Why in news ?
- Successfully in the year 2024 Pradhan Mantri Jan Dhan Yojna has completed 10 years, which was launched ten years back on 28th of August, 2014 .
- In the current financial year 2024-25 the government has aimed in opening more than 3 crores of bank accounts under Pradhan Mantri Jan Dhan Yojna (PMJDY).
Achievements of PMJDY in these TEN Years…
- This scheme (PMJDY) has started from 147 million accounts opened in the year 2015 and now in the financial year 2024 more than 520 million accounts have been opened under Pradhan Mantri Jan Dhan Yojna.
- In beginning of PMJDY the deposit arranging was around Rs. 15,600 crore in the year 2015 which has now expanded to Rs. 2.32 trillion in the year 2024.
- The deposit arranging has increased to 30% at average growth rate in the last ten years.
- As compared from the beginning the average balance has increased to quadruplex over the last ten years as in the year 2014 it was Rs. 1,065 which has now increased to Rs. 4,476 in the year 2024.
- In the Jan Dhan Darshak App (JDD) more than 1.3 million banking touch points have been increased in the expansion of Banking Infrastructure .
- On the Jan Dhan Darshk App as per the data of July 2023 a total of 601,000 people were mapped out ,in which 599,468 of total mapped villages have been covered under the banking outlets within the radius of 5 kms.
- Jan Dhan Darshak (JDD) is an app which helps out the people in locating the banking correspondents, ATMs, branches, ….etc.
- Through this scheme 29.56 crore account holders are women and 35.37 crore are in the rural and the semi-urban areas ,as per the ministry of finance.
- The digital payments ( UPI users ) have also increased to 131.2 billion from the beginning of 920 million .
- RuPay card transactions have also increased to 1.26 billion in FY 2023.
- This scheme has directly transferred about USD 361 billion directly to the beneficiaries of this scheme from 53 central government ministries through different key schemes.
- Zero Balance accounts are also permitted under this scheme and there is no minimum balance barriers to the account holders.
- This scheme have also been praised by the world bank due to its fast developing nature.
About PMJDY
This scheme is a financial program which aims in ensuring access to different financial services , savings, deposits, insurance , pensions in an affordable manner . Under this anyone can open Basic savings banak deposits in any bank branch those who are not having any account opened already.
Features:
In PMJDY accounts there is no any requirement to maintain any minimum balance.
Free debit cards are provided to the account holders.
The account holders can also avail accidental insurance.
This account is eligible for many governmental schemes listed below:
- Pradhan Mantri Jeevan Jyoti Beema Yojna
- Pradhan Mantri Suraksha Beema Yojna
- Atal Pension Yojna
- MUDRA Scheme
No mandatory free cheque book will be provided to the account holders.
Challenges to PMJDY
The temp of getting all the insurance cover , accidental death benefit cover results in people opening multiple accounts in different banks using different identification like PAN Card, Aadhar Card.
Many accounts creates financial problem for the banks in maintaining and managing them.
It is also creating money laundering issues as the some accounts of the poor peoples are being used by the black money operators .
Many a times some of the business correspondents do misuse of the authority which the life of the people below poverty line miserable.
There is also a lack of financial and technical illiteracy which is creating problem in savings ,deposits to may account holders.
