Indian Government Flagship Programme PMJDY completes 10 years

The world’s largest financial inclusion programme, Pradhan Mantri Jan Dhan Yojana (PMJDY) completed 10 years on 28 August 2024. The Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched by the government of India on 28 August 2014 with the aim of bringing the unbanked population within the formal banking system. 

History of the PMJDY 

The government of India launched the Swabhiman campaign in 2010 as part of its National Mission for Financial Inclusion. 

The Dr Manmohan Singh government launched the Swabhiman scheme on the recommendation of the 2009 RBI’s High-Level Committee on Lead Bank Scheme, which was headed by Usha Thorat.

It aimed to provide banking facilities to unbanked areas with a population of 2000 or more by March 2012(based on the 2001 census). Its goal was to open at least one bank account per family in identified unbanked areas.

The Swabhiman Scheme was later renamed Pradhan Mantri Jan Dhan Yojana (PMJDY) and officially launched on 28 August 20214. 

Pradhan Mantri Jan Dhan Yojana (PMJDY) 

The  Pradhan Mantri Jan Dhan Yojana (PMJDY) is a comprehensive financial inclusion programme of the government which aims to encourage saving habits amongst the public by opening bank accounts, access to cheap credit, fund transfer facilities, insurance facilities and pension facilities. 

Following are the features of the Pradhan Mantri Jan Dhan Yojana (PMJDY) 

• Open a bank account for every adult who doesn't have a bank account.
• A specially designed Basic Saving Bank Deposit Account (BSBDA) is offered with no minimum balance requirement.
• According to the RBI, a person can open only one BSBDA account in a Bank. 
• A free Rupay Debit card is provided to the PMJDY account holder.
• The RuPay Debit card under PMJDY provides accidental death insurance coverage of Rs two lakhs to the account holder.
• A Rs 10,000 overdraft facility is available to eligible account holders.
• PMJDY accounts are eligible to receive funds from the government under their Direct Benefit Transfer (DBT) scheme,
• PMJDY offers two insurance schemes: Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY),
• It also provides a pension scheme through the Atal Pension Yojana.

Achievements of  the PMJDY scheme 

According to the Union Ministry of Finance, the following are the PMJDY's achievements as of 14 August 2024.

• The total number of account holders was 53.13 crore, of which 55.6 per cent, or 29.56 crores, were women, and 66.6 per cent, or 35.37 crores, Jan Dhan accounts were in rural and semi-urban areas.
• The total deposit under PMJDY Accounts was Rs 2,31,236 crore.
• The average deposit per account is Rs. 4,352.
• 36.14 crore RuPay debit cards issued.

Other important Facts 

• Kerala's Ernakulam was the first district in India to achieve 100% financial inclusion..
• Kerala was the first state to achieve 100% financial inclusion in 2007.
• Slogan- "Mera Khaata, Bhagya Vidhata”.