The Pradhan Mantri Jan-Dhan Yojana (PMJDY) was launched on 28th August 2014 as a groundbreaking scheme for financial inclusion, aiming to provide essential banking services to the unbanked population in India. With a focus on delivering basic financial products such as savings accounts, credit, insurance, and pension, the PMJDY aims to empower economically weaker sections and integrate them into the formal financial system.
Quick Overview of PMJDY
| Program Name | Pradhan Mantri Jan-Dhan Yojana |
|---|---|
| Launch Date | 28th August 2014 |
| Eligibility | Indian citizen, 10 years and above |
| Insurance Cover | Up to ₹2 lakh for RuPay card users |
| Overdraft Facility | Up to ₹10,000 |
| Application Mode | Both online and offline |
| Target Audience | Unbanked, economically weaker sections |
| End Date | Ongoing |
Objectives of PMJDY
The primary objective of PMJDY is to extend financial services to every individual, particularly those without access to banking facilities. Originally targeting “every household,” PMJDY expanded in 2018 to aim for “every unbanked adult”. The scheme has opened over 53 crore accounts as of 2024, with nearly 30 crore of these belonging to women, highlighting its significant impact on gender inclusion and financial empowerment.
Key Features of PMJDY
1. Zero-Balance Accounts
PMJDY offers Basic Savings Bank Deposit Accounts (BSBDA) with zero minimum balance, allowing citizens to open accounts without requiring a deposit. This includes relaxed Know Your Customer (KYC) norms, making it easier for economically disadvantaged individuals to access formal banking.
2. RuPay Debit Card and Accident Insurance
Account holders receive a free RuPay debit card that includes accidental insurance coverage of up to ₹2 lakh for accounts opened after August 2018. This insurance helps beneficiaries manage unforeseen financial losses due to accidents, providing a safety net for low-income families.
3. Overdraft Facility
Beneficiaries with regular transaction history have access to an overdraft facility of up to ₹10,000, with priority given to women account holders. This feature is intended to provide emergency financial aid, particularly for households facing immediate financial crises.
4. Direct Benefit Transfer (DBT) Eligibility
PMJDY accounts enable beneficiaries to receive various government subsidies directly into their accounts, promoting transparency and reducing delays in welfare distribution.
5. Small Accounts and Simplified KYC Requirements
The scheme allows for small or ‘Chota Khata’ accounts with minimal documentation, making banking accessible to those lacking standard identification. Initially valid for one year, these accounts can be extended if the holder submits proof of identity application within the period.
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Application Process
Eligible individuals can apply for a PMJDY account through both online and offline methods. Here’s a step-by-step guide for the application:
- Visit a Bank Branch: Go to any participating bank branch (public sector, regional rural, or private).
- Fill Out the Application Form: Forms are available online at PMJDY’s official website or in physical format at bank branches.
- Submit Necessary Documents: Basic documents include Aadhaar, PAN, or other valid identification and proof of address. A recent passport-size photograph is also required.
- Account Activation: Once the form and documents are verified, the bank processes and activates the account, allowing access to all
Major Achievements of PMJDY
- Accounts Opened: Over 53 crore accounts have been opened, covering rural and semi-urban regions extensively.
- Deposits Collected: As of 2024, deposits have exceeded ₹2.31 lakh crore, demonstrating public trust and active financial participation.
- RuPay Card Distribution: About 36 crore RuPay cards have been issued to facilitate cashless transactions, empowering users to make purchases and access insurance benefits seamlessly.
- Business Correspondents (BCs): Known as Bank Mitras, BCs play a crucial role in delivering banking services in remote areas. Over 13 lakh BCs provide branchless banking, ensuring the scheme reaches even the most rural communities.
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Eligibility for Linked Schemes
PMJDY account holders are automatically eligible for various other schemes, including:
- Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY): Life insurance coverage.
- Pradhan Mantri Suraksha Bima Yojana (PMSBY): Accident insurance coverage.
- Atal Pension Yojana (APY): Pension scheme targeting unorganized sector workers.
- Micro Units Development and Refinance Agency (MUDRA) Loans: Financial aid for micro-enterprises.
Conclusion
The Pradhan Mantri Jan-Dhan Yojana stands as a transformative initiative that has reshaped India’s financial landscape by promoting financial inclusion on an unprecedented scale. Through innovative features, simplified processes, and dedicated outreach, PMJDY has enabled millions to access financial resources, facilitating economic growth, reducing poverty, and fostering social equity. With continued expansion, the scheme promises a brighter financial future for all sections of society, empowering individuals and families alike to manage their finances securely and effectively.
Still have more questions About Pradhan Mantri Jan-Dhan Yojana
Here Are ALL Government Popular Schemes Name
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Pradhan Mantri Kisan Samman Nidhi (PM-KISAN)
Soil Health Card Scheme
Pradhan Mantri Fasal Bima Yojana
Education Schemes
Pradhan Mantri Jan Dhan Yojana
Beti Bachao Beti Padhao
Sarva Shiksha Abhiyan
Healthcare Scheme
Ayushman Bharat
Pradhan Mantri Matru Vandana Yojana
National Health Mission
Housing Schemes
Pradhan Mantri Awas Yojana (PMAY)………….!
