Over 40.35 crore people benefited from the Pradhan Mantri Jan Dhan Yojana (PMJDY), which was released six years in the past as a national mission for monetary inclusion, Finance Minister Nirmala Sitharaman stated on August 28 2020.
The Jan Dhan Yojana, which become introduced by Prime Minister Narendra Modi in his Independence Day address in 2014, was released on August 28 in the same year.
“The PMJDY 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,” Sitharaman said on the sixth anniversary of the scheme.
Financial inclusion is a national priority of the government as it’s miles an enabler for inclusive growth, the finance ministry stated. It is essential because it gives an avenue to the poor for bringing their financial savings into the formal monetary system, an avenue to remit cash to their households in villages, except taking them out of the clutches of the usurious cash lenders, it stated.
Speaking at the occasion, Minister of State for Finance Anurag Thakur, stated,
“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, and a majority of the beneficiaries are women and most of the accounts are from rural India.”
At the same time, overdraft (OD) restrict too doubled to Rs 10,000 and facility of OD up to Rs 2,000 with out conditions was brought in. In the remaining one-year, almost 3.6 crore Jan Dhan bills had been opened, leading the aggregate number to 40.35 crore as on August 19, 2020. As per extant RBI guidelines, a PMJDY account is dealt with as inoperative if there are no client induced transactions in the account for 2 years.
“In today’s COVID-19 times, we have witnessed the remarkable swiftness and seamlessness with which Direct Benefit Transfer (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,” he said.
In August 2020, out of overall 40.35 crore PMJDY bills, 34.eighty one crore or 86.3 percent had been operatives, it stated. The finance ministry stated the endeavour is to make sure insurance of PMJDY account holders under micro-insurance schemes and improving access of PMJDY account holders to micro-credit and micro-investment along with flexi-recurring deposit, etc.
