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Pradhan Mantri Jan-Dhan Yojana (PMJDY) PDF
The Government has taken a significant step by extending the National Mission for Financial Inclusion, Pradhan Mantri Jan-Dhan Yojana (PMJDY), with several key modifications aimed at enhancing financial access and security for individuals across the country. This strategic decision underscores the government’s commitment to promoting inclusive financial practices and empowering citizens through accessible banking services.
One of the pivotal changes in the extended PMJDY initiative is the elevation of the existing overdraft (OD) limit from Rs 5,000 to Rs 10,000. This adjustment is poised to provide greater financial flexibility to account holders, enabling them to meet their urgent financial needs more effectively. Notably, individuals availing the OD facility for amounts up to Rs 2,000 will no longer be subjected to any restrictive conditions, offering them more autonomy in managing their financial obligations.
The age eligibility criteria for accessing the OD facility has been revised from 18-60 years to 18-65 years, widening the scope of financial inclusivity and extending support to a broader segment of the population. This expansion reflects a proactive approach towards catering to the diverse financial needs of individuals across different age groups, ensuring that a wider demographic can benefit from the PMJDY scheme.
In line with the objective of extending financial coverage to every adult in the country, the enhanced PMJDY scheme now offers an increased accidental insurance cover of Rs 2 lakh for new RuPay cardholders. This upgrade, effective for new PMJDY accounts opened after 28.8.18, seeks to provide an added layer of financial security to account holders, safeguarding them against unforeseen circumstances and reinforcing the ethos of financial inclusion and protection.
The transition from a household-centric approach to a focus on every adult signifies a strategic shift towards individual empowerment and financial resilience. By bolstering the financial capabilities and security measures within the PMJDY framework, the government is not only promoting a culture of economic independence but also fostering a more inclusive and sustainable financial ecosystem that caters to the diverse needs of the populace.
The continued National Mission for Financial Inclusion, PMJDY, with its revised provisions and expanded coverage, stands as a testament to the government’s unwavering commitment to fostering financial inclusion, security, and empowerment for all citizens, thereby laying a robust foundation for a more financially inclusive and resilient society.
Achievements under PMJDY:
- The remarkable progress of the Jan Dhan Yojana initiative is evident through the substantial number of accounts opened, totaling approximately 32.41 crore, with a significant deposit balance exceeding Rs 81,200 crore. This widespread adoption underscores the growing financial inclusion and participation of individuals across the country, reflecting a positive trend towards economic empowerment and access to banking services.
- It is noteworthy that a significant proportion of Jan Dhan account holders are women, constituting 53% of the total, with a considerable 59% of these accounts situated in rural and semi-urban areas. This distribution highlights the pivotal role of the Jan Dhan scheme in extending financial services to underserved regions and promoting gender inclusivity in the financial landscape.
- The integration of Aadhaar seeding in over 83% of operative Jan Dhan accounts, excluding specific states, has streamlined authentication processes and enhanced the security and efficiency of transactions. The issuance of approximately 24.4 crore RuPay cards to these account holders further signifies the widespread adoption of digital payment methods, fostering a cashless ecosystem and promoting financial literacy among beneficiaries.
- The successful implementation of Direct Benefit Transfers (DBTs) through more than 7.5 crore Jan Dhan accounts has revolutionized the delivery of government subsidies and welfare schemes, ensuring timely and transparent disbursement of benefits to eligible recipients. This streamlined approach has not only reduced leakages and inefficiencies but has also enhanced the effectiveness and reach of social welfare programs.
- The deployment of Banking Correspondents (BCs) in 1.26 lakh Sub Service Areas in rural regions, catering to specific households, has significantly improved access to banking services and financial literacy among underserved communities. The substantial volume of over 13.16 crore Aadhar Enabled Payment System (AePS) transactions conducted through BCs in July 2018 underscores the growing preference for digital payment solutions and the pivotal role of BCs in facilitating financial inclusion.
- The substantial enrollment of 13.98 crore subscribers under the Pradhan Mantri Suraksha Bima Yojana (PMSBY) and 5.47 crore subscribers under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) reflects the increasing awareness and uptake of insurance schemes aimed at providing financial security to individuals and their families. The prompt settlement of claims totaling Rs. 388.72 crore and Rs. 2206.28 crore under PMSBY and PMJJBY, respectively, underscores the efficacy and impact of these schemes in providing crucial financial protection to policyholders.
- Additionally, the significant enrollment of 1.11 crore individuals in the Atal Pension Yojana (APY) signifies a growing awareness and uptake of pension schemes, ensuring financial security for the elderly population. The integration of Jan Dhan accounts and mobile banking with Aadhar through the JAM pipeline has revolutionized the delivery of financial services, enabling seamless access to savings, credit, social security, and direct benefits of government schemes for the marginalized sections of society. This integrated approach not only fosters financial inclusion but also empowers individuals with greater financial stability and access to essential services.
- The multifaceted impact of the Jan Dhan Yojana initiative, coupled with the successful implementation of associated schemes and technologies, underscores the government’s commitment to promoting financial inclusion, social security, and economic empowerment for all citizens, thereby fostering a more resilient and inclusive financial ecosystem.