Pradhan Mantri Jan Dhan Yojana

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Pradhan Mantri Jan Dhan Yojana
(PMJDY)
पपपपपपपपपपपप पप-पप पपपपप

PM Modi launches the Pradhan Mantri Jan Dhan

Yojana
Country India
Prime Minister Narendra Modi
Ministry Finance
Key people Arun Jaitley
Launched 28 August 2014; 16 months ago
Website www.pmjdy.gov.in
Status: Active

This article is part of a series

about
Narendra Modi

 Early life and education

 Public image

Early political career

 Gujarat Legislative Assembly

o 2002
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 Prime Minister of India

 Bharatiya Janata Party campaign for Indian

general election, 2014
 Inauguration
 Council of Ministers of Narendra Modi
 Timeline

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 Foreign policy
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National

 Budgets
o 2014
o 2015
 DELP
 HRIDAY
 Housing for all
 Jeevan Pramaan
 Jan Dhan Yojana
 Mudra Yojana
 Jeevan Jyoti
 Suraksha Bima
 Atal Pension Yojana
 Adarsh Gram Yojana
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  Unnat Bharat Abhiyan
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 Establishments
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 v
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 e

Pradhan Mantri Jan-Dhan Yojana (IPA: Pradhān Mantrī Jana Dhan Yōjanā) (Hindi: प्रधानमंत्री
जन धन योजना, English: Prime Minister's People Money Scheme) (PMJDY) is National Mission
for Financial Inclusion to ensure access to financial services, namely Banking Savings & Deposit
Accounts, Remittance, Credit, Insurance, Pension in an affordable manner. This financial
inclusion campaign was launched by the Prime Minister Narendra Modi on 28 August 2014[1] He
had announced this scheme on his first Independence Day speech on 15 August 2014.

Run by Department of Financial Services, Ministry of Finance, on the inauguration day, 1.5
Crore (15 million) bank accounts were opened under this scheme.[2][3] Guinness World Records
Recognises the Achievements made under PMJDY, Guinness World Records Certificate says
"The most bank accounts opened in 1 week as a part of financial inclusion campaign is
18,096,130 and was achieved by Banks in India from 23 to 29 August 2014". By 13 January
2016, over 20 crore (200 million) bank accounts were opened and ₹301.08 billion
(US$4.5 billion) were deposited under the scheme.[4]
Contents
 1 Investments
 2 Purpose
 3 Performance
 4 Criticism
 5 See also
 6 References
 7 External links

Investments
PM Modi commends bank officers and staff for successful roll-out of Pradhan Mantri Jan Dhan
Yojana

Pradhan Mantri Jan - Dhan Yojana (Statistics as on 13 January 2016) (All Figures in
Crores)[4][5]

No Of Accounts No Of
% of Zero
RuPay Balance In
S.No Balance
Rural Urban Total Debit Accounts
Accounts
Cards
1 Public Sector Banks 8.81 7.04 15.85 13.75 23753.97 31.81
2 Regional Rural Banks 3.09 0.51 3.60 2.61 5203.45 27.41
3 Private Banks 0.45 0.29 0.74 0.70 1151.03 39.89
₹30108.45 crore
Total 12.35 7.84 20.19 17.05 31.32
(US$4.5 billion)

Purpose
In a run up to the formal launch of this scheme, the Prime Minister personally mailed to
Chairmans of all PSU banks to gear up for the gigantic task of enrolling over 7.5 crore (75
million) households and to open their accounts.[6] In this email he categorically declared that a
bank account for each household was a "national priority".

The scheme has been started with a target to provide 'universal and clear access to banking
facilities' starting with "Basic Banking Accounts" with overdraft facility of ₹5,000 (US$74)[7]
after six months and RuPay Debit card with inbuilt accident insurance cover of ₹1 lakh
(US$1,500) and RuPay Kisan Card. In next phase, micro insurance & pension etc. will also be
added.[1]

Under the scheme:

 1. Account holders will be provided zero-balance bank account with RuPay debit card, in
addition to accidental insurance cover of ₹1 lakh (US$1,500) (to be given by 'HDFC
Ergo').
2. Those who open accounts by 26 January 2015 over and above the ₹1 lakh (US$1,500)
accident claim will also be given life insurance cover of ₹30,000 (US$440) (to be given
by LIC).
3. After Six months of opening of the bank account, holders can avail ₹5,000 (US$74)
overdraft from the bank.
4. 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 so far.
5. Mobile banking for the poor would be available through National Unified USSD
Platform (NUUP) for which all banks and mobile companies have come together[8]

Performance
Arun Jaitley holding a press conference to announce a record number of 11.50 crore bank
accounts opened under PMJDY

Due to the preparations done in the run-up, as mentioned above, on the inauguration day, 1.5
Crore (15 million) bank accounts were opened.[2] The Prime Minister said on this occasion- "Let
us celebrate today as the day of financial freedom." By September 2014, 3.02 crore accounts
were opened under the scheme, amongst Public sector banks, SBI had opened 30 lakh (3 million)
accounts, followed by Punjab National Bank with 20.24 lakh (2 million) accounts, Canara Bank
16.21 lakh (1.62 million) accounts, Central Bank of India 15.98 lakh (1.59 million) accounts and
Bank of Baroda with 14.22 lakh (1.42 million) accounts.[9] It was reported that total of 7 Crore
(70 million) bank accounts have been opened with deposits totaling more than ₹50 billion
(US$740 million) as of 6 November 2014. As the government met the target, Union Finance
Minister Arun Jaitley has revised the target for opening of bank accounts under the Pradhan
Mantri Jan Dhan Yojana (PMJDY), the ambitious financial inclusion scheme launched by the
government, from 7.5 crore to 10 crore by 26 January 2015.[10][11] On 20 January 2015, the
scheme entered into Guinness book of world records setting new record for 'The most bank
accounts opened in one week'.[12]

