Thursday, September 23, 2021

PM Jan Dhan Yojana turns 7; brings over 43 crore beneficiaries under formal banking

As the Centre is observing the seventh anniversary of the Pradhan Mantri Jan Dhan Yojana (PMJDY), National Mission for Financial Inclusion, the Ministry of Finance on Saturday said that as many as 43.04 crore beneficiaries have been brought under the banking system since the inception of PMJDY. It also said that the amount deposited in these bank accounts have gone up to Rs 146,231 crore.

 

“The journey of PMJDY led interventions undertaken over a short span of 7 years has in effect, produced both transformational as well as directional change thereby making the emerging FI ecosystem capable of delivering financial services to the last person of the society-the poorest of the poor”, Finance Minister Nirmala Sitharaman said.

 

Pradhan Mantri Jan-Dhan Yojana (PMJDY)

 

Pradhan Mantri Jan-Dhan Yojana (PMJDY) is National Mission for Financial Inclusion to ensure access to financial services, namely, Banking/ Savings & Deposit Accounts, Insurance, Remittance, Credit, Pension in an affordable manner.

 

PMJDY was announced by Prime Minister, Narendra Modi in his Independence Day address on 15th August 2014. While launching the programme on 28th August, the Prime Minister had described the occasion as a festival to celebrate the liberation of the poor from a vicious cycle.

 

Impact of PMJDY

 

  • PMJDY has been the foundation stone for people-centric economic initiatives. Whether it is direct benefit transfers, COVID-19 financial assistance, PM-KISAN, increased wages under MGNREGA, life and health insurance cover, the first step of all these initiatives is to provide every adult with a bank account, which PMJDY has nearly completed.  
  • One in 2 accounts opened between March 2014 to March 2020 was a PMJDY account. Within 10 days of nationwide lockdown more than about 20 crore women PMJDY accounts were credited with ex-gratia. 
  • PMJDY has brought the unbanked into the banking system, expanded the financial architecture of India and brought financial inclusion to almost every adult.

 

Achievements under PMJDY

 

  1. PMJDY accounts have grown three-fold from 14.72 Crore in March 2015 to 43.04 Crore as of 18-08-2021. 
  2. In August 2021, out of a total of 43.04 crore PMJDY accounts, 36.86 crore (85.6 per cent) are operative, and only 8.2 per cent of PMJDY accounts are zero balance accounts.
  3. Total deposit balances under PMJDY Accounts increased from 22,901 crore in August 2015 to 1,46,230 crore in August 2021.
  4. The average deposit per account has increased over 2.7 times from August 2015 to August 2021.
  5. Total 31.23 crore RuPay cards issued to PMJDY account holders.

 

The road ahead for PMJDY

 

  1. Endeavour to ensure coverage of PMJDY account holders under micro insurance schemes. Eligible PMJDY account holders will be sought to be covered under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY). Banks have already been communicated about the same.
  2. Promotion of digital payments including RuPay debit card usage amongst PMJDY account holders through the creation of acceptance infrastructure across India
  3. Improving access of PMJDY account holders to Micro-credit and micro-investment such as Flexi-recurring deposit etc.

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