New Delhi: Pradhan Mantri Jan Dhan Yojana completes 6 years today. During this period, the scheme has brought remarkable benefits to the poor, women, elderly farmers and laborers. By August 19, 40.35 crore bank accounts had been opened under this scheme, out of which 63.6 % accounts were opened by people from rural areas. Over 55.2 % Jan Dhan Bank accounts have been opened by women.
The Jan Dhan Bank Account has proved to be boon especially in the crisis of pandemic. Prime Minister Narendra Modi announced Prime Minister Poor Welfare Package to help the poor, women, elderly, farmers and laborers in the midst of crisis. Union Finance Minister Nirmala Sitharaman had also announced that the amount of financial assistance of 500 rupees per month for three months April, May and June will be transferred to women Jan Dhan account holders through DBT.
More than 86 % t Jan Dhan accounts are operative – Out of 40.35 crore Jan Dhan bank accounts, 34.81 crore bank accounts are operative. According to RBI guidelines, those Jan Dhan accounts will be considered in- operative if transactions are not made over 2 years. The banks have also launched Jandhan Darshak Mobile App for the convenience of Jan Dhan account holders.
Nearly two and a half times bank accounts were opened in the last six years – the number of bank accounts is constantly increasing under the Pradhan Mantri Jan Dhan Yojana. In August 2015 i.e. 17.90 crore bank accounts were opened which increased to 24.10 crore in August 2016. 30.09 crore in August 2017, 32.54 crore in August 2018, 36.79 crore in August 2019 and it increased to more than 40.35 crore in August 2020.
Deposits (deposits) in the bank accounts of Pradhan Mantri Jan Dhan Yojana have increased over the time. It was 1779Rs. In August 2015, Rs 1747 in August 2016, Rs 2187 in August 2017, Rs 2521 in August 2018, Rs 2783 in August 2019, Rs 3239 per bank account in August 2020. On an average, Rs 3239 has been deposited per bank account.
Number of RuPay cards issued in 6 years have doubled. In August 2015 15.74 crores cards were issued whereas in August 2019 RuPay cards 29.15 crore were issued.
There are also many challenges ahead for the bank accounts opened under the Pradhan Mantri Jan Dhan Yojana. Bringing the account holders under the Micro Insurance Scheme. It is also a challenging task to bring the account holders under the PMJJBY and PMJDY. The government has given instructions to the banks for this. Issuing more and more RuPay cards to Jan Dhan account holders to promote digital transactions. Preparing the account holders for micro credit and micro investment also remains a challenge.
The scheme was started with this objective of providing financial inclusion, benefiting the poor and backward directly from government schemes. It aimed at connecting lower strata with the banking system via the Prime Minister Jan Dhan Yojana. The scheme was officially launched on August 28, 2014.
The account provides 7 services such as-
(1) Jan Dhan accounts are opened for free and there is no minimum balance requirement.
(2) Overdraft facility is available after 6 months.
(3) Accidental insurance covers up to 2 lakh rupees.
(4) Life cover up to Rs 30,000, which is available on the eligibility conditions on the death of the beneficiary.
(5) Interest is earned on deposits.
(6) Free mobile banking facility is also provided with the account.
(7) Rupees debit card is given to the person who opens the Jan Dhan account, from which he can withdraw money from the account or make a purchase.
(8) It is easy to buy insurance, pension products through a Jan Dhan account.
(9) If there is a Jan Dhan account, pension schemes like PM Kisan and Shramayogi Maandhan will be provided
(10) Transfer of money is provided throughout the country.
(11) Money comes directly into the account of government beneficial schemes.