The document summarizes the Pradhan Mantri Jan-Dhan Yojana (PMJDY), the Indian government's financial inclusion program. Launched in 2014, PMJDY provides banking access and services to millions of households across India. Key features include opening no-frills bank accounts with no minimum balance requirements, overdraft facilities, debit cards, relaxed KYC norms, use of technology for account opening and transactions, direct benefit transfers from the government, and accidental life insurance. The scheme has achieved success with over 33.66 crore users and a total balance of Rs. 86,320.79 crores as of December 2018. However, it also faces drawbacks like increased accounts but not transactions and
4. Financial inclusion programme of Govt. Of India which is applicable
to 18 to 65 age group providing banking access to millions of
households across the country.
Affordable access to financial services such as bank accounts,
remittances, credit, insurance and pensions.
First Look
7. ✘ Opening of no-frills accounts :
no minimum balance
overdraft facility upto 10000 after six months
Free RuPay debit card
✘ Relaxation on know-your-customer (KYC) norms : Person not having
valid identification document can also open bank account. This
type of account is called "Small Account" , which can be regularised
within one year
8. Bussiness
correspondents
Account opening and bank
transactions are through business
correspondents. Usually business
correspondents are appointed in
remote rural area where bank
branches are not present.
9. ✘ Use of technology : Bio-metric based account opening and
transaction are available through business correspondent. This
helps illiterate people also do banking.
✘ Direct Benefit Transfer : The government subsidies are directly
transferred to the beneficiary. This reduces delay and leakage to
get service.
✘ Insurance : Accidental insurance cover of ₹.2.00 lac. provide life
cover of ₹. 30,000/- payable on death of the beneficiary.
11. By linking this scheme with various other government schemes money will
be directly credited into the accounts of the beneficiaries thereby
eliminating the intermediaries and curbing the leakages.
Providing access to micro credit in the later phases of the scheme. Thereby
completely weeding out money lenders who charge exorbitant interest
rates for micro credit.
12. When everyone in the country will open bank account they will
indirectly get connected to the economic value of the country. As
result country will have better Financial Stability.
Once 100% financial inclusion is achieved we can go for transaction
based tax on which must be made only through debit card for any
purchase. This is a measure pointed out by many economists to
curtail black money.
15. Due to removal of minimum balance there is a heavy burden on the banks.
The banks needs minimum balance to pay the overhead costs,
maintenance costs, running a branch etc.
Increased accounts but not transactions.
False overdraft facility.
Considering the logistics.
At the same time, Reserve Bank of India, permitted banks to charge
customers for conducting ATM transactions beyond a certain number of
times per month
16. Performance
✘ 1.5 Crore (15 million) bank accounts were opened on inauguration day.
✘ The Guinness Book of World Records recognised this achievement, stating:
"The most bank accounts opened in one week as a part of the financial
inclusion campaign is 18,096,130 and was achieved by the Government of
India from August 23 to 29, 2014".
17. Performance
✘ The balance in Jan Dhan accounts rose by more than ₹270
billion (US$3.8 billion) between 9 November 2016 and 23 November
2016.
✘ Uttar Pradesh and West Bengal have got 29% of the total deposits
under the scheme, whereas Kerala and Goa became the first states
in the country to provide one basic bank account to every
household.
18. Pmjdy Statistics as of 26/12/18
BANK TYPE
NUMBER OF ACCOUNTS BALANCE IN
ACCOUNTS
NUMBER OF
RuPay CARDSRURAL URBAN TOTAL FEMALE
PUBLIC SECTOR
BANKS
14.62 12.43 27.05 14.23 Rs 69083.71 22.10
REGIONAL RURAL
BANKS
4.67 0.88 5.55 3.06 Rs 14838.24 3.79
PRIVATE BANKS 0.62 0.43 1.05 0.55 Rs 2398.85 0.98
TOTAL 19.92 13.74 33.66 17.84
Rs 86320.79
(12 BILLION US
DOLLARS)
26.87
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28. Let’s review some concepts
Yellow
Is the color of gold, butter and ripe
lemons. In the spectrum of visible
light, yellow is found between green
and orange.
Blue
Is the colour of the clear sky and the
deep sea. It is located between
violet and green on the optical
spectrum.
Red
Is the color of blood, and because of
this it has historically been
associated with sacrifice, danger
and courage.
Yellow
Is the color of gold, butter and ripe
lemons. In the spectrum of visible
light, yellow is found between green
and orange.
Blue
Is the colour of the clear sky and the
deep sea. It is located between
violet and green on the optical
spectrum.
Red
Is the color of blood, and because of
this it has historically been
associated with sacrifice, danger
and courage.
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Pradhan Mantri Jan Dhan Yojana (PMJDY) Prime Minister of India Narendra Modi on 15 August 2014.[1] He had announced this scheme on his first Independence Day speech on 15 August 2014.
Slogan / motto sentence
My account brings me good fortune
Main motto of this scheme is to attach each and every indian citizen to the bank account so that every citizen can avail thebenefits of various scheme or subsidised program run by indian govt.
Already draining a lot of resources of the already economically affected industry.
Insurance coverages linked with transaction history of the account holder which in rural areas most of the times do not have any major transaction records to show which can inhibit the insurance coverages.
Overdraft factor : acc to govt. Initally this meant that govt shall provide 5000 in the newly bank acc accounts as a mark of subsidy but this was not the scenario.
A lot of instances where huge number of accounts are frozen because of no transactions.
Re activation of old accounts take several weeks or months.
LOGISTICS:
Rural areas do not have proper connectivity, electricity, internet and ATM facilities.
This results in the improper activation of the RuPay cards issues by the govt since they need to be activated in the ATMs. The PIN becomes useless a long time after. These factors were need to be considered by the govt.
Due to huge number of accounts created, there is a lot of need for the new workforce which will open doors for employment, but on other hand these ZERO-BALANCE accounts will not help the banks with revenue and profits and thus, additional recruitment will be new financial burden on banks.
FRDI: The FRDI created lot of confusions and misconceptions among the people. The Finance ministry has not yet mentioned the upper limit of deposit insurance. People are withdrawing their amount from their accounts.
