PM Jan Dhan Yojana
(Ministry of Finance)
Key features of the Campaign
PM Jan Dhan Yojana
- Phases and Provisions
- It is a flagship financial inclusion scheme which facilitates the opening of bank accounts with zero balance for every household to ensure access to financial services in an affordable manner.
- The slogan of the Scheme is “Mera Khatha, Bhagya Vidhatha” (meaning “My account brings me a good fortune”).
- It is launched in 2014 for 4 years and was later approved to continue beyond.
- Department of Financial Services under the Ministry of Finance is the implementing agency.
- to ensure access to financial services, namely, Banking/ Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension in an affordable manner.
- to tie every Indian in the rural or urban sector to the mainstream banking system.
- to bring all citizens of the country under the purview of Banking irrespective of their financial status or regional location.
- The plan also envisages channelizing all Government benefits (from Centre / State / Local Body) to the beneficiary’s accounts and pushing the Direct Benefits Transfer (DBT) scheme of the Union Government.
Phases and Provisions
First Phase: (August 2014 – August 2015):
The first phase of the scheme focused on opening basic bank accounts and RuPay debit card with inbuilt accident insurance cover of Rs 1 lakh.
Second Phase: (August 2015 – August 2018):
The 2nd phase planned to provide micro-insurance to the people and pension schemes to unorganized sector workers through Business Correspondents.
Third Phase: (Beyond August 2018):
- will focus on opening accounts from “every household to every adult”.
- Existing Over Draft (OD) limit of Rs 5,000 to be raised to Rs 10,000.
- There will be no conditions attached for over-draft of up to Rs 2,000.
- Age limit for availing OD facility to be revised from 18-60 years to 18-65 years.
- The free accident insurance cover for those opening Jan Dhan accounts has been doubled to Rs 2 lakh.
Updates of the scheme
- This scheme has been listed in ‘The Guinness Book of World Records’ for opening the maximum number of bank accounts in one week which is 18,096,130 has been opened during August 23 to 29, 2014″.
- Pradhan Mantri Jan-Dhan Yojana statistics as on 17 April 2019 (All figures in millions).