HISTORY OF JANDHAN YOJNA (PMJDY)Pradhan Mantri Jan-Dhan Yojana  • This financial inclusion campaign was launched by the Prime Minister of India Shri Narendra Modi on 28 August 2014.•  He  had  announced  this  scheme  on  his  first  Independence  Day  speech  on  15 August 2014.

Scheme Details• Pradhan  Mantri  Jan-Dhan  Yojana  (PMJDY)  is  National  Mission  for  Financial Inclusion  to  ensure  access  to  financial  services,  namely,  Banking/  Savings  & Deposit  Accounts,  Remittance,  Credit,  Insurance,  Pension  in  an  affordable manner.• Account  can  be  opened  in  any  bank  branch  or  Business  Correspondent  outlet. PMJDY accounts are being opened with Zero balance. 

Objective of Launching the Scheme • Empowering the poor and the small by offering them choice and opportunity

• The scheme has been started with a target to provide 'universal access to banking facilities'  starting  with  "Basic  Saving  Bank  Account"  with  an  overdraft  up  to Rs.5000  subject  to  satisfactory  operation  in  the  account  for  six  months and RuPay Debit  card  with  inbuilt  accident  insurance  cover  of  Rs.  1  lakh  and providing  social  security  schemes  i.e., Pradhan Mantri Suraksha Bima Yojana (PMSBY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) & Atal Pension Yojana (APY) .

• Objective  of "Pradhan Mantri Jan-Dhan Yojana (PMJDY)" is  ensuring  access  to various financial services like availability of basic savings bank account, access to need  based  credit,  remittances  facility,  insurance  and  pension  to  the  excluded sections  i.e.  weaker  sections  &  low  income  groups.  This  deep  penetration  at affordable cost is possible only with effective use of technology.

CNTD…….

• In this scheme financial inclusion of every individual who do not have bank account is to be achieved.

• This scheme will ensure financial access to everyone who was not able to get benefits of many other finance related government schemes.

• These financial services include Banking/ savings & Deposit accounts, Remittance, Credit, Insurance, Pension which will be made available to all the citizens in easy and affordable mode.

Special Benefits under PMJDY Scheme

• Interest on deposit.• Accidental insurance cover of Rs. 1 lac• No minimum balance required.• The scheme provide life cover of Rs. 30,000/- payable on death of the beneficiary, subject to ful fillment of the eligibility condition.• Easy Transfer of money across India• Beneficiaries of Government Schemes will get Direct Benefit Transfer in these accounts.• After satisfactory operation of the account for 6 months, an overdraft facility will be permitted• Access to Pension, insurance products.

• Overdraft facility upto Rs.5000/-  is available  in only one account per household, preferably lady of the household.

• The Claim under Personal Accidental  Insurance under PMJDY shall be payable  if the Rupay Card holder have performed minimum one successful financial or non-financial  customer  induced  transaction  at  any  Bank  Branch,  Bank  Mitra,  ATM, POS,  E-COM  etc.  Channel  both  Intra  and  Inter-bank  i.e.  on-us  (Bank Customer/rupay card holder transacting at same Bank channels) and off-us (Bank Customer/Rupay card holder transacting at other Bank Channels) within 90 days prior  to  date  of  accident  including  accident  date  will  be  included  as  eligible transactions under the Rupay Insurance Program 2016-2017.

Involvement of Bank in PMJDY• There are 27 public sector banks in India and at all these banks we can open Jan Dhan Yojna Account. Below is the list of banks who are authorized to open accounts in Jan Dhan Yojana Scheme

• Allahabad bank• Andhra Bank• Bank of Baroda• Bank of India • Bank of Maharastra• Bhartiya Mahila Bank• Canara Bank• Central Bank of India • Corporation Bank etc.  

Milestones achieved under PMJDY • Banks  have  opened 17.74 Crore  accounts  under  PMJDY  with  deposit  of  more than 22000 crores.

• Aadhaar has been seeded in 41.82% of account opened under PMJDY

• To  ensure  universal  banking  access  more  than 1.26 lakhs  Bank  Mitras  have  been deployed  with  on-  line  devices  capable  of  e-KYC  based  account  opening  and interoperable payment facility.

• 131012 Mega  Financial  Literacy  camps  were  organized  by  banks  under  PMJDY ‘in coordination with various agencies and  89876 Financial Literacy counters, to spread awareness  on  PMJDY,  use  of  RuPay  cards  etc. 147418 students in 2567 schools/collage were imparted training on Financial literacy from September 2014 to April 2015.

• More than 10 lakhs accounts have been found eligible for Overdraft facility. Out of these overdraft facility has been availed by 164962 account holders.

•  847 Claims of Life cover of Rs.30000 and 389 Claims of accident insurance cover of Rs. 1 lakh have been successfully paid.

• As on 22nd August, 2015, 8.17 crore beneficiaries have been enrolled under the Pradhan Mantri Suraksha Bima Yojana and 2.76 crore have been enrolled under Pradhan Mantri Jeevan Jyoti Bima Yojana.  6.83lakh account holders have been enrolled under Atal Pension Yojana.

•  Zero balance accounts in PMJDY have declined from 76% to 45.74% from September 2014 to  19thAugust 2015

Current status of PM Jan Dhan Yojana

Bank Name RURAL (crores)

URBAN(crores)

TOTAL(crores)

NO OF RUPAY CARDS

AADHAAR SEEDED

BALANCE IN ACCOUNTS

% OF ZERO-BALANCE-ACCOUNTS

Public Sector Bank 10.02 7.87 17.89 14.80 9.19 32184.76 24.45

Regional Rural Bank 3.50 0.57 4.07 2.83 1.58 7083.58 21.17

Private Banks 0.52 0.32 0.84 0.78 0.35 1526.52 36.81

Total 14.04 8.77 22.81 18.41 11.11 40794.85 24.32

STATUS OF ACCOUNTS AS ON 03.08.2016

Conclusion • This financial inclusion campaign was launched by the Prime Minister of India Shri Narendra Modi on 28 August 2014.

• In this scheme financial inclusion of every individual who do not have bank account is to be achieved.

• The main purpose of this scheme is to connect every individual with the bank and provide all the facility of the government to the weaker sector of the society.

• Through this scheme the secondary objective of government is to know about the money in the economy.