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Pradhan Mantri Jan-Dhan Yojana: Ensuring Banking Facilities for Every Indian -
Pradhan Mantri Jan-Dhan Yojana: Ensuring Banking Facilities for Every Indian
Guest Author | Published: 24 Feb, 2017  | Source :

India is now marching on the road to all round development. Under the able leadership of the Hon’ble Prime Minister Shri NarendraModi, the country is going through a phase of progress and transformation which promises bright future prospects for every citizen. Pradhan Mantri Jan-DhanYojana (PMJDY) has significantly contributed to this transformation and is also in-sync with the vision of “SabkaSaath, SabkaVikas“as the scheme is aimed at Financial Inclusion. The scheme plans to enable universal access to at least one basic banking account for each household, access to credit, insurance and other banking facilities.

How PMJDY is in-sync with Financial Inclusion?

The Jan Dhan scheme allows any person (who is not having a bank account)above 10 years of age to open a bank account in his or her name without any minimum deposit. The accounts under PMJDY can be opened with any registered bank or with a Business Correspondent Outlet (Bank Mitr). PMJDY enabled millions of citizens to enter into the banking circuit of the country, which perfectly resonates with the idea of Financial Inclusion.

Why Pradhan Mantri Jan-Dhan Yojana (PMJDY) worked?

Pradhan Mantri Jan-DhanYojanais aimed to ensuring financial services like Banking/ Savings and Deposit Accounts, Remittance, Credit, Insurance, Pension for all in an affordable manner. However, there were enormous challenges in the way of financial inclusion in India.

The scheme worked primarily because of the optimum use of technology as it played a key role in enabling deep penetration of this scheme. The Government understood that technological concerns such as poor connectivity, on-line transactions are to be addressed and resolved at the earliest.

Mobile transactions through telecom operators and their established centres as Cash Out Points were also planned to be used for Financial Inclusion under the scheme. Reaching out to the youth of the country to participate in this Mission Mode Programme was another strategy used for building an effective plan that was able to ascertain the success of PMJDY.

What makes a Jan-Dhan account so special?

A Jan-Dhan account has many benefits. Some of these benefits are –

  • Interest on deposit
  • No minimum balance required
  • Life cover of Rs. 30,000/- payable on death of the beneficiary
  • Beneficiaries of Government Schemes will get Direct Benefit Transfer in these accounts
  • Access to pension and insurance products
  • Overdraft facility upto Rs.5000/-

Moreover, the beneficiaries would get RuPay Debit card having inbuilt accident insurance cover of Rs 1 lakh.

Measuring the Success of Pradhan Mantri Jan-DhanYojana

The Pradhan Mantri Jan-DhanYojana has scripted remarkable success in providing banking facilities to the poor. Not only did the Jan-DhanYojana facilitated Financial Inclusion, but also opened the doors for the poor to get life-insurance and accidental-insurance benefits.

PMJDY achieved Guinness World Records - A total of 18,096,130 new bank accounts were opened across the country between 23rdto 29th August. Source (

PMJDY continues to add new feathers to its cap - Till date, a total of 26.51 Crore accounts have been opened so far under the Pradhan Mantri Jan DhanYojana and the numbers continue to rise. The Ministry of Finance, Government of India is totally dedicated towards this mission and very soon, every citizen of India will have his/her own bank account.


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