Pradhan Mantri Jan Dhan Yojana (PMJDY)

Pradhan Mantri Jan Dhan Yojana or PMJDY is a government scheme launched on 28 August 2014by Prime Minister Narendra Modi. This scheme is for the individuals who are above the age of 18 years and below the age of 60 years. The agenda behind this scheme was to provide people with affordable access and financial inclusion of the individuals who were not taking the benefit of the banking system. This scheme is regulated under the Department of Financial Services, Ministry of Finance.

Pradhan Mantri Jan Dhan Yojana

Achievements by Pradhan Mantri Jan Dhan Yojana (PMJDY)

Pradhan Mantri Jan Dhan Yojana (PMJDY) is very successful schemes that aim in the financial inclusion of those people who are out of the financial system of the country. With this inclusion, the country economic growth has grown tremendously which increased the potential of Indian economic growth and has emerged the country market internationally. The schemes have a lot of achievement that displays the effects made on the India and Indian Citizens and are as follows-

  • On the inauguration day, 1.5 Crore (15 million) bank accounts were opened which became the Guinness Book of World Records.
  • By 27 June 2018, over 31 Crore (318 million) bank accounts were opened and over ₹792 billion (US$12 billion) were deposited under the scheme
  • This scheme is appreciated by everyone in the country and is widely used scheme especially in the semi-urban and urban areas.
  • On every account opening, the account holder will be provided with the Rupay Debit Card which is used widely.

Benefit of Pradhan Mantri Jan Dhan Yojana (PMJDY)

Pradhan Mantri Jan Dhan Yojana provides a variety of benefit including insurance benefit. The main aim of the scheme is to educate and provide every class of individual basic financial tool that can be used for saving, securing the money. The following are the other benefits that PMJDY provides-

No-frills Account

Under the Scheme, there is no minimum balance required by the account holder which makes the use and operation of the account for all the class group of people from poor to rich.

Relaxation on KYC

A Person who does not have a valid ID card for bank account opening can also open this account

Bank Mitra

Bank Mitra also provides the banking services under the PMJDY which enables the bank to reach every section and area of the country.

Documents Required to open PMJDY

The following are the list of document required under the PMJDY-

  • PMJDY Account opening form
  • Identity proof like Driving license, Aadhaar Card etc.
  • Initial Deposit Amount

Life Insurance under Pradhan Mantri Jan Dhan Yojana (PMJDY)

Life insurance will be provided to the account holder under this scheme. Accidental insurance of Rs.1 Lakhs and a life cover of Rs.30,000 is given to the beneficiary after the death of the account holder.

Loan under Pradhan Mantri Jan Dhan Yojana (PMJDY)

Loan facility is also provided for an amount of Rs.5000/- which might seems low but this scheme is created for the people living Below Poverty Line. A small loan like this will help them in investing the amount in establishing some business which can earn them a livelihood.

Mobile Banking facility under Pradhan Mantri Jan Dhan Yojana (PMJDY)

The scheme used the digital means to reach to a wide number of people. This scheme provides the Mobile Banking facility that can be used to transfer fund, check Bank statement and much more using the Smartphone app. A Smartphone is used by everyone nowadays which made this facility widespread throughout the country