The Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched in August 2014 with the aim of providing universal banking services through the opening of a zero balance bank account for every non-banking household, based on the guiding principles of banking who has no bank, guarantee the unsecured and finance the unfunded (access to credit).
Penetration of PMJDY nationwide, as of 12.07.2023, is as below–
Source: banks
The minister said that the last mile delivery of basic banking services such as cash deposit, cash withdrawal, intra-bank or inter-bank fund transfer, balance inquiry and mini account statement, etc. It is provided to bank customers through bank branches. The government is monitoring the availability of bank branches (bank branch / business correspondent / Indian Post Payments Bank (IPPB) branch) to provide banking services within 5km of all inhabited villages. Out of 6,01,328 inhabited villages mapped, 99.63% of the villages are covered by a banking outlet through 1.71 lakh Branches, 7.70 lakh BC and 1.44 lakh India Post Payments Banks (IPPB).
The main features of the scheme are as follows:
- A Basic Savings Bank Deposit Account (BSBD) for “every non-banking adult”.
- OD limit of Rs.10,000; AND
- Free Rupay debit card with built-in accident insurance coverage of Rs.2 lakh (Rs 1 lakh for accounts opened before 28.08.2018).
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PPG/KMN