PMJDY has been the foundation stone for the Modi
government’s people-centric economic initiatives –Finance Minister
More than 40.35 crore beneficiaries banked under PMJDY since inception, amounting to Rs. 1.31 lakh crore
63.6% Rural PMJDY accounts; 55.2%Women PMJDY accounts
Under PM Garib Kalyan Yojana, a total of Rs. 30,705 crore have been credited in accounts of women PMJDY account holders during April-June, 2020
About 8 crore PMJDY account holders receive Direct Benefit Transfer (DBT) from the Government under various schemes
More than 40.35 crore beneficiaries banked under PMJDY since inception, amounting to Rs. 1.31 lakh crore
63.6% Rural PMJDY accounts; 55.2%Women PMJDY accounts
Under PM Garib Kalyan Yojana, a total of Rs. 30,705 crore have been credited in accounts of women PMJDY account holders during April-June, 2020
About 8 crore PMJDY account holders receive Direct Benefit Transfer (DBT) from the Government under various schemes
Ministry of Finance is committed to provide
financial inclusiveness and support to the marginalized and hitherto
socio-economically neglected classes. Financial Inclusion is a national
priority of the Government as it is an enabler for inclusive growth. It is
important as it provides an avenue to the poor for bringing their savings into
the formal financial system, an avenue to remit money to their families in
villages besides taking them out of the clutches of the usurious money lenders.
A key initiative towards this commitment is the Pradhan Mantri Jan Dhan Yojna
(PMJDY), which is one of the biggest financial inclusion initiatives in the
world.
PMJDY was announced by Prime Minister, Shri
Narendra Modi in his Independence Day address on 15th August 2014. While
launching the programme on 28th August, the Prime Minister had described the
occasion as a festival to celebrate the liberation of the poor from a vicious
cycle.
On the 6th Anniversary of PMJDY, Union
Minister for Finance & Corporate Affairs , Smt. Nirmala Sitharaman
reiterated the importance of this Scheme “The Pradhan Mantri Jan Dhan Yojana
has been the foundation stone for the Modi government’s people-centric economic
initiatives. Whether it is direct benefit transfers, COVID-19 financial
assistance, PM-KISAN, increased wages under MGNREGA, life and health insurance
cover, the first step was to provide every adult with a bank account, which
PMJDY has nearly completed.” she said
Minister of State for Finance & Corporate
Affairs, Shri Anurag thakur also expressed his thoughts for PMJDY on this
occasion. He said “Under the leadership of Prime Minister Narendra Modi, PMJDY
has brought the unbanked into the banking system, expanded the financial
architecture of India and brought financial inclusion to over 40 crore account
holders. A majority of the beneficiaries are women and most of the accounts are
from rural India. In today’s COVID19 times, we have witnessed the remarkable
swiftness and seamlessness with which DBTs have empowered and provided
financial security to the vulnerable sections of society. An important aspect
is that DBTs via PM Jan Dhan accounts have ensured every rupee reaches its
intended beneficiary and prevented systemic leakage.”
As we complete 6 years of successful implementation
of this Scheme, we take a look at the major aspects and achievements of this
Scheme so far.
Background
Pradhan Mantri Jan-Dhan Yojana (PMJDY) is National
Mission for Financial Inclusion to ensure access to financial services, namely,
Banking/ Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension
in an affordable manner.
1. Objectives:
·
Ensure access of financial products & services at an affordable cost
·
Use of technology to lower cost & widen reach
2. Basic tenets of the
scheme
·
Banking
the unbanked - Opening of basic savings bank deposit (BSBD) account with
minimal paperwork, relaxed KYC, e-KYC, account opening in camp mode, zero
balance & zero charges
·
Securing
the unsecured - Issuance of Indigenous Debit cards for cash withdrawals
& payments at merchant locations, with free accident insurance coverage of
Rs. 2 lakh
·
Funding
the unfunded - Other financial products like micro-insurance, overdraft for
consumption, micro-pension & micro-credit
3. Initial Features
The scheme was launched based upon the following 6
pillars:
·
Universal access to banking services – Branch and BC
·
Basic savings bank accounts with overdraft facility of Rs. 10,000/- to every
household
·
Financial Literacy Program– Promoting savings, use of ATMs, getting ready for
credit, availing insurance and pensions, using basic mobile phones for banking
·
Creation of Credit Guarantee Fund – To provide banks some guarantee against
defaults
·
Insurance
– Accident cover up to Rs. 1,00,000 and life cover of Rs. 30,000 on
account opened between 15 Aug 2014 to 31 January 2015
·
Pension scheme for Unorganized sector
4. Important approach
adopted in PMJDY based on past experience:
·
Accounts opened are online accounts in core banking
system of banks, in place of earlier method of offline accounts opening with
technology lock-in with the vendor
·
Inter-operability through RuPay debit card or Aadhaar
enabled Payment System (AePS)
·
Fixed-point Business Correspondents
·
Simplified KYC / e-KYC in place of cumbersome KYC formalities
5. Extension of
PMJDY with New features – The Government decided to extend the comprehensive
PMJDY program beyond 28.8.2018 with some modifications
·
Focus shift from ‘Every Household’ to Every Unbanked Adult’
·
RuPay Card Insurance - Free accidental insurance cover on
RuPay cards increased from Rs. 1 lakh to Rs. 2 lakh for PMJDY accounts opened
after 28.8.2018.
