Prime Minister Modi celebrated the tenth anniversary of the Pradhan Mantri Jan-Dhan Yojana (PMJDY), a national initiative aimed at ensuring access to financial services such as basic savings and deposit accounts, remittances, credit, insurance, and pensions in an affordable manner.
Launched by the NDA government in 2014, the scheme was designed to integrate millions of Indians into the formal financial system. As of August 14, 2024, the program has benefited over 53.1 crore people with total deposits exceeding ₹2.3 lakh crore, including nearly thirty crore women beneficiaries.
PM Modi called the scheme a success in a post on X (formerly Twitter). He noted, “Today, we mark a momentous occasion— #10YearsOfJanDhan. Jan Dhan Yojana has been paramount in boosting financial inclusion and giving dignity to crores of people, especially women, youth, and the marginalized communities.”
Finance minister Nirmala Sitharaman also praised the scheme, saying, “Today, we mark a momentous occasion— #10YearsOfJanDhan. Congratulations to all the beneficiaries and compliments to all those who worked to make this scheme a success.”
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Under the scheme, a basic savings bank deposit (BSBD) account can be opened in any bank branch or Business Correspondent (Bank Mitra) outlet. Benefits of the scheme are:
1. There is no requirement to maintain any minimum balance in PMJDY accounts.
2. Interest is earned on the deposit in PMJDY accounts.
3. Rupay Debit card is provided to PMJDY account holder.
4. Accident insurance cover of ₹1 lakh (enhanced to Rs. 2 lakh to new PMJDY accounts opened after 28.8.2018) is available with RuPay card issued to the PMJDY account holders.
5. An overdraft (OD) facility up to Rs. 10,000 to eligible account holders is available.
6. PMJDY accounts are eligible for Direct Benefit Transfer (DBT), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY), Micro Units Development and Refinance Agency Bank (MUDRA) scheme.
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