Last Updated: October 20, 2023, 12:31 IST
All You Need To Know About Pradhan Mantri Jan Dhan Yojana
The PMJDY has made an awesome influence 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 intention to advertise monetary inclusivity within the economically backward sections of the nation. Since then, over 50 crore financial institution accounts have been opened underneath 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 underneath banked populations. The PMJDY has made an awesome influence 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 underneath 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 correct to open a checking account underneath this governmental scheme. The technique primarily goals at financially excluded sectors of the society corresponding to the agricultural areas, and the marginalised teams to make sure monetary inclusion.
Minimum Balance Requirement for PMJDY Accounts
The financial institution accounts underneath PMJDY function in a different way from conventional banking programs in its simplified minimal steadiness requirement. While standard banks require enormous 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 providers handy to the poor individuals who couldn’t afford the providers beforehand.
What are the advantages of PMJDY?
The PMJDY scheme has positively impacted the unbanked sectors in addition to the low earnings teams. Here are among the advantages you’ll be able to take pleasure in should you select to enroll on this scheme:
1. Financial Inclusion: This permits marginalised sections of society to entry formal monetary providers in order that they will simply entry authorities subsidies and advantages they’re entitled to. In addition, managing funds could be simpler on their finish as they wouldn’t should preserve observe of the money they’re utilizing.
2. Insurance Coverage: PMJDY accounts act as insurance coverage suppliers for the weaker sections of the nation towards accidents, thereby, lowering the monetary dangers related to such emergencies.
3. Overdraft Facility: Traditional banking normally provides overdraft amenities, however not everybody can avail of them. However, PMJDY bridges this hole by offering low-earnings teams with a chance to entry overdraft amenities in case of emergencies.
