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Pradhan Mantri Jan Dhan Yojana Financial Inclusion announced by Prime Minister in his Independence Day address on 2014 successfully completes its six years. Six Years of PMJDY and its Performance

Pradhan Mantri Jan Dhan Yojana

 Aim : To provide financial inclusiveness and support to the marginalised and hitherto socio-economically neglected classes for inclusive growth.

• Objectives
  • Ensure access of financial products & services at an affordable cost.
  • Use of technology to lower cost & widen reach.
• 6 Pillars of the scheme
  • Universal access to banking services.
  • Basic savings bank accounts with overdraft facility of Rs. 10,000/- to every household.
  • Financial Literacy Program Promoting savings, use of ATMs, getting ready for credit, availing insurance and pensions, using basic mobile phones for banking.
  • Creation of Credit Guarantee Fund to provide banks some guarantee against defaults.
  • Insurance accident cover up to Rs. 1,00,000 and life cover of Rs. 30,000 on account opened between 15 Aug 2014 to 31 January 2015.
  • Pension scheme for Unorganised sector.
• Change of Focus in 2018
  • Opening accounts from every household to every adult.
    • Existing Over Draft (OD) limit of Rs. 5,000 revised to Rs. 10,000.
    • No conditions attached for active PMJDY accounts availing OD upto Rs. 2,000.
    • Age limit for availing OD facility revised from 18-60 years to 18-65 years.
    • The accidental insurance cover for new RuPay card holders raised from existing Rs.1 lakh to Rs. 2 lakh.
• There is no requirement to maintain any minimum balance in PMJDY accounts.
• Rupay Debit card is provided to PMJDY account holder.
• PMJDY accounts are eligible for Direct Benefit Transfer (DBT) :
  • Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY.
  • Pradhan Mantri Suraksha Bima Yojana (PMSBY).
  • Atal Pendion Yojana (APY).
  • Micro Units Development & Refinance Agency Bank (MUDRA) scheme.

Six Years of PMJDY Performance

• PMJDY Accounts :
  • Total PMJDY Accounts: 40.35 Crore with Rural PMJDY accounts : 63.6% and Women PMJDY accounts : 55.2%.
  • Out of total 40.35 crore PMJDY accounts, 34.81 crore (86.3%) are operative.
• Average Deposit per PMJDY account : Average deposit per account is Rs. 3239
• Jan Dhan Darshak App : Mobile application, was launched to provide for locating banking touch points such as bank branches, ATMs, Bank Mitras, Post Offices, etc. in the country.
• DBT transactions : About 8 crore PMJDY accountholders receive direct benefit transfer (DBT) from the Government under various schemes.

Source : PIB

Topic

Prelims : About the Scheme

GS II :  Welfare schemes for vulnerable sections of the population by the Centre and States and the performance of these schemes; mechanisms, laws, institutions and Bodies constituted for the protection and betterment of these vulnerable sections

Current Affairs Compilation : 29 August 2020