The Hon'ble Prime Minister in his Independence Day address on 15th August 2014 announced the Pradhan Mantri Jan Dhan Yojana as a National Mission on Financial Inclusion to ensure broad financial inclusion by providing at least universal access to banking facilities to all households in the country.
A basic bank account for every family, financial literacy, access to credit, insurance and pension facility.
Under this, a person who does not have a savings account can open an account without any minimum balance requirement and, if they self-certify that they do not have any officially recognized documents required for opening a savings account, they can open one.
A small account. Further, to expand the reach of banking services, all over 6 lakh villages in the country were mapped into 1.59 lakh Sub Service Areas (SSAs).
Thus, PMJDY provides unbanked individuals with easy access to banking services and awareness about financial products through financial literacy programmes. Additionally, they get a RuPay Debit Card with an inbuilt accident insurance cover of Rs.2 lakh, and access to overdraft facility on satisfactory account management or six months credit history.
Further, through the Pradhan Mantri Social Security Yojana launched by the Hon'ble Prime Minister on 9th May 2015, all eligible account holders can avail personal accident insurance cover under Pradhan Mantri Suraksha Bima Yojana, life insurance cover under Pradhan Mantri Jeevan through their bank account. Guarantee of minimum pension to subscribers under Jyoti Bima Yojana, and Atal Pension Yojana.
The 2011 census estimated that 14.48 crore (58.7%) of the country's 24.67 crore households had access to banking services.
In the first phase of the scheme, the target was to include these families by opening a bank account within one year of the scheme's launch.
Actual achievement as on 26th January 2015 was 12.55 crores. As on 27.3.2019 the number of accounts has increased to 35.27 crores. Further, in 2011, only 0.33 lakh SSAs had banking facility and 1.26 lakh unbranched SSAs had bank mitra provision, extending banking services across India. The inclusive aspect of this is evident from the fact that 20.90 crore (60%) of PMJDY accounts are in rural areas and 18.74 crore (over 53%) PMJDY account holders are women.
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The deposit base of 27.3.2019, the deposited balance in PMJDY accounts was Rs. 96,107 crores. Average deposit per account is Rs. has doubled since. 1,064 in March 2015 to Rs. 2,725 in March 2019.
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The Bank Mitra network has also grown in strength and use. The average number of transactions per Bank Mitra on the Aadhaar enabled payment system operated by Bank Mitra increased from 52 transactions in 2014-15 to 4,291 transactions in 2016-17.
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