Article Title: Jan Dhan Accounts
20-08-2023
Polity & Governance Prelims Plus
Why is in news? PM expresses happiness over the significant milestone in Jan Dhan Accounts
The Prime Minister has expressed happiness over the significant milestone in Jan Dhan Accounts. The number of Jan Dhan Accounts crossed 50 crore.
He also said that it is heartening to see that more than half of these accounts belong to our Nari Shakti.
He tweeted that “It is heartening to see that more than half of these accounts belong to our Nari Shakti. With 67% of accounts opened in rural and semi-urban areas, we are also ensuring that the benefits of financial inclusion reach every corner of our nation.”
Pradhan Mantri Jan Dhan Yojana (PMJDY):
Announced on 15th August 2014, Pradhan Mantri Jan Dhan Yojana (PMJDY) is the National Mission for Financial Inclusion.
It ensures access to financial services, namely, Banking/ Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension in an affordable manner.
PMJDY has been the foundation stone for people-centric economic initiatives.
Whether it is Direct Benefit Transer (DBT), Covid-19 financial assistance, PM-KISAN, increased wages under Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGA), life and health insurance cover, the first step of all these initiatives is to provide every adult with a bank account, which PMJDY has nearly completed.
Objectives:
Ensure access to financial products & services at an affordable cost.
Use of technology to lower cost & widen reach.
Basic tenets of the scheme:
Banking the unbanked: Opening of basic savings bank deposit (BSBD) account with minimal paperwork, relaxed KYC, e-KYC, account opening in camp mode, zero balance & zero charges.
Securing the unsecured: Issuance of Indigenous Debit cards for cash withdrawals & payments at merchant locations, with free accident insurance coverage of Rs. 2 lakhs.
Funding the unfunded: Other financial products like micro-insurance, overdraft for consumption, micro-pension & micro-credit.
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