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Monday, April 26, 2021

Pradhan Mantri Jan Dhan Yojana (PM-JDY)


  • PM-JDY (Prime Minister's People's Wealth Scheme) is a financial inclusion program of the GoI. This scheme was announced by PM Modi on his first Independence Day speech on 15th August 2014 and this financial inclusion campaign was launched on 28th August 2014.

  • Slogan: "Mera Khata, Bhagya Vidhata". It is run by the Department of Financial Services, Ministry of Finance.

Pradhan Mantri Jan Dhan Yojana (PM-JDY)
                                                           image source:- google
  • It envisages universal access to banking facilities with at least one basic banking account for every household, financial literacy, access to credit, remittances,  insurances, and pension.

  • Under this scheme, a basic savings bank deposit (BSBD) account can be opened in any bank branch or Business Correspondent (Bank Mitra) outlet, by persons not having any other account. 

  • As a first step, every account holder will get a debit card with personal accident insurance of Rs. 1 lakh. Those opening accounts under PMJDY before 26th January 2015 also received life insurance of Rs. 3000.

The Government has decided to extend the comprehensive PMJDY beyond 28.08.2018 with the change in focus on opening accounts from "every household" to "every adult", with the following modifications:
  • No conditions attached for active PMJDY accounts availing OD up to Rs.2000.
  • Age limit of availability OD facility revised from 18-60 years to 18-65 years.
  • The accidental insurance cover for new RuPay card holders raised from the existing Rs. 1 lakh to 2 lakh to the new PMJDY account opened after 28.08.2018.

It has provided a platform for the following social security schemes:
  • PM-Jeevan Jyoti Bima Yojana (PMJJBY)
  • PM-Suraksha Bima Yojana (PMSBY)
  • Atal Pension Yojana (APY)
  • PM Mudra Yojana (PMMY)
  • Direct Benefit Transfer (DBT)
  • Micro Units Development & Refinance Agency Bank (MUDRA).




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