Criticism
The scheme has been criticized by many experts from the banking sector as an effort to please
voters that has created unnecessary work-burden on the public-sector banks.[13][14] The opposition
party Congress alleged that Mr Modi was trying to take credit of the financial inclusion scheme
started by UPA government and the new yojana had got nothing new.[15][16] According to the
experts, temptations presented by the Prime Minister 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.[17] As per the scheme, a very few people are eligible to get the life insurance worth
₹30,000 (US$440) with a validity of just five years.[18] However, these 'secret' conditions were
not shown in the TV advertisements of the scheme.[19] The claimed overdraft facility has been
completely left upon the banks. As per the government notice, only those people would get the
overdraft facility whose transaction record is satisfactory as per the banks.[20] It is quite unlikely
that many people would get this facility as the banks would avoid potential NPAs.[17] The
claimed accidental insurance has also proved to be a non-existing scheme as the card holders
have got no legal paper for any such accidental insurance.[17][21]

Pradhan Mantri Jan Dhan Yojana (PMJDY)

Add comments

Pradhan Mantri Jan Dhan Yojana (PMJDY) is a nationwide scheme launched by Indian
government in August 2014. In this scheme financial inclusion of every individual who does not
have a bank account is to be achieved.

The scheme will ensure financial access to everyone who was not able to get benefits of many
other finance related government schemes. These financial services include Banking/ Savings &
Deposit Accounts, Remittance, Credit, Insurance, Pension which will be made available to all the
citizens in easy and affordable mode.

According to the data issued by finance ministry, till September 2014 around 40 million (4
crores) bank accounts have been opened under the Pradhan Mantri Jan Dhan Yojana since the
scheme launched.

However there was another financial scheme (Swabhimaan) launched earlier in which the target
of opening the bank accounts was for villages only. But in Pradhan Mantri Jan Dhan Yojna the
entire individuals irrespective of their area (rural or urban) can get a bank account without
depositing any amount if they fulfill other eligibility criteria. This scheme is very beneficial for
the rural population where banking services and other financial institution are rarely available.

Under the Jan Dhan Yojna anyone who is India citizen above age of 10 years and does not have
a bank account, can open the account with zero balance. Account can be opened in any bank
branch or Business Correspondent (Bank Mitr) outlet, specially designed for the purpose of
opening the accounts under this scheme. The scheme also provides facility of accidental
insurance cover up to rupees one lac without any charge for the account holder.

The account holders under the jan dhan yojana will be given a RuPay debit card which can be
used at all ATMs for cash withdrawal and at most of the retail outlets for making transaction for
purchases.
Benefits of Pradhan Mantri Jan Dhan Yojana

The Pradhan Mantri Jan Dhan Yojana or more popularly known as PMJDY scheme is planning
on revolutionizing the traditional banking system in India by providing the banking opportunity
and insurance coverage to all including the poor. It is an initiative taken by the Prime Minister
Narendra Modi who started this ambitious project to help the poor become more financially
confident through this venture and allowing every citizen the right to have their own bank
account and insurance coverage which was previously impossible for most of the population
under poverty.

The purpose of this scheme will definitely benefit the overall economy of the country and the
scheme provides some lucrative benefits which should certainly be availed and considered. Here
is listed some important benefits of the Pradhan Mantri Jan Dhan Yojna (PMJDY) scheme which
would certainly inspire the country to a more prosperous future for all.
Life insurance under Pradhan Mantri Jan Dhan Yojana

Under the PMJDY scheme the account holders will be given worth Rs.30000 insurance coverage
if they comply with certain specification of the scheme which includes opening an account by
January 26, 2015 and having an accidental insurance coverage of over Rs. 200000.

Loan benefits under Pradhan Mantri Jan Dhan Yojana

The account holder can take loan benefit of up to Rs.5000 from the bank after six months from
opening the account. Though the amount might seem insignificant for many but we have to
realize the scheme is directed mostly towards people below the poverty line and who are
struggling desperately to sustain their everyday living. The loan benefit can be a scintilla of hope
for those people who could utilize the loan amount and invest it in a more profitable outcome,
particularly in farming or other agricultural prospect.

Mobile banking facilities under Pradhan Mantri Jan Dhan Yojana

Though the technology of using smart phones to conduct our bank transactions is not novel
anymore but the PMJDY scheme will allow its account holders to avail the same facilities of
checking balance and transferring funds through a normal cell phone which is more affordable to
the general economy.

Hence PM Jan Dhan Yojana is indeed a prosperous venture and we certainly hope the Prime
Minister and the mass economy are both benefited through this new venture.

PMJDY focuses on coverage of households as against the earlier plan which focused on coverage of
villages. It focuses on coverage of rural as well as urban areas. Earlier plan targeted only villages above
2000 population while under PMJDY whole country is to be covered by extending banking facilities in
each Sub-Service area consisting of 1000 – 1500 households such that facility is available to all within a
reasonable distance, say about 5 Km.

The PMJDY celebrates success on its website, but thousands

of Marys remain outside the banking system. This won’t
change unless the scheme alters both design and
implementation
A few months ago, when the Pradhan Mantri Jan Dhan Yojana (PMJDY) was still being spoken
of as a success for the largest number of accounts opened in a day, earning the government a
Guinness world record, I visited the branch of a nationalised bank to open a PMJDY account for
a friend’s housekeeper, Mary. Mary’s story, like that of many women in India, is one of domestic
abuse by an alcoholic husband, who drank away her meagre income, leaving her constantly in
debt, coping with feeding and educating their two sons and running the household. The PMJDY
with its bundled savings account, overdraft facility, life insurance and personal accident
insurance was exactly what Mary, and several women like her, needed.

However, officials at the bank we visited seemed to have different ideas. We were shunted from
one desk to another with a range of excuses for denying Mary an account. The excuses ranged
from “the programme has ended”, “she lives outside the service area of the branch” (Mary lived
in a slum which would not, in any case, be part of a service area of any branch), to “she does not
have an Aadhaar card”. When I showed a circular issued by the State Level Banking Committee
to all banks in Tamil Nadu about the programme, I was brushed off by one bank employee who
explained that it was not applicable to this particular nationalised bank since the logo on the
circular was not theirs. The officials allowed Mary to open an account only when we escalated
matters to the branch manager.

