Central government proposes to further strengthen its national mission on financial addition under the Pradhan Mantri Jan-Dhan Yojana (PMJDY).
The centre had enlarged the facilities for micro insurance including life and accident cover for all account holders under the scheme.
In its eighth year of operation, the central government is all set to further enhance the scheme by bringing account holders under digital transaction platform by including usage of RuPay debit cards amongst Jandhan yojna account holders through creation of acceptance infrastructure around the country.
The access will also provide PMJDY account holders to Micro-credit and micro investment such as flexible recurring deposits, etc.
The enhanced facilities are anticipated at for rising the reach of this financial addition programme that has grown in size over the years with total PMJDY accounts standing at 43.04 crore as of August 18.
Out of which, 85.6 percent or 36.86 core accounts with only 8.2 per cent PMJDY accounts being zero balance accounts.
The aggregate deposit balances under PMJDY Accounts stand at rupees 1,46,230 crore.
Deposits in these have breached about 6.38 times with an rise in accounts 2.4 times between August 2015 and August 2021.
The Finance Minister, Nirmala Sitharaman said on the seventh anniversary of PMJDY, "The journey of PMJDY-led interventions undertaken over a short span of 7 years has in effect, produced both transformational as well as directional change thereby making the emerging FI ecosystem capable of delivering financial services to the last person of the society-the poorest of the poor. "
The Jan-Dhan Yojana is one of the largest financial addition around the world that was announced by the Prime Minister Narendra Modi on Independence Day, 2014.
Jan-Dhan Yojana gives an approach to the poor for bringing their savings into the formal financial system.
The statement added that Jan-Dhan Yojana has brought the unbanked into the banking system, enlarged the financial architecture of India and brought financial inclusion to almost every adult.