According to reports from Public Sector Banks (PSBs) and 14 major Private Sector Banks, as of January 2021, a total number of 41.75 crore accounts have been opened under Pradhan Mantri Jan Dhan Yojana (PMJDY). This information is provided by Union MoS, a Finance and Corporate Affairs.
About Pradhan Mantri Jan Dhan Yojana:
♦ Pradhan Mantri Jan-Dhan Yojana (PMJDY) is a national mission that aims to provide access to various financial services, including Remittance, Credit, Insurance, Pension, Banking Savings & Deposit Accounts in an affordable manner
Objectives:
♦ Ensure access to financial products and services at reasonable prices.
♦ Use technology to reduce costs and expand the scope of influence.
The basic purpose of the scheme:
♦ ♦ Banking the unbanked- open a basic savings bank deposit (BSBD) account with minimal paperwork, easy KYC, e-KYC, account open in camp mode, zero balance & zero charges.
♦ ♦ Securing the unsecured- issue local debit cards to withdraw cash and pay at merchant locations, and provide free accident insurance coverage of Rs. 2 lakhs.
♦ ♦ Funding the unfunded- Other financial products such as micro-insurance, overdraft consumption, micro pensions and micro-credit.
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