PRADHANMANTRI JAN DHAN YOJANA

-PMJDY

INTRODUCTIONOn 15th August 2014, India’s prime minister announced the financial

inclusion mission titled “Pradhanmantri Jan-Dhan Yojana”. Jan-Dhan Yojana roughly translates into English as “People’s Wealth

Scheme”. India’s Prime minister Narendra Modi announced the launch of this scheme

at the Red Fort on the occasion of India’s Independence Day.Launched on 28 August in 77000 of arias.

About PMJDYThe name “Jan Dhan” was chosen through an Online

Competition on the MyGov Platform, received more than 6000 suggestions from Indian citizens.

Slogan – Mera Khata-Bhagya Vidhaatha.Primarily the PMJDY Scheme is meant for those who do

not have a savings bank account.Only 58% of Indian citizens are having a bank account.

Aim of PMJDYTo bring poor

financially excluded people into banking system.

It covers both urban & rural areas.

Raise of Indian Economy.

To decrees corruption in Govt subsidy schemes.

Digital India.

Benefits of opening bank a/c under PMJDY

Account can opened with zero balance.

Not required to maintain any minimum balance.

ATM card can be issued.Accident insurance up to

100,000.Medical insurance cover of

30,000.Overdraft facility of Rs.5000

after six months

What type of Identification Proof and Address Proof needs to be submitted ?

• Voter id card,• Driving license,• Passport,• PAN Card,• Aadhaar Unique Id,• NREGA Job card attested by State Government

ParticipantsNationalized Banks Private –Sector BanksSBIBank of BarodaBank of IndiaCanara BankIDBI BankIndian BankPNBUnion Bank of IndiaOriental Bank of

commerce

Axis Bank Federal BankHDFC BankICICI BankIndus BankING Vysha BankAndhra BankYES BankKotak Mahendra BankKarnataka Bank

PMJDY

50000 emp

7000 braches

20000 ATM

Highlights of PMJDY

•Saturating the geographies-Survey of SSA and ward and coverage(21 crore households surveyed)

1

•At least one Account for every Household (Urban & Rural) with RuPay Debit card

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•Focus on Financial Literacy

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•Branchless banking through the Bank Mitr

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•Accident insurance(Rs. 1 lakh) and Life Insurance(Rs.30,000)

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• Push based to Pull based

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• Mission Mode Project with Rebranding and visibility to the programme

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•Greater focus on fixed point BCs

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•Structured Monitoring Mechanism from Central to Distt level

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Shift in Approach

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•Every Bank A/c is on-line with RuPay Card & Mobile Banking Facility

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• Use of Aadhaar Enabled Payment System (AEPS) for interoperability

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• On-line Monitoring through system generated MIS

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•Facility of Call Centre & Toll free number

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Focus on Technology

Shift in Approach

UPDATES ON PMJDYPradhan Mantri Jan Dhan Yojana

: No fresh account needed to get benefits of scheme Government today said persons already having bank account need not to open a fresh one to avail benefits of the Pradhan Mantri Jan Dhan Yojana.

Rs 5,000 overdraft under Pradhan Mantri Jan-Dhan Yojana is priority sector lending: RBI Under PMJDY, the overdraft facility is permitted to Aadhaar-enabled accounts after "satisfactory operation" of accounts for six months.

Next phase of Jan Dhan Yojana to mobilise financial savings: Arun Jaitley PSBs will play an active role in successful implementation of social schemes announced in the budget, Jaitley added

Jan Dhan covers 99.7% households

"Most of India today is included in the banking system... Except inaccessible households, bank employees visited every household, and their strike rate is 99.74%."

As many as 11.5 crore bank accounts have been opened under the Pradhan Mantri Jan Dhan Yojana, exceeding the enhanced target of 10 crore

More than Rs 9,100 crore has been deposited in the Jan Dhan accounts

Among the 21.05 crore households surveyed, 20.99 crore have access to bank accounts.

Of the accounts opened under Jan Dhan, 51% were held by women, while over 59% were in rural areas.

Jammu & Kashmir, Arunachal Pradesh, Chattisgarh, jharkhand, Manipur, Meghalaya, Nagaland and Odisha, all other states have reported 100% coverage for households

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