InvestorQ : Why the Pradhan Mantri Jan Dhan Yojana is again in the news?
Riya Dwivedi made post

Why the Pradhan Mantri Jan Dhan Yojana is again in the news?

Answer
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1 year ago


As per the latest government data, dated 3rd April 2019 around 35.39 crore accounts were opened under Pradhan Mantri Jan Dhan Yojana(PMJDY). Till December 2018, 33.66 crore accounts under PMJDY and the rise in accounts to 35.39 is clearly a good sign of financial inclusion. The amount deposited in these Jan-Dhan accounts is also about to cross 1 lakh benchmark. To be precise, the 3rd April 2019 data shows that around 96,107.35 crores were deposited in Jan-Dhan accounts as on 27th March 2019. PMJDYwas announced by Prime Minister Narendra Modi on 15 August 2014 and the scheme was launched on August 28, 2014
Financial inclusion is the main aim of the PMJDY, and the scheme has done well as 59% accounts of PMJDY are in rural and semi-urban areas. Also, 50% of the accounts holders are women. Looking at the improvement in the numbers, the government has increased the accident insurance cover to new accounts opened after August 28, 2018, to Rs 2 lakh from earlier Rs 1 lakh.
PMJDY is trying to channelize government benefits to the beneficiary accounts through the Direct Benefit Transfer (DBT) scheme. With every household and adult opening a saving bank account ensures that the DBT works efficiently and there is no leakage in providing financial assistance to the needy.