Categories: Business

PMJDY: 40.35 crore Jan Dhan accounts opened in 6 years, total deposits of Rs 1.31 lakh crore


Pradhan Mantri Jan-Dhan Yojana (PMJDY) completes six years of implementation

new Delhi. The six-year implementation of the National Mission for Prime Minister Jan Dhan Yojana (PMJDY) launched for financial inclusion has been completed. Finance Minister Nirmala Sitharaman shared information about its achievements on the sixth anniversary of Pradhan Mantri Jan Dhan Yojana. He said that more than 40.35 crore beneficiaries have been linked to the banking service so far under PMJDY and a total of Rs 1.31 lakh crore is deposited in these accounts.

He said that 63.6 per cent of the rural PMJDY accounts are there, while 55.2 per cent accounts are in the name of women. A total of Rs 30,705 crore has been deposited in the accounts of women PMJDY account holders during April to June 2020 under PM Garib Kalyan Yojana. Sitharaman said that about 8 crore PMJDY account holders are receiving direct benefit transfer (DBT) from the government under various schemes.

The Pradhan Mantri Jan Dhan Yojana (PMJDY), launched on August 28, 2014, is an important initiative, one of the largest financial inclusion initiatives in the world. Union Finance and Corporate Affairs Minister Nirmala Sitharaman reiterated the importance of the scheme on the sixth anniversary of PMJDY, saying that the Pradhan Mantri Jan Dhan Yojana has been the foundation of the people-centric economic programs of the Modi government. Whether direct benefit transfer or Kovid-19 financial assistance, PM-Kisan, wage increase under MNREGA, life and health insurance cover was the first step taken to provide a bank account to every adult, which PMJDY has almost completed have done it.

Minister of State for Finance and Corporate Affairs Anurag Thakur said that the PMJDY under the leadership of Prime Minister Narendra Modi has brought people without banking facilities under the banking system. It has also expanded India's financial infrastructure and brought more than 40 crore account holders under the ambit of financial inclusion. Majority of its beneficiaries are women and most of the accounts are from rural India. An important aspect of this is that through PM Jan Dhan accounts, DBT has ensured that every rupee reaches the designated beneficiary and that there is no disturbance in it.

PMJDY aims to ensure access to financial products and services at an affordable price and to promote technology to reduce costs and broaden access.

Basic principles of the scheme:

  • Induction of people away from banking access to the banking system – opening of Basic Savings Bank Deposit (BSBD) account with minimal paperwork.
  • Issue of indigenous debit card for cash withdrawal and payment with free accident insurance coverage of Rs 2 lakh.
  • Other financial products like micro-insurance, overdraft for consumption, micro-pension and micro-credit


  • Universal access to banking services.
  • Basic savings bank account with overdraft facility of Rs 10,000 per family.
  • Promoting savings, using ATMs, getting ready for loans, availing insurance and pension, using basic mobile phones for banking.
  • Preparation of Credit Guarantee Fund – To provide some guarantee to banks in case of default.
  • Pension Scheme for the Unorganized Sector.
  • The scheme is now focusing on bringing every adult into the banking system, rather than each family.
  • RuPay Card Insurance – Free accident insurance cover on RuPay card has been increased from Rs 1 lakh to Rs 2 lakh for PMJDY accounts opened after 28 August 2018.

overdraft facility

  • Overdraft limit doubled from Rs 5,000 to Rs 10,000, overdraft to Rs 2,000 (unconditional).
  • The upper age limit for overdraft was increased from 60 years to 65 years.

This post was published on August 28, 2020 1:26 pm

Content Team

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