·
Enhancement
in overdraft facilities -
·
OD
limit doubled from Rs 5,000/- to Rs 10,000/-; OD upto Rs 2,000/- (without
conditions).
·
Increase in upper age limit for OD from 60 to 65 years
6. Achievements under PMJDY- As on 19th
Aug’2020:
a) PMJDY Accounts
Ø As on 19th Aug’20 Number of
Total PMJDY Accounts: 40.35 Crore; Rural PMJDY accounts: 63.6%, Women PMJDY
accounts: 55.2%
Ø During first year of scheme 17.90 crore
PMJDY accounts were opened
Ø Continuous increase in no of accounts under
PMJDY
b)
Operative PMJDY Accounts –
Ø As per extant RBI
guidelines, a PMJDY account is treated as inoperative if there are no customer
induced transactions in the account for over a period of two years
Ø In Aug’20, out of total
40.35 crore PMJDY accounts, 34.81 crore (86.3%) are operative
Ø Continuous increase in %
of operative accounts is an indication that more an more of these accounts are
being used by customers on a regular basis
c) Deposits under
PMJDY accounts -
Ø Total deposit balances under PMJDY Accounts
stand at Rs. 1.31 lakh crore
Ø Deposits have increased about 5.7 times
with increase in accounts 2.3 times (Aug’20 / Aug’15)
d)
Average Deposit per PMJDY account -
Ø Average deposit per account is Rs. 3239
Ø Avg. Deposit per account has increased over
2.5 times over Aug’15
Ø Increase in average deposit is another
indication of increased usage of accounts and inculcation of saving habit among
account holders
e) Rupay Card
issued to PMJDY account holders
Ø Total RuPay cards issued to PMJDY
accountholders: 29.75 Crore
Ø Number of RuPay cards & their usage has
increased over time
7. Jan Dhan Darshak
App
A mobile application, was launched to provide a
citizen centric platform for locating banking touch points such as bank
branches, ATMs, Bank Mitras, Post Offices, etc. in the country. Over 8 lakh
banking touchpoints have been mapped on the GIS App. The facilities under Jan
Dhan Darshak App could be availed as per the need and convenience of common
people. The web version of this application could be accessed at the link http://findmybank.gov.in.
This app is also being used for identifying villages
which are not served by banking touchpoints within 5 km. these identified
villages are then allocated to various banks by concerned SLBCs for opening of
banking outlets. The efforts have resulted in significant decrease in number of
such villages.
8.
Pradhan Mantri Garib Kalyan Package (PMGKP) for PMJDY women beneficieries
As per announcement made by the
Hon’ble Finance Minister on 26.3.2020, under PM Garib Kalyan Yojana, an amount
of Rs. 500/- per month for three months (April’20 to June’20), was credited to
the accounts of women account holders under Pradhan Mantri Jan Dhan Yojana
(PMJDY). A total of Rs. 30,705 crore have been credited in accounts of women
PMJDY account holders during April-June, 2020.
9.
Towards ensuring smooth DBT transactions:
As informed by banks, about 8 crore PMJDY
accountholders receive direct benefit transfer (DBT) from the Government under
various schemes. To ensure that the eligible beneficiaries receive their DBT in
time, the Department takes active role in identification of avoidable reasons
for DBT failures in consultation with DBT Mission, NPCI, banks and various
other Ministries. With close monitoring in this regard through regular VCs with
banks and NPCI, the number of DBT failure due to avaoidable reasons has
observed significant decline from 5.23 lakh (0.20%) in Apr’19 to 1.1 lakh
(0.04%) in Jun’20.
10. The road ahead
i. Endeavour to ensure coverage of PMJDY account holders under micro
insurance schemes. Eligible PMJDY accountholders will be sought to be covered
under PMJJBY and PMSBY. Banks have already been communicated about the same.
ii. Promotion of digital payments including RuPay debit card usage amongst
PMJDY accountholders through creation of acceptance infrastructure across India
iii.
Improving access of PMJDY account holders to Micro-credit and micro investment
such as flexi-recurring deposit etc.
Courtesy: pib.gov.in
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