Beyond reach

It has been exactly a year after the PMJDY was announced. Several States have claimed 100 per
cent coverage of households and by now most banks have taken down the PMJDY banners.
While the PMJDY celebrates the government’s success on their official website, there are
thousands of “Marys” who remain excluded.

The World Bank’s latest Global Findex study says the number of people accessing a formal bank
account in India increased from 35 per cent in 2013 to 53 per cent in 2014. However, we need to
consider three things. First, the increase in ownership of accounts is still only 18 per cent.
Second, dormancy of accounts is also amongst the highest in India at 43 per cent, indicating that
not everyone who has an account uses it. Third, and most importantly, this still leaves close to
half the country’s population out of formal financial institutions. The PMJDY is attempting to
financially include the poorest in India. However, the problem of financial inclusion is not just
one of access, but also of uptake. Given the sheer numbers of those excluded, it is virtually
impossible for any one programme to create full financial inclusion. The PMJDY rests on the
assumption that pressurising banks to open a savings account under the programme would solve
the problem of access, while dormancy is addressed by bundling other financial services such as
overdraft facilities and insurance.

This is a naïve assumption. My research across 368 households in four districts in Tamil Nadu
over the last six months, shows that there are several barriers to banking, chief being the lack of
awareness of the programme and its features, among bank employees, business correspondents
as well as households surveyed.

In Tamil Nadu, the Hindi words “Jan Dhan Yojana” were referred to as Jal Dhal, Jal Dhan or
some variation thereof, amongst the few who did know about it. Second, as Mary’s case
illustrates, there is a reluctance amongst bank officials to open an account for the very poor for
reasons that range from apathy to ignorance to arrogance. Third, the account only allows for
access to the overdraft facility at the discretion of the banker and both overdraft and insurance
can only be accessed subject to transactions on the RuPay card that accompanies the account. In
reality, several households have not received these cards. Fourth, since Aadhaar is not mandatory
and does not have universal coverage, there is no single identity document that can help banks
track duplicate accounts. So while banks are reporting a large number of accounts opened, this
statistic does not mean that the households which really need these accounts are getting them.

In Tamil Nadu, State welfare programmes and the high number of bank branches have resulted
in a higher number of financially included households compared to States like Bihar or Assam.
For instance, my study showed that 88 per cent of the households had access to a bank account
before the PMJDY was launched. In fact, after the PMJDY was launched, amongst the
households surveyed, there was only a four per cent increase in accounts. About eight per cent
had no accounts and did not even know about the programme. Unfortunately, this is precisely the
set of people that would have benefited the most from the features that the account promised.

Excluding the neediest

If Tamil Nadu, with all its positive indicators, still has a financially excluded population, it is
safe to say that in other States of India without similar social and welfare schemes or extensive
banking networks the level of exclusion can be far higher.

With several State Level Banking Committees across India claiming that all households in their
State have access to at least one bank account, these excluded households are going to be treated
as invisible. Every single government in India since the 1960s has been trying to get the poor to
bank. Every single such programme has also failed to facilitate full financial inclusion for
exactly the same reasons that are plaguing the PMJDY. The poorest, financially-excluded
households experience routine violence in just the denial of their identity, because they often
lack any identity proof. These are families that would starve if the sole breadwinner, who is
usually engaged in daily wage labour, falls ill or dies.

Amy Mowl and Camille Boudot, researchers who authored an audit study on financial inclusion
in South India, tell us that the biggest barriers the poor face are banks and bank officials
themselves. Across India, banks do not provide information about their products, and forms are
seldom in the local language. Poor customers at bank branches are treated disrespectfully. A
person I interviewed said, “We are treated like dogs at the bank branch.” This is exacerbated by
the power distance between a bank employee and a low income customer from a remote, rural
location.

Poor people are not seen as viable customers by banks. They are instead seen as clients, thrust
upon the banks by the government’s regulatory schemes and requirements. Catering to a low
income customer needs more effort from banks. It means understanding their context, devising
and recommending products that are relevant and ensuring that banks empower the customer
sufficiently to use these products. This takes time and effort, which banks are unwilling to spend.
Chasing targets

The government is equally to blame for the shoddy implementation of the PMJDY. In the urge to
show rapid success, the number of accounts opened in a day becomes the badge of merit. This
allows banks to reinterpret it so that they can show maximum success.

The architects of the PMJDY first need to acknowledge its current flaws, both in design and
implementation. Second, policy makers need to determine what causes bankers to behave in the
manner they do and incentivise them to act differently. Third, policy makers need to engage in
building awareness and financial capability for low income households. Unless this happens,
Mary and several like her will continue to remain excluded.

(Jayshree Venkatesan works as a financial inclusion consultant. She is a Chevening Gurukul

scholar 2014 from King’s College, London and a current scholar at the Hindu Centre for Public
Policy and Politics.)

Pradhan Mantri Jan-Dhan Yojana (PMJDY)

lays special emphasis on financial inclusion of citizens as it is crucial to poverty

Government of India
reduction. Exclusion of a large number of people from any access to financial services prevents
the growth of our country. A scheme to empower citizens financially was highly needed so that
everyone can reap the benefits of growth and development.

Pradhan Mantri Jan Dhan Yojana (PMJDY), the biggest financial inclusion initiative in the world, was
announced by the Hon'ble on 15thAugust 2014 from the ramparts of
Prime Minister Shri Narendra Modi
the Red Fort and launched by him on 28th August 2014 across the country. While launching the
Yojana, the Prime Minister had described the occasion as a festival to celebrate the liberation of
the poor from a vicious cycle.

had referred to the ancient Sanskrit verse: Sukhasya Moolam Dharma, Dharmasya
Prime Minister
Moolam Artha, Arthasya Moolam Rajyam - which puts the onus on the state to involve people in
economic activity. "This Government has accepted this responsibility," the Prime Minister had said.
The Prime Minister had also sent email to an estimated 7.25 lakh bank employees, exhorting them to
help reach the target of 7.5 crore bank accounts, and bring freedom from financial
untouchability.

