Current Affairs

Pradhan Mantri Jan Dhan Yojana – PMJDY – Completed 8 years


Pradhan Mantri Jan Dhan Yojana – PMJDY – Completed 8 years

Pradhan Mantri Jan Dhan Yojana’s main objective was to include poor people of the country into the main banking system. It had completed 8 years and more than 46 crore accounts had been opened.

PMJDY (Pradhan Mantri Jan Dhan Yojana) - Key features

The Central Government’s ambitious scheme (PMJDY) Pradhan Mantri Jan Dhan Yojana had completed 8 years recently. The main objective of this scheme was to provide main banking system to poor people across the country and over 46 crore accounts had been opened under this scheme.

The Key features includes, Interest on deposit, 1lakh rupee accidental insurance coverage, No minimum balance required, Life insurance coverage of Rs.30,000 and Easy money transfer. Other benefits for the beneficiaries includes if the account had operated frequently for 6 months continuously, an overdraft facility would be permitted, access to pension, insurance products, accidental insurance coverage , Rupay card insurance, etc.,

PMJDY  help during Covid-19 pandemic

The financial support for the poor people sent by the Central Government had reached the people directly through this scheme directly to their bank accounts. This also made possibilities of getting benefits through other schemes like Pradhan Mantri Kisan Samman Nidhi to reach the bank accounts of the beneficiaries directly.

Challenges of PMJDY

The Challenges of PMJDY includes, Limited bank account usage, Declining usage since banking infrastructure had not reached rural areas, Low financial literacy, Less availability of loans and credits for rural areas and Significant population are still without bank accounts.

Focus of PMJDY

Since this scheme was to provide main banking system to poor people, the focus of the scheme should now focus to increasing reach of bank in rural areas including unbanked population rather than focusing on one member per family.

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Pradhan Mantri Jan Dhan Yojana – PMJDY – Completed 8 years