PMJDY Completes 12 Years: 59.09 Crore Accounts Opened
The Pradhan Mantri Jan Dhan Yojana (PMJDY) has marked 12 years, achieving significant milestones in financial inclusion across India.
Source: GNews PM SchemeThe Pradhan Mantri Jan Dhan Yojana (PMJDY), a flagship financial inclusion scheme, recently completed 12 years since its launch. As of the latest data, the scheme has facilitated the opening of 59.09 crore bank accounts. These accounts collectively hold deposits totaling 3.17 lakh crore. The average balance per PMJDY account stands at 5,360. The scheme was launched by Prime Minister Narendra Modi on August 28, 2014, with the aim of providing universal access to banking facilities. PMJDY focuses on ensuring access to financial services like savings and deposit accounts, remittance, credit, insurance, and pension in an affordable manner. The initiative has played a crucial role in bringing a large unbanked population into the formal financial system, promoting economic empowerment and reducing reliance on informal credit sources.
For competitive exams like UPSC, SSC, and Banking, PMJDY is a vital topic under Government Schemes and Economy. Aspirants should understand its objectives, achievements, and impact on financial inclusion. Questions often focus on the scheme's launch date, number of accounts, deposit amounts, and its role in poverty alleviation and digital payments. This topic is relevant for UPSC GS Paper II (Government Policies & Interventions) and GS Paper III (Indian Economy).
- PMJDY completed 12 years since its launch on August 28, 2014.
- A total of 59.09 crore Jan Dhan accounts have been opened under the scheme.
- The total deposit balance in these accounts is 3.17 lakh crore.
- The average balance per PMJDY account is 5,360.
- About 33.01 crore RuPay cards have been issued to PMJDY account holders.
- Over 67% of PMJDY accounts are in rural and semi-urban areas.
Launched in August 2014, PMJDY is a national mission for financial inclusion. It aims to provide universal access to banking services like savings accounts, credit, insurance, and pension. It focuses on bringing unbanked households into the formal financial system, especially in rural and semi-urban areas.
Financial inclusion means providing access to affordable, useful, and responsible financial products and services to individuals and businesses. This includes banking, credit, insurance, and payments. It helps reduce poverty, promote economic growth, and ensure equitable development for all sections of society.
RuPay is an Indian multinational financial services and payment system, conceived and launched by the National Payments Corporation of India (NPCI) in 2012. It is an alternative to Visa and MasterCard, offering debit, credit, and prepaid cards. RuPay cards are widely issued to PMJDY account holders.
Examiners frequently ask about the launch year, key features, and the number of beneficiaries or deposits under major government schemes like PMJDY. Focus on specific data points and the scheme's impact on financial inclusion.
Remember 'JDY' as 'Jan Dhan Yojana' 'J' for 'Jan' (people), 'D' for 'Dhan' (wealth), 'Y' for 'Yojana' (scheme) connecting people to financial wealth.
Frequently Asked Questions
What is the main objective of the Pradhan Mantri Jan Dhan Yojana?
The main objective of PMJDY is to ensure universal access to financial services such as banking, savings and deposit accounts, remittance, credit, insurance, and pension in an affordable manner for all households in India.
When was the Pradhan Mantri Jan Dhan Yojana launched?
The Pradhan Mantri Jan Dhan Yojana (PMJDY) was officially launched by Prime Minister Narendra Modi on August 28, 2014, as a national mission for financial inclusion.
What are the key benefits of a PMJDY account?
Key benefits include a zero-balance savings account, a RuPay debit card, an accidental insurance cover of 2 lakh, an overdraft facility of up to 10,000, and access to micro-insurance and pension schemes.