PM Jan-Dhan Yojana Accounts Pass the $50 Billion Mark, With Deposits at $2.03 Tn
The Pradhan Mantri The Jan-Dhan Yojana (PMJDY) is a nationwide initiative to help impoverished people access financial services including banking, deposit accounts, remittance, pensions, and other types of financial products. The launch took place on August 28, 2014. 9 years later, the Jan-Dhan accounts have reached 50 crores, with 56% of the accounts being held by women, the Finance Ministry said on Friday.
67% of these accounts have been established in rural and semi-urban regions, according to the Central government’s statement. Over Rs 2.03 trillion (trillion) have been deposited in these accounts, and approximately 34 billion RuPay cards have been issued to the account holders. The holders get the cards free of charge.
The average amount in PMJDY accounts, according to the Finance Ministry, is Rs 4,076. Direct Benefit Transfer (DBT) payments are being paid to more than 5.5 crore accounts under this program. In this plan, the assistance is sent directly into the residents’ accounts who are below the poverty threshold.
The Press Information Bureau (PIB) tweeted this news along with an attachment of the announcement from the Indian Finance Ministry.
The ministry said in the statement that the PMJDY program has effectively altered the financial climate of the nation while increasing the number of adult bank accounts. It identifies technology, teamwork, and innovation as the main drivers of shifting perceptions of India’s formal banking sector.
If used in accordance with this program, PMJDY provides account holders with a number of benefits. It includes free RuPay debit cards, an overdraft option of up to Rs 10,000, and a bank account without a minimum balance requirement. Even if their bank balance is zero, the account user is still able to withdraw money from their current or savings account under this credit facility. It is a brief loan that the lender is required to repay.
On August 15, 2014, Indian Prime Minister Narendra Modi introduced this program from the Red Fort. PM Modi defined the day as a celebration for the release of the underprivileged from a cycle of poverty when he introduced the program on August 28.
