The Pradhan Mantri Jan-Dhan Yojana (PMJDY) has completed six years. Prime Minister Narendra Modi called the scheme a game-changer and applauded people who have worked tirelessly for this mission. "Today, six years ago, the Pradhan Mantri Jan Dhan Yojana was launched with an ambitious aim of banking the unbanked. This initiative has been a game-changer, serving as the foundation for many poverty alleviation initiatives, benefitting crores of people," said the Prime Minister.
"Thanks to the Pradhan Mantri Jan Dhan Yojana, the future of several families has become secure. A high proportion of beneficiaries are from rural areas and are women. I also applaud all those who have worked tirelessly to make PM-JDY a success," said PM Modi.
Upon the completion of six years, the government said that more than 40.35 crore beneficiaries signed up since inception, amounting to Rs 1.31 lakh crore. The government said that out of the accounts, 63 per cent were from rural areas, and 55.2 per cent were of women. "Under PM Garib Kalyan Yojana, a total of Rs 30,705 crore have been credited in accounts of women PMJDY account holders during April-June," stated the government.
Today, six years ago, the Pradhan Mantri Jan Dhan Yojana was launched with an ambitious aim of banking the unbanked. This initiative has been a game-changer, serving as the foundation for many poverty alleviation initiatives, benefitting crores of people. #6YearsOfJanDhanYojana pic.twitter.com/MPueAJGlKwNarendra Modi (@narendramodi) August 28, 2020
"In Aug 2020, out of total 40.35 crore PMJDY accounts, 34.81 crore (86.3%) are operative. Continuous increase in percentage of operative accounts is an indication that more and more of these accounts are being used by customers on a regular basis," stated the Centre.
"Total deposit balances under PMJDY accounts stand at Rs 1.31 lakh crore. Deposits have increased about 5.7 times with increase in accounts 2.3 times from August 2015 to August 2020," said the government.
The Centre also said that the average deposit per account has increased over 2.5 times to Rs 3,239 since August 2015. "Increase in average deposit is another indication of increased usage of accounts and inculcation of saving habit among account holders," it said.
The Centre said that around 8 crore PMJDY account-holders receive direct benefit transfer (DBT) from the government under various schemes. During the first year of the scheme 17.90 crore PMJDY accounts were opened, it stated.
The government has also issued 29.75 crore RuPay cards to PMJDY accountholders. The government has opened online accounts in the core banking system instead of earlier methods of offline accounts, the statement said. Fixed-point business correspondents, simplified KYC, e-KYC, and interoperability through RuPay debit card or Aadhaar-enabled payment system have been enabled for the users.
Finance Minister Nirmala Sitharaman said, "The Pradhan Mantri Jan Dhan Yojana has been the foundation stone for the Modi government's people-centric economic initiatives. Whether it is direct benefit transfers, COVID-19 financial assistance, PM-KISAN, increased wages under MGNREGA, life and health insurance cover, the first step was to provide every adult with a bank account, which PMJDY has nearly completed."
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