Report : Jan Dhan accounts swell to 43 crore with total deposits over Rs 1.46 lakh crore

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NEW DELHI: Prime Minister Narendra Modi on Saturday lauded his government’s ‘Pradhan Mantri Jan Dhan Yojana’ as it completed seven years.

The PM said the scheme, which facilitates the unbanked population to open a bank account, has forever transformed India’s development trajectory.

It has ensured financial inclusion and a life of dignity as well as empowerment for countless Indians, Modi said, adding that the initiative has also boosted transparency.



Finance minister Nirmala Sitharaman also underlined the importance of the scheme, saying the journey of PMJDY led interventions undertaken over a short span of 7 years has in effect, produced both transformational as well as directional change, thereby making the emerging financial inclusion ecosystem capable of delivering financial services to the last person of the society-the poorest of the poor.

Jan Dhan accounts increases to 43 crore

  • Bank accounts under PMJDY have increased to 43 crores with total deposits over Rs 1.46 lakh crore.
  • As of August 18, 2021, the number of total PMJDY accounts stood at 43.04 crores.
  • Of 43.04cr, 55.47 percent (23.87 crores) Jan-Dhan account holders are women and 66.69 percent (28.70 crores) holders are in rural and semi-urban areas.
  • During the first year of the scheme, 17.90 crore PMJDY accounts were opened.
  • An increase in the average deposit is another indication of increased usage of accounts and inculcation of saving habits among account holders.
  • Total RuPay cards issued to PMJDY account holders rose to 31.23 crores.
  • For accounts opened after August 28, 2018, the free accidental insurance cover on RuPay cards increased from Rs 1 lakh to Rs 2 lakh.

About PMJDY
The PMJDY was announced by Prime Minister Narendra Modi in his Independence Day address on August 15, 2014, and was simultaneously launched on August 28 to foster financial inclusion. This national mission was launched to ensure people have access to financial services, namely, banking, remittance, credit, insurance, pension in an affordable manner.

 

About 5 crore PMJDY accountholders receive direct benefit transfer (DBT) from the Government under various schemes, the ministry statement added.

To ensure that the eligible beneficiaries receive their DBT in time, the government takes an active role in the identification of avoidable reasons for DBT failures in consultation with DBT Mission, NPCI, banks, and various other ministries, it said.

With close monitoring in this regard through regular video conferencing with banks and NPCI, the share of DBT failures due to avoidable reasons as a percentage of total DBT failures has decreased from 13.5 percent (FY 19-20) to 5.7 percent (FY 20-21), it noted.
On the road ahead, the finance ministry said, eligible PMJDY account holders will be sought to be covered under the Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).

Banks have already been communicated about the same, it said.
The government is also focused on the promotion of digital payments including RuPay debit card usage amongst PMJDY account holders through the creation of acceptance infrastructure across India, it said.

Another focus area is improving access of PMJDY account holders to micro-credit and micro-investment such as Flexi-recurring deposit etc, it said.
(With inputs from agencies)

 

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