Effectiveness of Pradhan Mantri Jan Dhan Yojana (PMJDY)

                                             Effectiveness of Pradhan Mantri Jan Dhan Yojana (PMJDY)

With a view to increasing banking penetration and promoting financial inclusion and with the main objective of covering all households with at least one bank account per household across the country, a National Mission on Financial Inclusion named as  Pradhan Mantri Jan Dhan Yojana (PMJDY) was announced by the Prime Minister Shri Narendra Modi in his Independence Day Speech on 15^th August , 2014 . The Scheme was formally launched by the Prime Minister, Shri Narendra Modi on 28^th August, 2014 at National level.

Objectives of PMJDY

1.  Universal access to banking facilities for all households across the country through a bank branch or a fixed point Business Correspondent (BC) within a reasonable distance.

2. To cover all households with atleast one Basic Bank  Account with RuPay Debit card having inbuilt accident insurance cover of Rs.1 lakh.

3. An overdraft facility upto Rs.5000/- after satisfactory operation in the account for 6 months.

4. A Life Cover of Rs.30,000/- to those beneficiaries who open their accounts for the first time from  15.08.2014 to 31.01.2015.

5. Financial literacy programme which aims to take financial literacy upto village level.

6. The Mission also envisages expansion of Direct Benefit Transfer under various Government Schemes through bank accounts of the beneficiaries.

7. Providing micro –insurance to the people.

8. Un=organised sector Pension schemes through the Business Correspondents.

Achievements under PMJDY (as on 21^st December,2016)

1. 26.03 crore accounts have been opened under PMJDY out of which 15.86 crore accounts are in rural areas and 10.17 crore in urban areas. 

2. Deposits of Rs. 71,557.90 crore has been mobilized.

3. 9.93 crore RuPay Debit cards have been issued under PMJDY.

4. Aadhaar seeding in PMJDY accounts 14.43 crore

5. Zero balance accounts has been reduced to 23.86%

6. Household Coverage: 99.99% households out of the 21.22 crore households surveyed have been covered under PMJDY.

Progress of Pradhan Mantri Jan - Dhan Yojana 

                          (Accounts Opened as on 28.12.2016)

(All Figures in Crores)

Bank Name	Rural	Urban	Total	No Of Rupay Cards	Aadhaar Seeded	Balance In Accounts	% Of Zero- Balance- Accounts
Public Sector Bank	11.61	9.30	20.91	16.58	12.26	55246.52	24.45
Regional Rural Bank	3.83	0.61	4.44	3.30	2.23	13168.27	20.50
Private Banks	0.52	0.33	0.85	0.82	0.39	2621.80	35.02
Total	15.96	10.24	26.20	20.70	14.88	71036.59	24.13

Disclaimer: Information is based upon the data as submitted by different banks/SLBCs