PM Narendra Modi has decided to make Pradhan Mantri Jan Dhan Yojana an Open Ended Scheme. Under this PMJDY, the Central government has now added a number of incentives in order to encourage poor people to open zero balance bank accounts. As we all know that PM Jan Dhan Yojana is a flagship scheme of Modi Govt. It was launched in August 2014. In the 1st phase of PMJDY Scheme, the government was focused on opening basic bank account of poor people. Also, the people got Rupay Debit Cards with inbuilt accident insurance cover of Rs 1 lakh.
Under PM Jan Dhan Yojana, approx 32.54 Crore people were benefited (As per the sources of GOI). The beneficiaries of this scheme are poor people who didn’t have money to open an account in Bank. According to the RBI, Rs 82,039.35 Crore Balance has deposited in beneficiary accounts. Apart from that, 1.26 lakh Bank Mitras delivering branchless banking services in Sub-Service Areas and Counting.
Pradhan Mantri Jan Dhan Yojana is a revolutionary financial inclusion programme of India. It is the biggest financial inclusion scheme in the entire World. Now the Central Govt wants to make the scheme more open-ended with more incentives. Keeping in view of its “Runaway Success”. Now the overdraft limit for account holders has now been doubled to Rs 10,000. Finance Minister Mr. Arun Jaitley has made this announcement while briefing the media on 23rd August 2018. It was the 1st meeting of Arun Jaitley Sir after resuming office after 4-months break.
Central Govt Increases Incentive on Pradhan Mantri Jan Dhan Yojana (Open-Ended Scheme)
As we told you in above that PM Jan Dhan Yojana is a flagship scheme of Modi Government. The objective of PMJDY is to empower economically backward section of society. Under this scheme, the government was focusing to open bank accounts of poor people in zero balance. Recently, the central government has increased incentive on the PMJDY and make it open-ended Scheme.
Important Features of Pradhan Mantri Jan Dhan Yojana (Open-Ended Scheme):
- Accidental Insurance of Rs 2 Lakh: – All the people who open new bank accounts under PM Jan Dhan Bank Yojana after 28th August 2018 will now get Free Accident Insurance Cover of double amount of Rs 2 lakh.
- Over-draft Limit of Rs 10,000: – Now there would be no conditions attached for an overdraft of up to Rs 2,000. Now the maximum limit for over-draft is set at Rs 10,000 (previously Rs 5,000). In PM Jan Dhan Yojana, this facility is available after 6 months of opening bank accounts.
- Presently, around 30 lakh people have availed the benefits of overdraft facility under this scheme. Over-Draft facility means that the account holder can withdraw money from his/her account. It is more than the actual balance present in a bank account.
- Upper Age Limit Now 65 Years: – Also the upper age limit to avail the Pradhan Mantri Jan Dhan Yojana (PMJDY) facility is now raised from 60 years to 65 years.
- There are around 32.41 crores PM Jan Dhan Account holders. The total deposit balance has now reached to Rs 81,200 crore approximately.
- Now the Central government has decided to continue the flagship PMJDY financial inclusion scheme. PM Jan Dhan Yojana will now focus on opening account from every household to every adult.
- Jandhan-Aadhaar-Mobile (JAM) linking will continue to provide the essential backbone to cover various activities. This includes Banking/Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension in an affordable manner.
The decision to make Pradhan Mantri Jan Dhan Yojana (PMJDY) an open-ended scheme will accelerate the pace of digitized financially included and insured society.
Pradhan Mantri Jan Dhan Yojana (PMJDY) Background Details-
PM Jan Dhan Yojana was launched in 2014 to open basic bank accounts and Rupay Debit Card with inbuilt accident insurance cover of Rs 1 lakh. It is a great initiative of Narendra Modi Govt to empower poor peoples in India. Under this scheme, all the people of below poverty line (BPL) can open zero balance bank accounts with an overdraft facility of Rs 5000 after 6 months. Accounts can be opened in any bank branch and business correspondent, cooperative banks, post office bank etc. If the account holder wishes to get the cheque-book, he/she will have to fulfill minimum balance criteria.
Phase 2nd of PMJDY Scheme was started from 15 August 2015. The main aim of this phase was to provide micro-insurance to people and pension schemes to unorganized sector workers through Business Correspondents. This phase ended last month. Finance Minister Mr. Arun Jaitley said that around 53% of PMJDY account holders are women. Apart from this, 83% of total accounts are seeded with Aadhaar (As per the report of GOI).
- For more details about Pradhan Mantri Jan Dhan Yojana (PMJDY Scheme). Kindly visit the official website of PMJDY Portal through the given below link.
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