PMJDY completes 19 years

The Pradhan Mantri Jan Dhan Yojana (PMJDY), which led to over 53.14 crore beneficiaries getting banked, completes a decade of successful implementation today. It was launched by Prime Minister Narendra Modi in 2014.

The PMJDY is the largest financial inclusion initiative in the world, the Ministry of Finance said in a press release.

On this occasion, Finance Minister Nirmala Sitharaman said in a message, “Universal and affordable access to formal banking services is essential for achieving financial inclusion and empowerment. It integrates the poor into the economic mainstream and plays a crucial role in the development of marginalized communities.”

The PM Jan Dhan Yojana has transformed the banking and financial landscape, she added.

“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. Notably, there are no account opening fees or maintenance charges and no requirement to maintain a minimum balance,” Sitharaman said.

“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,” she said.

“The consent-based pipeline created through the linking of Jan Dhan-Mobile-Aadhaar has been one of the most important pillars of the financial inclusion ecosystem. It has enabled swift, seamless and transparent transfer of Government welfare schemes to eligible beneficiaries and promoted digital payments,” the Finance Minister said.

PMJDY account holders are also eligible for getting an overdraft of up to Rs 10,000 to cover exigencies.

The PMJDY accounts have not only been instrumental in receiving direct benefit transfers but also serve as a platform for hassle-free subsidies/payments made by government to the intended beneficiary without any middlemen, seamless transactions, and savings accumulation, the release said.