Today marks 12 years since the completion of the Pradhan Mantri Jan Dhan Yojana (PMJDY). This financial inclusion scheme was launched on August 28, 2014, with the aim of providing every unbanked adult access to a basic bank account. It is a part of a wider initiative to offer support to marginalized and economically backward sections of society.
PMJDY does not require a minimum balance or maintenance charges. According to the Ministry of Finance, more than 59 crore accounts have been opened, with a total deposit balance of Rs 3.17 lakh crore. In the past years, 77.8 percent of PMJDY accounts have been opened in rural areas and 55.7 percent of Jan Dhan accounts are held by women.
The scheme has the provision of a free RuPay debit card, which offers an accident cover of Rs 2 lakh. 41.29 crore of these have been issued so far, as per a release by the Ministry of Finance. Deposits in the past 12 years have increased by 12.8 times, with the total deposit standing at Rs 3,16,514 crore. The average deposit has also increased 3.4 times in the last 12 years, which, as of August 19, is Rs 5,356.
As per the Ministry of Finance, “The increase in the average deposit is another indication of the increased usage of accounts and the inculcation of saving habits among account holders.”
Through the Convergence of Jan Dhan, Aadhaar, and Mobile (JAM), the government succeeded in transmitting the benefits of the PMJDY scheme directly into the accounts of the underprivileged. This mechanism prevents the need for intermediaries, thus avoiding diversion and delays.
PMJDY accounts also have an overdraft facility of up to ₹10,000, which offers financial assistance in times of emergency. Moreover, through the Jan Suraksha schemes, viz. PM Jeevan Jyoti Bima Yojana and PM Suraksha Bima Yojana, PMJDY accounts have extended the benefits of life and accident insurance to workers in the unorganized sectors.
As the PM Jan Dhan Yojana completes 12 years, Union Minister of State for Finance, Pankaj Chaudhary, said, “On 28th August 2014, the Hon’ble Prime Minister inaugurated the National Mission on Financial Inclusion, popularly known as Pradhan Mantri Jan Dhan Yojana (PMJDY). Today, I am happy that Pradhan Mantri Jan Dhan Yojana (PMJDY) is celebrating its 12th anniversary.”
The Union MoS further insisted that PMJDY should rather be seen in the light of the transformation it has brought to the banking and financial scenario of the country, with the focus on extending these services directly to the poorest of the poor.
