The Pradhan Mantri Jan Dhan Yojana (PMJDY) – the national mission for financial inclusion and banking the unbanked – completed ten years of implementation.
A decade since the launch of Pradhan Mantri Jan Dhan Yojana (PMJDY), a total of 53.13 crore of such accounts have been opened, with a deposit balance of Rs 2.3 lakh crore, Finance Minister Nirmala Sitharaman said on Tuesday.
The average balance per account has increased from Rs 1,065 in March 2015 to Rs 4,352 now.
Around 80 per cent of accounts are operative, the finance minister said.
Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched by PM Narendra Modi 10 years ago on August 8, 2014. It aimed to ensure comprehensive financial inclusion of all households in the country by providing universal access to banking facilities with at least one basic bank account to every household, financial literacy, and social security cover.
The initiative was announced by Prime Minister Narendra Modi in his maiden Independence Day address from Red Fort in 2014. Later he launched the programme on August 28, 2014.
PMJDY accounts are being used extensively although, zero balance accounts are permitted and there is no requirement of maintenance of minimum balance in PMJDY accounts, only 8.4 per cent of accounts have zero balance.
The scheme has done very well in rural / semi-urban areas.
Out of the total accounts opened under the scheme, about 66.6 per cent of accounts have been opened in rural and semi-urban areas.
As of August 14, 2024, out of a total 53.13 crore PMJDY accounts, 29.56 crore (55.6 per cent of total accounts) belong to women account holders
Today, 99.95 per cent of all inhabited villages have access to banking facilities within a 5 km radius through banking touch points (including bank branches, ATMs, Banking Correspondents (BCs), and Indian Post Payment Banks).
As of August 14, 2024, there are more than 173 crore operative CASA (current account saving account) accounts in the country which include more than 53 crore operative PMJDY accounts.
The government’s target is to open more than 3 crore PMJDY accounts during the current Financial Year.
Giving details of progress under social security schemes, Sitharaman said that over 20 crore cumulative enrolments provided life insurance cover of Rs 2 lakh under PM Jeevan Jyoti Bima Yojana with a premium of Rs 436 per annum.
Over 45 crore cumulative enrolments provided a one-year accidental cover of Rs 2 lakh (death or permanent total disability) and Rs. 1 lakh (permanent partial disability) with a premium of Rs 20 per annum under PM Suraksha Bima Yojana.
Giving progress details of various credit-linked schemes, the Finance Minister said that under PM Mudra Yojana (PMMY), 48.92 crore cumulative loans amounting to Rs 29.93 lakh crore have been sanctioned to provide collateral-free institutional finance to micro/small business units up to Rs 10 lakh for income generating activities.
Under the Stand-Up India Scheme (SUPI) total of 2.36 lakh cumulative loans amounting to Rs. 53,609 crores have been sanctioned to Scheduled Caste / Schedule Tribe and Women entrepreneurs for setting up greenfield projects and under PM SVANidhi total loans worth Rs 12,630 crore have been sanctioned to 65.27 lakh street vendors. (ANI)