PMJDY in Guinness Book of World Records

also recognised the achievements

Guinness Book of World Records - External website that opens in a new window
made under PMJDY. It gave the certificate stating that the "Most bank accounts opened in one
week as part of the Financial Inclusion Campaign is 18,096,130 and was achieved by the
rd th
Department of Financial Services, Government of India from 23 to 29 August, 2014." The Union Finance
Minister Shri Arun Jaitley said that the PMJDY is a game changer for the economy as it has provided
the platform for Direct Benefits Transfer (DBT) which, in turn, will help in plugging leakages in
subsidies and thereby provide savings to the exchequer.

What is Pradhan Mantri Jan-Dhan Yojana?

PMJDY is National Mission for Financial Inclusion to ensure access to financial services, namely,
Banking/Savings & Deposit Accounts, Remittance, Credit, Insurance and Pension in an
affordable manner.

 Frequently Asked Questions - External website that opens in a new window

 Progress Reports of PMJDY - External website that opens in a new window
 Write to share your inputs on PMJDY - External website that opens in a new window
 Right to Information (RTI) - External website that opens in a new window
 Who's Who - External website that opens in a new window

Where can I open an account under this scheme?

Account can be opened in any bank branch or Business Correspondent (Bank Mitr) outlet.

 Download Account Opening Form (Hindi - PDF file that opens in a new window ) (English - PDF file that opens in
a new window )
 Do You Need Help? You can contact PMJDY Help Centres - External website that opens in a new window
 National Toll Free Nos: 1800 11 0001 and 1800 180 1111

What documents are required?

 If Aadhaar Card/Aadhaar Number is available then no other documents is required. If address has changed, then a self
certification of current address is sufficient.
 If Aadhaar Card is not available, then any one of the following Officially Valid Documents (OVD) is required: Voter
ID Card, Driving License, PAN Card, Passport & NREGA Card. If these documents also contain your address, it can
serve both as "Proof of Identity and Address".
 If a person does not have any of the "officially valid documents" mentioned above, but it is categorized as 'low risk' by
the banks, then he/she can open a bank account by submitting any one of the following documents:
o Identity Card with applicant's photograph issued by Central/State Government Departments,
Statutory/Regulatory Authorities, Public Sector Undertakings, Scheduled Commercial Banks and Public
Financial Institutions;
o Letter issued by a gazette officer, with a duly attested photograph of the person.

What are the direct/special benefits?

Special benefits attached to the scheme are:

  Interest on deposit
 Accidental insurance cover of Rs.1.00 lac
 No minimum balance required. However, for withdrawal of money from any ATM with Rupay Card, some balance is
advised to be kept in account.
 Life insurance cover of Rs.30,000/-
 Easy Transfer of money across India
 Beneficiaries of Government Schemes will get Direct Benefit Transfer in these accounts.
 After satisfactory operation of the account for 6 months, an overdraft facility will be permitted
 Access to Pension, insurance products
 Accidental Insurance Cover, RuPay Debit Card must be used at least once in 45 days.
 Overdraft facility up to Rs.5000/- is available in only one account per household, preferably lady of the household.

Press Information Bureau

Government of India
Ministry of Finance
28-August-2015 18:40 IST

Pradhan Mantri Jan Dhan Yojana (PMJDY),Launched by the Prime Minister Shri Narendra Modi on
28th August, 2014, Celebrates its First Anniversary;

On the Occasion, the Finance Minister said that with Close to 18 Crore (180 Million) Bank
Accounts Opened Under the PMJDY and Nearly Every Household having a Bank
Account, Wage Payments and Subsidies being Directly Routed to Bank Accounts, we
indeed have come a long way; FM: As a Next Step, the Aim is to Utilize these Accounts
for Extending Insurance, Pension and Credit Facilities to those who are Currently
Excluded from these Benefits;

Sure that together we will Succeed in Empowering the Poor of the Country in having a
Financial Footprint and Remarkably Improving their Standard of living
 Pradhan Mantri Jan Dhan Yojana (PMJDY) the biggest financial inclusion initiative in the
world, completed its First Anniversary today. It was announced by the Prime Minister Shri
Narendra Modi on 15th August 2014 and Mega launch was done by him on 28th August 2014
across the country. Simultaneous launch functions were held in State Capitals and Districts
through 79 Mega Camps in the presence of Union Ministers, State Chief Ministers, MPs/MLAs
and other dignitaries. More than 70000 account opening camps were held all over the country.

The target of opening one account per household was achieved by 26th January 2015
barring few areas in J & K and left wing extremism affected districts. The success of the
Pradhan Mantri Jan Dhan Yojana had shown the potential of the enormous role that the
financial inclusion program can play in the rise of the economy. At present more than 17.5 crore
bank accounts have been opened under Pradhan Mantri Jan Dhan Yojana (PMJDY) and the
people have deposited more than Rs.22,000 crore in these accounts.

Empowering the poor and the small by offering them choice and opportunity

The scheme has been started with a target to provide 'universal access to banking
facilities' starting with "Basic Saving Bank Account" with an overdraft upto Rs.5000 subject to
satisfactory operation in the account for six months and RuPay Debit card with inbuilt accident
insurance cover of Rs. 1 lakh and providing social security schemes i.e., Pradhan Mantri
Suraksha Bima Yojana (PMSBY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) &
Atal Pension Yojana (APY .

Milestones achieved under PMJDY

 Banks have opened 17.74 Crore accounts under PMJDY with deposit of more than 22000
crores.

 Aadhaar has been seeded in 41.82% of account opened under PMJDY.

 To ensure universal banking access more than 1.26 lakhs Bank Mitras have been
deployed with on- line devices capable of e-KYC based account opening and
interoperable payment facility.

