New Delhi, Aug 27 Pradhan Mantri Jan Dhan Yojana (PMJDY), one of the most successful schemes of the Modi government, launched a decade ago on August 28, 2014, kick-started the ‘connection’ of every citizen with the mainstream banking and set the stage for financial inclusion, a dream that looked impossible earlier.
Today, the nation is celebrating not just ten momentous years of its successful implementation but also the whopping success of the scheme. PMJDY, the world’s largest successful mission has already crossed the 53 crore beneficiaries mark as per official estimates and the figure is growing on a daily basis.
The PMJDY scheme was launched by Prime Minister Narendra Modi on August 28, 2014, with a vision for financial inclusion of every citizen and also providing them with financial literacy to get benefits, out of their small savings.
The scheme turned out to be a runaway success, soon after its launch, particularly in rural areas. On the day of its launch alone, 15 million bank accounts were opened.
The scheme primarily benefits low-income families and groups as they have been extended the facility to open zero-balance accounts and draw government welfare benefits, directly into their accounts. PMJDY bank account holders are also provided with a RuPay Debit card which can be used for Payment and purchase.
The astounding success of the Modi government’s flagship scheme has also been acknowledged by The Guinness Book of World Records.
Recognising the achievement, it noted: “The Most bank accounts opened in one week as a part of the financial inclusion campaign 1,80,96,130 was achieved by the Government of India from August 23 to 28, 2014.”
Notably, the scheme has been a game-changer in facilitating Direct Benefit Transfer (DBT). Today, the beneficiaries are drawing benefits of government schemes directly in their accounts, thus plugging the leakages and eliminating the middlemen from ‘usurping’ their shares.
The slogan of PMJDY is “Mera Khaata, Bhagya Vidhata”. PMJDY is being run by the Department of Financial Services, Ministry of Finance.
What beneficiaries get under PMJDY
One Savings bank account for an unbanked person
No requirement for maintaining a minimum balance in PMJDY accounts
Interest is accrued on whatever deposits in PMJDY accounts
Accident Insurance Cover of Rs 1 lakh (enhanced to Rs 2 lakh for PMJDY accounts opened after 28/8/2018). This is available with RuPay cards, a facility extended to PMJDY account holders.
Beneficiaries can get an overdraft (OD) facility up to Rs 10,000
Can avail benefits of multiple schemes via Direct Benefit Transfer (DBT). They include Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY), Micro Units Development & Refinance Agency Bank (MUDRA) scheme
What’s needed to open a PMJDY account
For opening a basic savings bank account under PMJDY (with zero balance), you require the following:
You need to be an Indian citizen
You must be more than 10 years old
You mustn’t have an existing account
You will have access to a RuPay card, which will enable you to access insurance benefits
Can also avail credit facility on your account
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