Around 40 crore bank accounts have been opened under Pradhan Mantri Jan Dhan Yojana (PMJDY ), launched about six years ago by the Modi-government.
As per the latest figures shared by Department of Financial Service, there are 40.05 crore beneficiaries of this scheme and deposits in Jan Dhan bank accounts are in excess of Rs 1.30 lakh crore.
“Another milestone achieved under world’s largest financial inclusion initiative, PMJDY: Total accounts opened under the scheme crosses 40 crore mark. Committed to take financial inclusion to the last mile!” Department of Financial Services said in a tweet.
The scheme was launched by government on 28 August 2014 to provide universal access to banking facilities to everyone in the country. This year it is the sixth anniversary of PMJDY launch.
The accounts opened under this scheme are called Basic Savings Bank Deposit (BSBD) accounts with additional features of RuPay debit card and overdraft. Also, one doesn’t have to maintain a minimum balance.
In view of the runaway success of the scheme, the government in 2018 enhanced the accident insurance cover to Rs 2 lakh, from Rs 1 lakh for new accounts opened after 28 August 2018.
Besides, the overdraft limit facility was also doubled to Rs 10,000. Later, government also shifted the focus on accounts from “every household” to “every unbanked adult”.
Over 50 per cent of the Jan Dhan account holders are women and the government as part of Pradhan Mantri Garib Kalyan Yojana remitted Rs 1,500 per account in three equal monthly instalments to support the poor during the Covid-19 crisis.
The government on 26 March 2020 announced an exgratia payment of Rs 500 to be credited to women Jan Dhan account holders for three months starting from April.
The objective of PMJDY is to ensure access to various financial services like availability of basic savings bank account, access to need based credit, remittance facility, insurance and pension to weaker sections and low income groups.