 131012 Mega Financial Literacy camps were organized by banks under PMJDY ‘in
coordination with various agencies and 89876 Financial Literacy counters, to spread
awareness on PMJDY, use of RuPay cards etc. 147418 students in 2567 schools/collage
were imparted training on Financial literacy from September 2014 to April 2015(Source:
Banks).

 More than 10 lakhs accounts have been found eligible for Overdraft facility. Out of these
overdraft facility has been availed by 164962 account holders.

 847 Claims of Life cover of Rs.30000 and 389 Claims of accident insurance cover of Rs. 1
lakh have been successfully paid.

 As on 22nd August, 2015, 8.17 crore beneficiaries have been enrolled under the Pradhan
Mantri Suraksha Bima Yojana and 2.76 crore have been enrolled under Pradhan Mantri
Jeevan Jyoti Bima Yojana. 6.83 lakh account holders have been enrolled under Atal
Pension Yojana.

 Zero balance accounts in PMJDY have declined from 76% to 45.74% from September
2014 to 19th August 2015

Mission Mode Monitoring of PMJDY

Weekly Video conference (VC) is held under the Chairmanship of Mission Director,
PMJDY. The meeting is attended by Addl. Mission Director, PMJDY, Executive Directors of
Public and Private sector Banks, representative of IBA, Oil companies, LIC and NPCI to review
the progress in PMJDY. In such review meetings several steps are taken for sorting out any
problems in successful implementation of PMJDY and these have yielded good results.

Accomplishments
 Jan Dhan Yojana features in Guinness Book of World Records: Guinness
World Records recognised the achievements made under PMJDY for
opening 18,096,130 accounts by Banks in a week (from 23 to 29 August, 2014)
as a part of Financial Inclusion Campaign.

 Launch of dedicated website for Pradhan Mantri Jan Dhan Yojana by

Secretary (FS) ON 27.10.2014: website for PMJDY (www.pmjdy.gov.in) which is
available in both English & Hindi versions. The website consists of Information on
administrative structure with contact details of Central/State/District level mission
directors/nodal officers monitoring implementation of PMJDY, information of
latest events & latest circulars issued under the Scheme.

 Tableaux on PMJDY – A tableaux of Ministry of Finance (Department of

Financial Services) was displayed on Republic day depicting clear picture of the
Scheme with the help of larger than life structures, 3D pictures and Mime
show. It showed people from low income groups who have been benefitted
under the Scheme.

 Payment of wages under MNREGA: More than Rs 4273 crore have been
routed through these accounts till June 2015 towards payment of wages under
MNREGA. (Source: MNREGA, Ministry of Rural Development).
  DBTL transactions: Transfer of subsidy of more than Rs 17446 crore through
Jan Dhan accounts from November 2014 to 31st July 2015. (Source: Ministry of
Petroleum & Natural Gas).

Touching lives

 Smt. Nabisha Begam works as a maid servant. Her Husband is a contract

labour and she has two school going children. Her earnings were wasted due to
unwanted spending habits in her family before opening a bank account. The
PMJDY Account is her First Bank Account opened through Financial Literacy
Camp conducted in that area by IDBI Bank. After opening of PMJDY account,
she has improved her banking habits by making regular transactions and
savings. She is now a part time Flower seller too in that same area because of
the amount saved through this bank account. Her family is much benefited by
this account as she has increased her earnings in dual way- working as servant
maid in forenoon and as a flower seller in evening. She has also planned to
increase her business by availing OD facility through this account.

 Shri M. Marivel s/o Mariappa Thevar got his account opened with Central
bank of India on 19.09.2014 .Very next day, he collected his passbook and also
deposited Rs.100/- in his account. Thereafter he did not turn up to branch. He
died due to massive heart attack on 03.01.2015 at the age of 42 years. He was
the sole bread earner of his family. Shocked with sudden grief, his family
members along with neighbors visited branch and conveyed the death. Branch
Manager collected the necessary papers and processed the claim. Within 48
hours information was received by branch that Saving Account of the spouse of
the deceased got the credit of Rs.30, 000/- i.e. the life insurance claim amount
under PMJDY. Wife of the deceased thanked profusely to the branch staff and
PMJDY Scheme for helping in nick of the time.

There are many such success stories where the Pradhan Mantri Jan Dhan
Yojana has touched the lives of the poor and low income group (Details available on
website pmjdy.gov.in).

The scheme is a game changer for the Indian economy. It has created a platform
for inculcating the habit of saving money, providing formal credit facilities, plugging
leakages in public subsidies and welfare programs. This is indeed a credible
achievement of the Government for changing the economic condition of the people.

Following is the text of the Message of the Union Finance Minister Shri Arun Jaitley on
the First Anniversary of Pradhan Mantri Jan Dhan Yojana (PMJDY)

“PMJDY has been one of the most vital initiatives towards financial inclusion in India till date.
Our scale of ambition in undertaking this project in a Mission Mode was much higher than any
other initiatives taken in the past. PMJDY has been instrumental in bringing almost all families of
the country into the formal financial system and enabling citizens at grassroots level to perform
financial transactions and keep their hard earned money safe. Owing to dedicated efforts of
Government and banking institutions, substantial results have been achieved. With close to 18
crore (180 million) bank accounts opened and nearly every household having a bank account,
wage payments and and subsidies being directly routed to bank accounts, we indeed have
come a long way. We have been recognized by Guinness World Records for opening over 1.8
crore (18 million) bank accounts in a single week. It has been an extraordinary journey as the
Mission Head. I am extremely proud of all my team members and compliment them for their
unrelenting efforts. As a next step, the aim is to utilize these accounts for extending insurance,
pension and credit facilities to those who are currently excluded from these benefits. I am sure
that together we will succeed in empowering the poor of the country in having a financial
footprint and remarkably improving their standard of living.”

