Pradhan Mantri Jan Dhan Yojana

Pradhan Mantri Jan Dhan Yojana

News: PMJDY (a central sector scheme under Ministry of Finance) has completed 8 years.

About PMJDY and its objectives:
• PMJDY is National Mission for Financial Inclusion (launched in 2014) to ensure access to financial services.
• To ensure access of financial products & services at an affordable cost - Banking/ Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension
• Use of technology to lower cost & widen reach.
• Banking the unbanked - Account opening in camp mode, zero balance & zero charges.
• Securing the unsecured – Providing Debit cards for cash withdrawals & payments and free accident insurance coverage of Rs. 2 lakhs.
• Funding the unfunded – micro-insurance/Credit, overdraft for consumption, and micro-pension.

Following are key achievements:
• More than 46 crore beneficiaries
• 56% of account holders are women
• Increased financial penetration as more than 67% of PMJDY accounts are opened in rural and semi urban areas
• Cash benefits provided such as scholarships, pensions, Covid relief funds, subsidies