Jan Dhan Yojana eighth Anniversary: Monetary inclusion is a significant step in direction of inclusive progress which ensures the general financial growth of the marginalised sections of the society, Finance Minister Nirmala Sitharaman stated on Sunday.
The success of the Pradhan Mantri Jan Dhan Yojana (PMJDY) since August 28, 2014, is mirrored by way of the opening of over 46 crore financial institution accounts with a deposit stability of Rs 1.74 lakh crore with its expanded protection to 67 per cent rural or semi-urban areas in addition to 56 per cent of ladies Jan Dhan account holders, she stated on the eighth anniversary of the flagship monetary inclusion scheme.
“Continuation of PMJDY past 2018 noticed a marked shift in method to satisfy challenges and necessities of the rising FI (monetary inclusion) panorama within the nation.
“There was a shift in focus from ‘each family’ to ‘each grownup’, with added emphasis on utilization of accounts by enhancing Direct Profit Switch (DBT) flows via these accounts, selling digital funds via the usage of RuPay playing cards, and many others,” an official assertion quoted the minister as saying.
The underlying pillars of PMJDY — particularly, banking the unbanked, securing the unsecured and funding the unfunded — has made it doable to undertake multi-stakeholders’ collaborative method whereas leveraging know-how for serving the unserved and underserved areas as properly, she noticed.
The Jan Dhan Yojana, which was introduced by Prime Minister Narendra Modi in his Independence Day deal with in 2014, was launched on August 28 in the identical 12 months.
She additionally stated the JAM (Jan Dhan-Aadhaar-Cellular) pipeline created via account holders’ consent-based linking of financial institution accounts with Aadhar and cellular numbers of the account holders, which is without doubt one of the necessary pillars of the monetary inclusion ecosystem, has enabled on the spot DBT beneath numerous authorities welfare schemes to the eligible beneficiaries.
The benefit of the structure created beneath FI ecosystem got here helpful in the course of the COVID-19 pandemic when it facilitated direct revenue help to farmers beneath PM-KISAN and switch of ex-gratia fee to ladies PMJDY account holders beneath PM Garib Kalyan Package deal in a seamless and time-bound method, Sitharaman stated.
On the event, Minister of State for Finance Bhagwat Karad stated PMJDY has been one of the far reaching initiatives in direction of monetary inclusion not solely in India however the world.
Stressing that monetary inclusion is among the many top-most priorities of the federal government, he stated it gives an avenue to the poor for bringing their financial savings into the formal monetary system, an avenue to remit cash to their households, in addition to taking them out of the clutches of the usurious cash lenders.
As per extant RBI pointers, a PMJDY account is handled as inoperative if there aren’t any buyer induced transactions within the account for over a interval of two years.
Out of complete 46.25 crore PMJDY accounts, 37.57 crore (81.2 per cent) are operative as per the newest determine. Solely 8.2 per cent PMJDY accounts are zero stability accounts, whereas the common deposit per account is Rs 3,761.
Complete RuPay playing cards issued to PMJDY account holders stood at 31.94 crore. The variety of RuPay playing cards and their utilization has elevated over time.
The finance ministry, within the assertion, stated there may be an endeavour to make sure protection of PMJDY account holders beneath micro insurance coverage schemes.
Eligible PMJDY account holders will likely be sought to be coated beneath Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY). Banks have already been communicated about the identical, it added.