Following is the text of the Message of the Secretary, Department of Financial Services
Dr. Hasmukh Adhia on the First Anniversary of Pradhan Mantri Jan Dhan Yojana (PMJDY)

“Pradhan Mantri Jan DhanYojana, PMJDY was announced by the Hon’ble Prime Minister in his
Independence Day address on 15th August, 2014 and launched across the country on 28th
August, 2014.

Process simplification and customer’s convenience have been at the core of design of PMJDY.
First, the account opening form was made one pager, simplified and universal. Use of e-KYC
reduced paper work and documentation. Second, the citizen had option of opening account
even during extended working hours and with customer service points (Business
correspondents) in branchless banking. Third, multiple services were bundled in single product
i.e. bank account, RuPay Card, mobile banking, insurance and credit (over draft) . Fourth, entire
account opening process was completed in quick time and accounts were instantly activated.
Fifth, multiple channels were made available to the citizen for grievance management like email,
toll free number, portal, physical letters. The grievances were immediately attended to within 2
days and resolved within 5-7 days. Finally the whole task was done in a Mission mode with very
strict timelines.

Technology has been a key enabler of PMJDY. Technology was efficiently leveraged to
address some of the challenges faced in previous financial inclusion initiatives. Use of USSD
based mobile banking, e-KYC, RuPay Debit Cards ensured simplification of processes and time
saving for the citizens. We also used technology for very effective monitoring of PMJDY from
the Mission Office.

All these initiatives led to very encouraging response from our citizens. As per our initial
the demand for bank accounts was around 7.5 crores (75 million). However so far close to 18
crore (180 Million) accounts have been opened. The number of citizen service points (Business
Correspondents) in branchless banking has increased from 1.02 lakhs (102 thousand) to 1.26
lakhs (126 thousand). There has been mobilization of more than Rs 22,000 crores (Rs 220
Billion) in these bank accounts.

Now the focus of PMJDY has moved from account opening to the realms of social
security benefits like accident insurance, life insurance, credit to low income groups and
provision of pensions. PMJDY has been a game changer in the financial inclusion efforts in the
country. It has demonstrated that when we converge the efforts of all stake holders, and work in
unision with clearly defined goals, unprecedented results follow.”

*****

DSM/KA
which can be opened with zero balance as per Reserve Bank of India (RBI) guidelines.

The ministry in its statement noted that zero balance accounts under PMJDY have reduced to
less than 40 per cent and as of October 7 while, deposits collected stood at Rs 25,146.97 crore.

Country's largest bank, State Bank of India leads the list with around Rs 3,000 crore collected in
deposits, followed by Unit ..

Read more at:

http://economictimes.indiatimes.com/articleshow/49339523.cms?utm_source=contentofi
nterest&utm_medium=text&utm_campaign=cppst

Prime Minister Narendra Modi today formally launched the government's financial inclusion
programme - the Pradhan Mantri Jan Dhan Yojana.

1) This is the largest such exercise in the financial services sector in the country, claims Prime
Minister Narendra Modi. One and a half crore bank accounts were opened via almost 80,000
camps in rural and urban areas, along with the same number of insurance policies, which Modi
claimed was a national record for most number of accounts opened in a day.

2) At least 7.5 crore households will get basic bank accounts by January 25, 2015, a day before
Republic Day. Modi says Finance Ministry has promised this will be done.

3) In the first phase, each household get an RuPay debit card for PoS sales. Upon satisfactory
operation of the account for six months, the account holder will get a Rs 5000 overdraft facility.
Modi says having a debit card will help counter the current economic apartheid in the country,
This will also strengthen the savings habit in the country, he added.

4) In the second phase, all households that open such bank accounts under the Jan Dhan Yojana
will get Rs 1 lakh accident insurance for 1.5 crore people. The poor face considerable out-of-
pocket expenses in medical emergencies; in the lack of formal credit facility through banking
channels, this pushes them into debt-traps.

5) All those who open accounts by January will get Rs 30,000 life insurance over and above the
Rs 100,000 accident insurance. Again, this will ease financial pressure on lower-income sections,
who are often left with no source of income when the primary earning member passes away.
Salient features of the scheme

 All households across the country - both rural and urban are to be covered under the scheme.
Bank accounts will be opened for 15 crore poor persons.
 All bank accounts opened under the scheme are to have an overdraft facility of Rs 5,000 for
Aadhar-linked accounts after satisfactory operation in the account for 6 months.
 Issuance of RuPay Debit Card with inbuilt Rs 1 lakh personal accident insurance cover provided
by HDFC Ergo and a life cover of Rs 30,000 provided by LIC
 A minimum monthly remuneration of Rs 5,000 to business correspondents who will provide the
last link between the account holders and the bank.

Implementation of the scheme

The mission will be implemented in two phases, the details of which are as follows.

Phase I - 15 August 2014 - 14 August 2015

 Universal access to banking facilities for all households across the country through a bank
branch or a fixed point Business Correspondent (BC) within a reasonable distance.
 To cover all households with atleast one basic banking account with RuPay Debit Card with
inbuilt Rs 1 lakh accident insurance cover.
 Financial literacy programme to be taken to the village level.
 Expansion of Direct Benefit Transfer under various government schemes through bank accounts
of the beneficiaries.
 Issuance of Kisan Credit Card is also proposed

Phase II - 15 August 2015 - 14 August 2018

 Providing micro-insurance to the people.

 Unorganised sector pension schemes like Swavalamban through the Business Correspondents.

One can open Jan Dhan account by just submitting 2 photos: Finance Ministry

Finance Ministry has said people who do not have officially valid documents or Aadhaar
numbers can open Jan Dhan bank accounts by submitting two copies of signed photographs at a
bank branch.

"RBI has issued guidelines dated August 26, 2014, where people who do not have officially valid
documents or Aadhaar numbers can still get bank accounts opened by submitting two copies of
signed photographs at the bank branch," an official statement said.

However, it said these accounts will be called small accounts and shall normally be valid for 12
months and shall be continued subject to showing of proof that he/she has applied for any of the
officially valid document within 12 months of opening of such 'Small Account'.
These accounts have certain limitations such as balance at any point of time should not exceed
Rs 50,000, total credit in one year should not exceed Rs 1 lakh, and total withdrawal should not
exceed Rs 10,000 in a month.

