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TMI BlogPradhan Mantri Jan-Dhan Yojana (PMJDY) - National Mission for Financial Inclusion, completes seven years of successful implementationX X X X Extracts X X X X X X X X Extracts X X X X ..... Pradhan Mantri Jan-Dhan Yojana (PMJDY) - National Mission for Financial Inclusion, completes seven years of successful implementation - News and Press Release Dated:- 28-8-2021 - News - Pradhan Mantri Jan-Dhan Yojana (PMJDY) - National Mission for Financial Inclusion, completes seven years of successful implementation More than 43.04 crore beneficiaries banked under PMJDY since inception, amounting to ₹ 146,231 crore 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 FI ecosystem capable of delivering financial services to the last person of the society-the poorest of the poor Minister of Fina ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nce Corporate Affairs, Smt. Nirmala Sitharaman Financial Inclusion is among top-most priorities of the Government as it is an enabler for inclusive growth. - MoS Finance, Dr. Bhagwat Karad PMJDY Accounts have grown three-fold from 14.72 Crore in Mar 15 to 43.04 Crore as on 18-08-2021 55% Jan-Dhan account holders are women and 67% Jan Dhan accounts are in rural and semi-urban areas Out of total 43.04 crore PMJDY accounts, 36.86 crore (86%) are operative Total RuPay cards issued to PMJDY accountholders: 31.23 Crore Under PM Garib Kalyan Yojana, a total of ₹ 30,945 crore have been credited in accounts of women PMJDY account holders during Covid lockdown About 5.1 crore PMJDY accountholders receive direct benefit t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ransfer (DBT) from the Government under various schemes Ministry of Finance is committed to provide financial inclusiveness and support to the marginalized and hitherto socio-economically neglected classes. Financial Inclusion is a national priority of the Government as it is an enabler for inclusive growth. It is important as it provides an avenue to the poor for bringing their savings into the formal financial system, an avenue to remit money to their families in villages besides taking them out of the clutches of the usurious money lenders. A key initiative towards this commitment is the Pradhan Mantri Jan Dhan Yojna (PMJDY), which is one of the biggest financial inclusion initiatives in the world. PMJDY was announced by Prime Min ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ister, Shri Narendra Modi in his Independence Day address on 15th August 2014. While launching the programme on 28th August, the Prime Minister had described the occasion as a festival to celebrate the liberation of the poor from a vicious cycle. On the 7 th Anniversary of PMJDY, Finance Minister Smt. Nirmala Sitharaman reiterated the importance of this Scheme 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 FI ecosystem capable of delivering financial services to the last person of the society-the poorest of the poor. The underlying pillars of PMJDY, namely, Banking the Unbanked, Securing the Unsecured ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and Funding the Unfunded has made it possible to adopt multi-stakeholders collaborative approach while leveraging technology for serving the unserved and underserved areas as well. she said Minister of State for Finance, Dr. Bhagwat Karad also expressed his thoughts for PMJDY on this occasion. He said Pradhan Mantri Jan Dhan Yojana (PMJDY) has been one of the most far reaching initiatives towards Financial Inclusion not only in India but in the world. Financial Inclusion is among top-most priorities of the Government as it is an enabler for inclusive growth. It provides an avenue to the poor for bringing their savings into the formal financial system, an avenue to remit money to their families besides taking them out of the clutche ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of the usurious money lenders. As we complete 7 years of successful implementation of this Scheme, we take a look at the major aspects and achievements of this Scheme so far. Background 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. Objectives: Ensure access of financial products services at an affordable cost Use of technology to lower cost widen reach Basic tenets of the scheme Banking the unbanked - Opening of basic savings bank deposit (BSBD) account with minimal paperwork, relaxed KYC, e-KYC, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... account opening in camp mode, zero balance zero charges Securing the unsecured - Issuance of Indigenous Debit cards for cash withdrawals payments at merchant locations, with free accident insurance coverage of ₹ 2 lakh Funding the unfunded - Other financial products like micro-insurance, overdraft for consumption, micro-pension micro-credit Initial Features The scheme was launched based upon the following 6 pillars: Universal access to banking services Branch and BC Basic savings bank accounts with overdraft facility of ₹ 10,000/- to every eligible adult Financial Literacy Program Promoting savings, use of ATMs, getting ready for credit, availing insurance and pensions, using ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... basic mobile phones for banking Creation of Credit Guarantee Fund To provide banks some guarantee against defaults Insurance Accident cover up to ₹ 1,00,000 and life cover of ₹ 30,000 on account opened between 15 Aug 2014 to 31 January 2015 Pension scheme for Unorganized sector Important approach adopted in PMJDY based on past experience: Accounts opened are online accounts in core banking system of banks, in place of earlier method of offline accounts opening with technology lock-in with the vendor Inter-operability through RuPay debit card or Aadhaar enabled Payment System (AePS) Fixed-point Business Correspondents Simplified KYC / e-KYC in place of cumbersome KYC formalities ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Extension of PMJDY