Government of India lays special emphasis on financial inclusion of citizens as it is crucial to poverty reduction. Exclusion of a large number of people from any access to financial services prevents the growth of our country. A scheme to empower citizens financially was highly needed so that everyone can reap the benefits of growth and development.
Pradhan Mantri Jan Dhan Yojana (PMJDY) the biggest financial inclusion initiative in the world, was announced by the Hon’ble Prime Minister Shri Narendra Modi on 15th August 2014 from the ramparts of the Red Fort and launched by him on28th August 2014 across the country. While launching the Yojana, the Prime Minister had described the occasion as a festival to celebrate the liberation of the poor from a vicious cycle. This scheme is also a National Mission on Financial Inclusion encompassing an integrated approach to bring about comprehensive financial inclusion of all the households in the country. The plan envisages universal access to banking facilities with at least one basic banking account for every household, financial literacy, access to credit, insurance and pension facility. In addition, the beneficiaries would get RuPay Debit card having inbuilt accident insurance cover of Rs 1 lakh. The plan also envisages channeling all Government benefits (from Centre / State / Local Body) to the beneficiaries accounts and pushing the Direct Benefits Transfer (DBT) scheme of the Union Government. The technological issues like poor connectivity, on-line transactions will be addressed. Mobile transactions through telecom operators and their established centres as Cash Out Points are also planned to be used for Financial Inclusion under the Scheme. Also an effort is being made to reach out to the youth of this country to participate in this Mission Mode Programme.
Prime Minister had referred to the ancient Sanskrit verse: Sukhasya Moolam Dharma, Dharmasya Moolam Artha, Arthasya Moolam Rajyam – which puts the onus on the state to involve people in economic activity. “This Government has accepted this responsibility,”the Prime Minister had said. The Prime Minister had also sent email to an estimated 7.25 lakh bank employees, exhorting them to help reach the target of 7.5 crore bank accounts, and bring freedom from financial untouchability.
PMJDY in Guinness Book of World Records
Guinness Book of World Records-External website that opens in a new window- also recognised the achievements made under PMJDY. It gave the certificate stating that the “Most bank accounts opened in one week as part of the Financial Inclusion Campaign is 18,096,130 and was achieved by the Department of Financial Services, Government of India from 23rd to 29th August, 2014.” The Union Finance Minister Shri Arun Jaitley said that the PMJDY is a game changer for the economy as it has provided the platform for Direct Benefits Transfer (DBT) which, in turn, will help in plugging leakages in subsidies and thereby provide savings to the exchequer.
WHAT IS PRADHAN MANTRI JAN-DHAN YOJANA?
PMJDY is National Mission for Financial Inclusion to ensure access to financial services, namely, Banking/Savings & Deposit Accounts, Remittance, Credit, Insurance and Pension in an affordable manner.
Pradhan Mantri Jan Dhan Yojana (PMJDY) is ensuring access to various financial services like availability of basic savings bank account, access to need based credit, remittances facility, insurance and pension to the excluded sections i.e. weaker sections & low income groups. This deep penetration at affordable cost is possible only with effective use of technology.
- Frequently Asked Questions- External website that opens in a new window
- Progress Reports of PMJDY- External website that opens in a new window
- Write to share your inputs on PMJDY- External website that opens in a new window
- Right to Information (RTI)- External website that opens in a new window
- Who’s Who- External website that opens in a new window
WHERE CAN I OPEN AN ACCOUNT UNDER THIS SCHEME?
Account can be opened in any bank branch or Business Correspondent (Bank Mitr) outlet.
- Download Account Opening Form (Hindi- PDF file that opens in a new window
) (English- PDF file that opens in a new window ) - Do You Need Help? You can contact PMJDY Help Centres- External website that opens in a new window
- National Toll Free Nos: 1800 11 0001 and 1800 180 1111
What documents are required?
- If Aadhaar Card/Aadhaar Number is available then no other documents is required. If address has changed, then a self certification of current address is sufficient.
- If Aadhaar Card is not available, then any one of the following Officially Valid Documents (OVD) is required: Voter ID Card, Driving License, PAN Card, Passport & NREGA Card. If these documents also contain your address, it can serve both as “Proof of Identity and Address”.
- If a person does not have any of the “officially valid documents” mentioned above, but it is categorized as ‘low risk’ by the banks, then he/she can open a bank account by submitting any one of the following documents:
- Identity Card with applicant’s photograph issued by Central/State Government Departments, Statutory/Regulatory Authorities, Public Sector Undertakings, Scheduled Commercial Banks and Public Financial Institutions;
- Letter issued by a gazette officer, with a duly attested photograph of the person.
FINANCIAL LITERACY
- Cheque Book Issued
- Insurance Claim
- Financial Literacy Centres
- My Diary
- Media and Campaigns
- Social Media
Whether Cheque Book will be issued?
In PMJDY accounts are being opened with Zero balance. However, if the account-holder wishes to get cheque book, he/she will have to fulfill minimum balance criteria, if any, of the bank.
What are the direct/special benefits?
Special benefits attached to the scheme are:
- Interest on deposit
- Accidental insurance cover of Rs.1.00 lac
- No minimum balance required. However, for withdrawal of money from any ATM with Rupay Card, some balance is advised to be kept in account.
- Life insurance cover of Rs.30,000/-
- Easy Transfer of money across India
- Beneficiaries of Government Schemes will get Direct Benefit Transfer in these accounts.
- After satisfactory operation of the account for 6 months, an overdraft facility will be permitted
- Access to Pension, insurance products
- Accidental Insurance Cover, RuPay Debit Card must be used at least once in 45 days.
- Overdraft facility up to Rs.5000/- is available in only one account per household, preferably lady of the household.