An existing account holder need not open another bank account to avail of benefits under
Pradhan Mantri Jan Dhan Yojana (PMJDY). The insurance benefits are available through the
RuPay Card. The existing account holders can submit an application to the concerned branch to
enable them to get a RuPay Debit Card in order to avail of the benefits of insurance under
PMJDY. Micro credit limit of Rs 5,000 can also be extended in existing bank accounts on
application depending on the satisfactory conduct of the account.

Anybody desirous of opening an account can submit the application form to the nearest bank
branch/bank mitr for opening the account, it said. This one page account opening form is also
available on the website of the Department www.financialservices.gov.in.

State wise Bank Coordinators & Toll Free Numbers

TOLL
LEAD
STATE LEAD BANK GM CONTACT NO EMAIL FREE
BANK
NO

gmdurgaprasad[at]andhrabank[dot]c 1800-
Andhra Shri D. Durga ANDHRA 9618590303,
o[dot]in, 425-
Pradesh Prasad BANK 040-23234615
slbc[at]andhrabank[dot]co[dot]in 8525

Andaman
1800-
and Shri VIJUY State Bank
9674710012 gm2[dot]lhokol[at]sbi[dot]co[dot]in 345-
Nicobar RONJAN of India
4545
Islands

1800-
Arunachal State Bank
Shri M.A. SAHU 9435706688 gm1[dot]lhoguw[at]sbi[dot]co[dot]in 345-
Pradesh of India
3616

1800
State Bank
Assam Shri M.A. SAHU 9435706688 gm1[dot]lhoguw[at]sbi[dot]co[dot]in 345
of India
3756

1800-
Shri ABHIJIT State Bank
Bihar 9955991636 gm1[dot]lhopat[at]sbi[dot]co[dot]in 345-
DUTTA of India
6195

Chandigarh Shri V.P. JAIN Punjab 852797117 vpjain[at]pnb[dot]co[dot]in 1800-

National 180-
 Bank 1111

1800-
Shri GAUTAM State Bank
Chattisgarh 7770956333 gm3[dot]lhobho[at]sbi[dot]co[dot]in 233-
SEN GUPTA of India
4358

Dadra and 1800-

Shri K.C. DENA
Nagar 9979118149 kcchhipa[at]denabank[dot]co[dot]in 233-
CHHIPA BANK
Haveli 1000

1800-
Daman and Shri K.C. DENA
9979118149 kcchhipa[at]denabank[dot]co[dot]in 233-
Diu CHHIPA BANK
1000

National Oriental
1800-
Capital Shri K.S. Bank of
8130418866 slbc[dot]del[at]obc[dot]co[dot]in 1800-
Territory of SHERGILL Commerc
124
Delhi e

0832-
Shri HARDAYAL State Bank
Goa 9769445588 gm4[dot]lhomum[at]sbi[dot]co[dot]in 241-
PRASAD of India
6666

1800-
Shri K.C. DENA
Gujarat 9979118149 kcchhipa[at]denabank[dot]co[dot]in 233-
CHHIPA BANK
1000

Punjab 1800-
Haryana Shri V.P. JAIN National 8527971117 vpjain[at]pnb[dot]co[dot]in 180-
Bank 1111

1800-
Himachal Shri V.K. fgm[dot]chng[at]ucobank[dot]co[dot]
UCO BANK 9464660415 180-
Pradesh SHRIVASTAVA in
8053

Jammu and Setup in

Kashmir progress

1800-
Shri ALOK P. BANK OF alok[dot]yadav[at]bankofindia[dot]co
Jharkhand 9431086222 345-
YADAV INDIA [dot]in
6576
 1800-
Shri K. SYNDICAT copscdgm[at]syndicatebank[dot]co[d
Karnataka 9449860113 4259-
PREETAM LAL E BANK ot]in
7777

Shri K.R. 1800-

CANARA balachandrankr[at]canarabank[dot]co
Kerala BALACHANDRA 9895744777 425-
BANK m
N 11222

1800-
Lakshadwe Shri K. SYNDICAT copscdgm[at]syndicatebank[dot]co[d
9449860113 4259-
ep PREETAM LAL E BANK ot]in
7777

(T) 0755-
Central 1800-
Madhya Shri UMESH 2674022, 20 (F) zmbhopzo[at]centralbank[dot]co[dot]
Bank of 233-
Pradesh KUMAR SINGH 0755-2552019 in
India 4035
9406900134

Bank of 1800-
Maharashtr Shri L.M.
Maharash 9730000508 dgmfislbc[at]mahabank[dot]co[dot]in 102-
a DESHMUKH
tra 2636

Shri PANNA LAL State Bank Setup in

Manipur 9771469967 dgmfislbc[at]mahabank[dot]co[dot]in
DAS of India progress

Shri PANNA LAL State Bank Setup in

Meghalaya 8133014444 gm2[dot]lhoguw[at]sbi[dot]co[dot]in
DAS of India progress

Shri PANNA LAL State Bank Setup in

Mizoram 8133014444 gm2[dot]lhoguw[at]sbi[dot]co[dot]in
DAS of India progress

1800
Shri PANNA LAL State Bank
Nagaland 8133014444 gm2[dot]lhoguw[at]sbi[dot]co[dot]in 345
DAS of India
3707

Shri Baldev 1800-

Odisha(Oris fgm[dot]orissa[at]ucobank[dot]co[dot
Prasad UCO BANK 9937814609 345-
sa) ]in
Samantaray 6551

Puducherry Shri 1800-

INDIAN parthasarathy[at]indianbank[dot]co[d
(Pondicherr S.PARTHASARA 9488366780 4250-
BANK ot]in
y) THY 0000
 Punjab 1800-
Shri Harpal
Punjab National 8146649400 harpalsingh[at]pnb[dot]co[dot]in 180-
Singh
Bank 1111

