Blitz Bureau
NEW DELHI: The Pradhan Mantri Jan Dhan Yojana (PMJDY), launched by Prime Minister Narendra Modi on August, 2014, has become the world’s largest financial inclusion scheme — with more than 53.14 crore beneficiaries and total deposit balances at Rs 2,31,236 crore, Finance Minister Nirmala Sitharaman said on August 28.
Sitharaman said that universal and affordable access to formal banking services is essential for achieving financial inclusion and empowerment, as “it integrates the poor into the economic mainstream and plays a crucial role in the development of marginalised communities.”
“PM Jan Dhan Yojana has transformed the banking and financial landscape of the country over the last decade. These bank accounts have garnered a deposit balance of Rs. 2.3 lakh crore, and resulted in the issuance of over 36 crore free-of-cost RuPay cards, which also provide for a Rs 2 lakh accident insurance cover,” Sitharaman noted.
Notably, there are no account opening fees or maintenance charges and no requirement to maintain a minimum balance.
The PMJDY scheme provides one basic bank account for every unbanked adult. For this account, there is no need to maintain any balance and also no charges are levied on this account.
PMJDY account holders are also eligible for getting an overdraft of up to Rs 10,000 to cover exigencies.
Sitharaman said that it is heartening to note that 67 per cent of the accounts have been opened in rural or semi-urban areas, and 55 per cent of accounts have been opened by women. The Jan-Dhan Aadhaar and mobile (JAM) trinity, with PMJDY as one of its pillars, has proven to be a diversion-proof subsidy delivery mechanism.
