Published By: Business Desk
Last Updated: October 26, 2023, 07:00 IST
All You Need To Know About Pradhan Mantri Jan Dhan Yojana. (Representative picture)
The PMJDY has made an ideal affect since launch and has witnessed a complete deposit of Rs 2.03 lakh crore, as of August 28 this yr.
The Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched in 2014 with an purpose to advertise monetary inclusivity within the economically backward sections of the nation. Since then, over 50 crore financial institution accounts have been opened beneath this scheme.
On August 28, 2023, the Pradhan Mantri Jan Dhan Yojana (PMJDY) scheme celebrated the ninth anniversary since its inception on August 28, 2014. As the federal government makes an attempt to make monetary inclusivity extra attainable in India, one of many efforts is PMJDY that targets each unbanked and beneath banked populations. The PMJDY has made an ideal affect since launch and has witnessed a complete deposit of Rs 2.03 lakh crore, as of August 28 this yr. In addition, over 50 crore financial institution accounts have been opened beneath the revolutionary PMJDY scheme.
What is the eligibility criterion for PMJDY?
The PMJDY eligibility standards are intentionally made inclusive to permit for an open enrollment course of. Any Indian citizen, no matter their age, has the fitting to open a checking account beneath this governmental scheme. The technique primarily goals at financially excluded sectors of the society comparable to the agricultural areas, and the marginalised teams to make sure monetary inclusion.
Minimum Balance Requirement for PMJDY Accounts
The financial institution accounts beneath PMJDY function in a different way from conventional banking programs in its simplified minimal steadiness requirement. While typical banks require large quantities as preliminary deposits and a minimal month-to-month steadiness, PMJDY permits beneficiaries to have opened a zero-steadiness account. This function is of paramount significance because it makes the formal banking companies handy to the poor individuals who couldn’t afford the companies beforehand.
What are the advantages of PMJDY?
The PMJDY scheme has positively impacted the unbanked sectors in addition to the low revenue teams. Here are a few of the advantages you possibly can take pleasure in in case you select to enroll on this scheme:
1. Financial Inclusion: This allows marginalised sections of society to entry formal monetary companies in order that they’ll simply entry authorities subsidies and advantages they’re entitled to. In addition, managing funds could be simpler on their finish as they wouldn’t need to maintain monitor of the money they’re utilizing.
2. Insurance Coverage: PMJDY accounts act as insurance coverage suppliers for the weaker sections of the nation in opposition to accidents, thereby, decreasing the monetary dangers related to such emergencies.
3. Overdraft Facility: Traditional banking often presents overdraft amenities, however not everybody can avail them. However, PMJDY bridges this hole by offering the low-revenue teams with a possibility to entry overdraft amenities in case of emergencies.
