than 83% of operative Jan Dhan accounts (except states of Assam, Meghalaya, and J&K) are Aadhaar seeded, with the issuance of approx 24.4 crores RuPay cards to these account holders.
- More than 7.5 crore Jan Dhan accounts receive DBTs.
- Banking Correspondents (BCs) have been deployed in 1.26 lakh Sub Service Areas (rural areas), each catering to 1000-1500 households. Nearly 13.16 crore Aadhar Enabled Payment System (AePS) transactions have taken place through BCs during the month of July 2018.
- 98 crore subscribers under Pradhan Mantri Suraksha Bima Yojana (PMSBY) with 19,436 claims, involving an amount of Rs. 388.72 crores settled so far.
- Similarly, 5.47 crore subscribers under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) with 1.10 lakh claims, involving an amount of Rs. 2206.28 crores settled so far.
- 11 crore persons have subscribed to Atal Pension Yojana (APY).
- A pipeline has been created for the implementation of PMJDY through which Jan Dhan accounts and mobile banking have been linked to Aadhar (JAM). This pipeline is not only facilitating savings, disbursal of credit, social security, etc but more importantly, channelizing direct benefits of various government schemes to poor people of the country through DBT.
- It has been decided to continue the flagship financial inclusion program (PMJDY), with a focus on opening accounts from “every household to every adult”. The pipeline of Jandhan-Aadhar-Mobile (JAM) will continue to provide the necessary backbone for coverage of these activities and thereby accelerating the pace of digitalized, financially included & insured society
NOTE: PMJDY in Guinness Book of World Records
The Guinness Book of World Records– also recognized the achievements made under PMJDY. It issued the certificate stating that the “Most bank accounts opened in one week as part of the Financial Inclusion Campaign is 18,096,130 and was achieved by the Department of Financial Services, Government of India from 23rd to 29th August 2014.”
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