with New features The Government decided to extend the comprehensive PMJDY program beyond 28.8.2018 with some modifications Focus shift from Every Household to Every Unbanked Adult RuPay Card Insurance - Free accidental insurance cover on RuPay cards increased from ₹ 1 lakh to ₹ 2 lakh for PMJDY accounts opened after 28.8.2018. Enhancement in overdraft facilities - OD limit doubled from ₹ 5,000/- to ₹ 10,000/-; OD upto ₹ 2,000/- (without conditions). Increase in upper age limit for OD from 60 to 65 years Impact of PMJDY PMJDY has been the foundation stone for people-centric economic initiatives. Whether it is direct benefit transfers, CO ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... VID-19 financial assistance, PM-KISAN, increased wages under MGNREGA, life and health insurance cover, the first step of all these initiatives is to provide every adult with a bank account, which PMJDY has nearly completed. One in 2 accounts opened between Mar 14 to Mar 20 was a PMJDY account. Within 10 days of nationwide lockdown more than about 20 crore women PMJDY accounts were credited with ex-gratia. Jandhan provides an avenue to the poor for bringing their savings into the formal financial system, an avenue to remit money to their families in villages besides taking them out of the clutches of the usurious money lenders. PMJDY has brought the unbanked into the banking system, expanded the financial architecture of India and bro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ught financial inclusion to almost every adult. 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 preventing systemic leakage. Achievements under PMJDY- As on 18 th August 21: PMJDY Accounts As on 18 th August 21 number of total PMJDY Accounts: 43.04 Crore; 55.47% (23.87 crore) Jan-Dhan account holders are women and 66.69% (28.70 crore) Jan Dhan accounts are in rural and semi-urban areas During first year of scheme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 17.90 crore PMJDY accounts were opened Continuous increase in no of accounts under PMJDY PMJDY Accounts have grown three-fold from 14.72 Crore in Mar 15 to 43.04 Crore as on 18-08-2021. Undoubtedly a remarkable journey for the Financial Inclusion Program. Operative PMJDY Accounts As per extant RBI guidelines, a PMJDY account is treated as inoperative if there are no customer induced transactions in the account for over a period of two years In August 21, out of total 43.04 crore PMJDY accounts, 36.86 crore (85.6%) are operative Continuous increase in % of operative accounts is an indication that more an more of these accounts are being used by customers on a regular basis Only 8.2% PMJDY accounts are ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... zero balance accounts Deposits under PMJDY accounts - Total deposit balances under PMJDY Accounts stand at ₹ 1,46,230 crore Deposits have increased about 6.38 times with increase in accounts 2.4 times (Aug 21 / Aug 15) Average Deposit per PMJDY account - Average deposit per account is ₹ 3,398 Avg. Deposit per account has increased over 2.7 times over Aug 15 Increase in average deposit is another indication of increased usage of accounts and inculcation of saving habit among account holders Rupay Card issued to PMJDY account holders Total RuPay cards issued to PMJDY accountholders: 31.23 Crore Number of RuPay cards their usage has increased over t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ime Jan Dhan Darshak App A mobile application, was launched to provide a citizen centric platform for locating banking touch points such as bank branches, ATMs, Bank Mitras, Post Offices, etc. in the country. Over 8 lakh banking touchpoints have been mapped on the GIS App. The facilities under Jan Dhan Darshak App could be availed as per the need and convenience of common people. The web version of this application could be accessed at the link http://findmybank.gov.in . This app is also being used for identifying villages which are not served by banking touchpoints within 5 km. these identified villages are then allocated to various banks by concerned SLBCs for opening of banking outlets. The efforts have resulted in sig ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nificant decrease in number of such villages. Pradhan Mantri Garib Kalyan Package (PMGKP) for PMJDY women beneficieries As per announcement made by the Hon ble Finance Minister on 26.3.2020, under PM Garib Kalyan Yojana, an amount of ₹ 500/- per month for three months (April 20 to June 20), was credited to the accounts of women account holders under Pradhan Mantri Jan Dhan Yojana (PMJDY). A total of ₹ 30,945 crore have been credited in accounts of women PMJDY account holders during Covid lockdown Towards ensuring smooth DBT transactions: As informed by banks, about 5 crore PMJDY accountholders receive direct benefit transfer (DBT) from the Government under various schemes.To ensure that the eligibl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e beneficiaries receive their DBT in time, the Department takes active role in identification of avoidable reasons for DBT failures in consultation with DBT Mission, NPCI, banks and various other Ministries. With close monitoring in this regard through regular VCs 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% (FY 19-20) to 5.7% (FY 20-21 ). The road ahead Endeavour to ensure coverage of PMJDY account holders under micro insurance schemes. Eligible PMJDY accountholders will be sought to be covered under PMJJBY and PMSBY. Banks have already been communicated about the same. Promotion of digital payments including RuPay debit card usag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e amongst PMJDY accountholders through creation of acceptance infrastructure across India Improving access of PMJDY account holders to Micro-credit and micro investment such as flexi-recurring deposit etc. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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