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      • Important facts about Pradhan Mantri Jan Dhan Yojana (PMJDY)

      Important facts about Pradhan Mantri Jan Dhan Yojana (PMJDY)

      • Posted by Vizmins Official Post
      • Date January 20, 2022
      • Comments 0 comment
      Separation of powers between various organs dispute redressal mechanisms and institutions

      Pradhan Mantri Jan-Dhan Yojana (PMJDY) - Visual Cards

      Pradhan Mantri Jan-Dhan Yojana (PMJDY) - January 2022 by Visual Minds

      Index

      • In NEWS

      • About PMJDY

      • Aims of scheme

      • Pillars of Scheme

      • Extension of PMJDY

      Pradhan Mantri Jan Dhan Yojana (PMJDY)

      In News:

      • The finance ministry data has revealed that deposits in bank accounts opened under the Pradhan Mantri Jan-Dhan Yojana (PMJDY) have crossed the Rs 1.5 lakh crore mark.

      • Performance of the scheme (as of 2021):

        • The number of total PMJDY accounts stand at more than 44 crore.

        • 54 crore Jan Dhan accounts were held in rural and semi-urban bank branches.

        • Nearly 24.61 crore account holders were women as of December 29, 2021.

        • Benefits like scholarships, subsidies, pensions, and COVID relief funds are credited to the bank accounts, including Jan Dhan Accounts, through Direct Benefit Transfer (DBT).

      About PMJDY

      • Announced on 15th August 2014
      • PMJDY is National Mission for Financial Inclusion
      • It ensures access to financial services, in an affordable manner.
      • Financial services include 
        • Banking/ Savings & Deposit Accounts,
        • Remittance,
        • Credit,
        • Insurance,
        • Pension 
      • Objectives
        • To ensure access of financial products & services at an affordable cost.Use of technology to lower cost & widen reach.

      Basic aims of the scheme

      • Banking the unbanked
        • Opening of basic savings bank deposit (BSBD) account with minimal paperwork,
        • relaxed KYC, e-KYC,
        • account opening in camp mode,
        • zero balance & zero charges.
      • Securing the unsecured
        • Issuance of Indigenous Debit cards for cash withdrawals
        • payments at merchant locations,
        • Free accident insurance coverage of Rs. 2 lakhs.
      • Funding the unfunded
        • Other financial products like micro-insurance, overdraft for consumption, micro-pension & micro-credit.

      The scheme is Based upon the following 6 pillars

      • Universal access to banking services – Branch and Banking Correspondents.
        Basic savings bank accounts with overdraft facility (OD) of Rs. 10,000/- to every household.
      • Financial Literacy Program
        • Promoting savings,
        • use of ATMs,
        • getting ready for credit,
        • availing insurance and pensions,
        • using basic mobile phones for banking.
      • Creation of Credit Guarantee Fund –
        • To provide banks with some guarantee against defaults.
      • Insurance
        • Accident cover up to Rs. 1,00,000 and life cover of Rs. 30,000 on account opened between 15 Aug 2014 to 31 January 2015.
      • Pension scheme for Unorganized sector.

      Extension of PMJDY with New features

      • Focus shift from Every Household to Every Unbanked Adult.
      • RuPay Card Insurance –
        • Free accidental insurance cover on RuPay cards increased from Rs. 1 lakh to Rs. 2 lakhs for PMJDY accounts opened after 28.8.2018.
      • Enhancement in overdraft facilities
        • OD limit doubled from Rs 5,000 to Rs 10,000; OD upto Rs 2,000 (without conditions).
        • Increase in upper age limit for OD from 60 to 65 years.

      Tag:Current Affairs, Inclusive Growth, UPSC

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