Pradhan Mantri Jan-Dhan Yojana (PMJDY) was launched by Narendra Modi on 28th August 2014. It is a national mission with an aim to provide access to various financial services including Remittance, Credit, Insurance, Pension, Banking Savings & Deposit Accounts in an affordable manner. Prime Minister Narendra Modi first announced this scheme during his Independence Day speech on 15th August 2014.
Pradhan Mantri Jan-Dhan Yojana (PMJDY) – National Mission for Financial Inclusion, completed its six years of successful implementation in August 2020.
Financial Inclusion is the delivery of financial services at an affordable cost to the vast sections of the disadvantaged and low-income groups, providing them with timely and adequate access to financial products and services. You can know further about financial inclusion on the linked page.
With the outbreak of Covid-19 in India, the Finance Minister of India, Nirmala Sitharaman made an announcement to provide Rs. 500 per month to every Women Jan-Dhan Account Holders for the next three months.This announcement was made on 26th March 2020 as an initiative towards the loss caused by the outbreak.
A relief package worth Rs 1.70 lakh crore will also be provided by the government to tackle the financial difficulties arising from Covid-19 outbreak under the PM Garib Kalyan Scheme. The 21 days lockdown is expected to cost the Indian Economy a cost of around 9 lakh crores.
As of 3rd August 2020, it was reported that more than 40 crore bank accounts have been opened under the government’s flagship financial inclusion drive
Name of the scheme PMJDY
Full-Form Pradhan Mantri Jan-Dhan Yojana
Date of launch 28th August 2014
Government Ministry Ministry of Finance
What are the benefits of the PMJDY scheme?
- The scheme covers both the urban as well as rural areas and provides an indigenous Debit Card (RuPay card) to each of its account holders.
- No minimum balance is required for opening an account under this scheme. The beneficiary can open his/her account in any bank branch or Business Correspondent outlet at zero balance.
- It ensures to provide on Core Banking System (CBS) along with mobile banking using USSD facilities. A facility of call center and a toll-free number is available nationwide.
- Pradhan Mantri Jan Dhan Yojana provides each beneficiary with basic banking accounts with a debit card with inbuilt accident insurance.
- Rs. 5,000 overdraft facility for Aadhar-linked accounts as well as a RuPay debit card with inbuilt Rs. 1 lakh accident insurance cover is one of the main features provided by this scheme.