Pradhan Mantri Jhan DhanYojna

Scheme with slogan “MeraKhatha, BhagyaVidhatha named as PradhanMantriJhanDhanYojna was launched on 28 Aug 2014.

Prime Minister’s People Money Scheme is India’s National Mission for Financial Inclusion to ensure access to financial services, namely Banking Savings& Deposit Account, Credit, Insurance, Pension in an affordable manner. This financial inclusion campaign was launched by Prime Minister NarendraModi .

On the inauguration day, 1.5 Crore (15 million) bank accounts were opened under this scheme .as registered under Guiness book of world record.

Under the scheme Account holders will be provided bank accounts with no minimum balance.

RuPay debit cards will be issued.

Accidental insurance cover of ₹ 1 lakh

After six months of opening of the bank account, holders will be eligible for ₹ 5,000 overdraft from the bank.

With the introduction of new technology introduced by National Payments Corporation of India (NPCI), a person can transfer funds, check balance through a normal phone which was earlier limited only to smart phones.

Mobile banking for the poor would be available through National Unified USSD Platform (NUUP) for which all banks and mobile companies have come together

However the scheme has been criticized by opposition as an effort to please voters that has created unnecessary work-burden on the public-sector banks. It has been claimed that the poor deserves food more than bank accounts and financial security. Further, these accounts have not yet added considerable profits to PSU banks. According to the experts, offers like zero balance, free insurance and overdraft facility would result in duplication. Many individuals who already have bank accounts may have had accounts created for themselves, lured by the insurance covers and overdraft facilities.

PradhanMantri Jan-DhanYojana statistics as on 22 November 2017 (All Figures in Crores)[4]

Bank Type                     Number of Accounts                 Balance in Accounts    Number of RuPay Cards

                                          Rural       Urban     Total

Public Sector Banks          13.25      11.50      24.74      ₹ 54,991.78                                  18.49

Regional Rural Banks        4.17        0.76        4.93        ₹ 11,926.61                                  3.62

Private Banks                     0.60        0.39        0.99        ₹ 2,108.33                                 0.93

Total                                    18.02     12.65      30.67       ₹ 69,026.72 crore                      23.05

Official  Website pmjdy.gov.in