PM-JDY 

#GS2 #Schemes 

The Prime Minister Shri Narendra Modi expressed happiness over the successful completion of 6 Years of Jan Dhan Yojana. He also applauded all those who have worked tirelessly to make PM-JDY a success. 

Achievements 

  • More than 40.35 crore beneficiaries banked under PMJDY since its inception, amounting to Rs 1.31 lakh crore. 
  • As on August 19, 2020, 63.6 percent rural PMJDY accounts and 55.2 percent women PMJDY accounts were opened. 
  • A total of 29.75 crore RuPay cards were issued to PMJDY account holders under this scheme, it added. 
  • Under PM Garib Kalyan Yojana, a total of Rs 30,705 crore were credited in accounts of women PMJDY account holders during April-June, 2020. About 8 crore PMJDY account holders received Direct Benefit Transfer (DBT) from the government under various schemes 

What is PMJDY?  

  • Pradhan Mantri Jan Dhan Yojana (PMJDY) is one of the biggest financial inclusion initiatives in the world. Financial services may be Banking/Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension in an affordable manner. It was announced by the Prime Minister, Narendra Modi on 15 August, 2014 from the ramparts of the Red Fort. 
  • The programme was launched on 28 August. PM Narendra Modi described it as a festival to celebrate the liberation of the poor from the vicious cycle. 
  • He had referred it to the ancient Sanskrit verse: Sukhasya Moolam Dharma, Dharmasya Moolam Artha, Arthasya Moolam Rajyam. It will involve people in economic activity. 

Pradhan Mantri Jan Dhan Yojana (PMJDY): Features 

  • Both rural and urban that is whole households of the country are covered under the scheme. For every household, financial literacy, access to credit, insurance and pension it provides universal access to banking facilities with at least one basic account. 
  • People can open their account in any bank branch or Business Correspondent (Bank Mitr) outlet. 
  • For three security schemes, PMJDY provided a platform namely Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY) and Pradhan Mantri Mudra Yojana (PMMY). 
  • Accounts opened under PMJDY with Zero balance. If the account-holder wants a cheque book then he/she has to fulfil minimum balance criteria. 
  • Under this scheme, the account holders are provided with a RuPay debit card which can be used across all ATMs for cash withdrawal. 
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