28 august 2024 : PM Modi marked ten years of the Pradhan Mantri Jan-Dhan Yojana (PMJDY), the national mission for financial inclusion to ensure access to financial services like a basic savings and deposit account, remittance, credit, insurance, and pension in an affordable manner.
In 2014, the then-NDA government launched the scheme to bring crores of Indians into the formal financial system. As of Aug 14, 2024, there were over 53.1 crore beneficiaries with total deposits of over ₹2.3 lakh crore. Nearly thirty crore beneficiaries are women.
PM Modi called the scheme a success in a post on X (formerly Twitter). He noted, “Today, we mark a momentous occasion— #10YearsOfJanDhan. Jan Dhan Yojana has been paramount in boosting financial inclusion and giving dignity to crores of people, especially women, youth, and the marginalized communities.”
Finance minister Nirmala Sitharaman also praised the scheme, saying, “Today, we mark a momentous occasion— #10YearsOfJanDhan. Congratulations to all the beneficiaries and compliments to all those who worked to make this scheme a success.”
Under the scheme, a basic savings bank deposit (BSBD) account can be opened in any bank branch or Business Correspondent (Bank Mitra) outlet. Benefits of the scheme are:
1. There is no requirement to maintain any minimum balance in PMJDY accounts.
2. Interest is earned on the deposit in PMJDY accounts.
3. Rupay Debit card is provided to PMJDY account holder.
4. Accident insurance cover of ₹1 lakh (enhanced to Rs. 2 lakh to new PMJDY accounts opened after 28.8.2018) is available with RuPay card issued to the PMJDY account holders.
5. An overdraft (OD) facility up to Rs. 10,000 to eligible account holders is available.
6. PMJDY accounts are eligible for Direct Benefit Transfer (DBT), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY), Micro Units Development and Refinance Agency Bank (MUDRA) scheme.