News: Jandhan Yojana
Modi’s Jan Dhan Yojana reaches new height; 40 crore bank accounts added under PMJDY in 6 years
PMJDY played a major role in the recent lockdown when the government transferred cash directly into the bank accounts of migrant labourers and poor sections of the society.
Prime Minister Narendra Modi’s flagship programme – Jan Dhan Yojana – to make every citizen of the country avail a bank account, has been successful in attracting 40 crore people in the last six years. The Department of Financial Services today said that another milestone has been achieved under the world’s largest financial inclusion initiative and it is committed to taking financial inclusion to the last mile. Prime Minister Jan Dhan Yojana provided huge infrastructure support to the government in making schemes related to Direct benefit Transfers (DBT) meaningful. While PMJDY played a major role during demonetisation, it also acted as a lifeline recently during the coronavirus pandemic-led lockdown when the government transferred cash directly into the bank accounts of migrant labourers and poor sections of the society.
The bank accounts opened under the financial inclusion scheme have nearly Rs 1.3 lakh crore as deposits. The PMJDY was one of the earliest schemes launched after PM Modi sworn-in as the Prime Minister of the country in 2014. Launched on 28 August 2014, it was initially for a period of 4 years and envisaged universal access to banking facilities with at least one basic banking account for every household, financial literacy, access to credit, insurance, and pension.
It also ensured four social security schemes, which are Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY), and Pradhan Mantri Mudra Yojana (PMMY). With the scheme, the government provided zero-balance Basic Savings Bank Deposit (BSBD) accounts with additional features of RuPay debit card and overdraft. The government in 2018 further enhanced the accident insurance cover to Rs 2 lakh, from Rs 1 lakh for new accounts opened after 28 August 2018, and doubled the overdraft limit facility to Rs 10,000.
Courtesy : Financial Express
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