1800-
Bank of
Rajasthan Shri R.K. GUPTA 9983321135 zm[dot]rz[at]bankofbaroda[dot]com 180-
Baroda
6546

1800-
Shri S B State Bank dgm[dot]zosil[at]sbi[dot]co[dot]in,
Sikkim 8001196668 345-
PATWARDHAN of India gm3[dot]lhokol[at]sbi[dot]co[dot]in
3256

Shri INDIAN 1800-

Tamil Nadu S.BALACHANDE OVERSEAS 8939939552 sbc[at]iobnet[dot]co[dot]in 425-
R BANK 4415

State Bank
1800-
of
Telangana Shri AJIT SINGH 7674088842 dgmfi[at]sbhyd[dot]co[dot]in 425-
Hyderaba
1825
d

UNITED 1800-
Shri MANAS
Tripura BANK OF 9831021619 gmrecv[at]unitedbank[dot]co[dot]in 345-
DHAR
INDIA 3343

1800-
223-
Uttar Shri NIRMESH Bank of 9839076446,05 zm[dot]upu[at]bankofbaroda[dot]co
344/180
Pradesh KUMAR Baroda 22-6677607 m
0-102-
4455

1800-
Uttarakhan Shri BISWA State Bank
8130259955 gm2[dot]lhodel[at]sbi[dot]co[dot]in 180-
d KETAN DAS of India
4167

UNITED 1800-
West Shri MANAS
BANK OF 9831021619 gmrecv[at]unitedbank[dot]co[dot]in 345-
Bengal DHAR
INDIA 3343

FAQs on Pradhan Mantri Jan Dhan Yojana

Whether Joint account can be opened in Pradhan Mantri Jan-Dhan Yojana?

Yes, joint account can be opened.
What is RuPay Debit Card?
Rupay Debit Card is an indigenous domestic debit card introduced by National Payment
Corporation of India (NPCI). This card is accepted at all ATMs (for cash withdrawal) and at
most of the PoS machines (for making cashless payment for purchases) in the country.

If both husband and wife who are opening accounts under PMJDY are eligible for
Accidental Insurance Cover of Rs.1.00 lac and Life Insurance cover of Rs.30,000/- and
overdraft facility of Rs.5000/- in both the accounts separately?
Accidental Insurance cover of Rs.1.00 lac and Life Insurance Cover of Rs.30000/- will be
available to all account-holders. However, overdraft facility upto Rs.5000/- will be available to
only one person in the family (preferably lady of the house).

What documents are required to open an account under Pradhan Mantri Jan-Dhan
Yojana?

1. If Aadhaar Card/Aadhaar Number is available then no other documents is required. If address

has changed, then a self certification of current address is sufficient.
2. If Aadhaar Card is not available, then any one of the following Officially Valid Documents (OVD)
is required: Voter ID Card, Driving Licence, PAN Card, Passport & NREGA Card. If these
documents also contain your address, it can serve both as “Proof of Identity and Address”.

If a person does not have any of the “officially valid documents” mentioned above, but it is
categorized as "low risk" by the banks, then he/she can open a bank account by submitting any
one of the following documents:

o Identity Card with applicant‟s photograph issued by Central/State Government

Departments, Statutory/Regulatory Authorities, Public Sector Undertakings, Scheduled
Commercial Banks and Public Financial Institutions;
o Letter issued by a gazette officer, with a duly attested photograph of the person.

Whether Cheque Book will be issued in accounts opened under PMJDY?

In PMJDY accounts are being opened with Zero balance. However, if the account-holder wishes
to get cheque book, he/she will have to fulfill minimum balance criteria, if any, of the bank.

Can a minor (below 18 years of age) open an account under PMJDY?

A minor of above the age of 10 years can open his / her Savings Bank account in any bank.

Can I get my PMJDY account transferred to other City / State upon my transfer posting to
other States?
All banks participating in PMJDY are on CBS (Core Banking Solution) platform and the account
can easily be transferred to any branch of the bank in any city/town as per the request of the
account-holder.

Source : Department of Financial Services, Ministry of Finance,

Pradhan Mantri Jan Dhan Yojana (PMJDY)

Driven by the ‘Better India’ dream, Indian Prime Minister, Mr. Narendra Modi has been
launching a number of government policies and schemes that are targeted towards benefiting all
Indian citizens. Some of these schemes are targeted to specific segments of the populace
depending on theirneeds. The Pradhan Mantri Jan Dhan Yojana is one such scheme.

Available facilities under Jan Dhan Yojana

Under this scheme, it was formally announced (through email to Chairmans of PSU banks) that
one bank account for every single household in India is nothing but a ‘National Priority’. Those
who open bank accounts under this scheme will be entitled to:

 One Zero-Balance account and an associated debit card from RuPay.

 Upon opening the account, the account holder are entitled to accidental insurance coverage of 1
lakh which will be provided by HDFC Ergo.
 Additionally, opening an account entitles the account holder for RuPay Kisan Card.
 Once the bank account remains active for 6 months, the account holder will be offered the
facility of overdraft of ₹5000 from the respective bank.
 Account holders will be allowed to check balance from normal phones (previous restricted only
to smartphones). They can also use their normal phones for transferring funds. This feature has
been made available by National Payments Corporation of India using a new technology.
 National Unified USSD Platform also made mobile banking available to the poor people.

The government also plans to include other features like pension, remittances and micro
insurance under this scheme over the coming years.
Economic implication of Jan Dhan Yojana

This scheme might look shallow for the first time. However, the scheme can have far reaching
impacts on Indian economy. Here is a quick list of possible benefits that will show up over a
period of time:

 Debit cards, direct transfers etc. will allow cashless transactions to take place. With cashless
transaction, every financial transaction gets recorded, which effectively increases the white
money transaction of the country. This will, to a great extent, eliminate the black market that
has for long plagued the Indian economy.
 The scheme opens up doors to formal credit sector. This is specifically helpful for rural sectors
like agriculture, handicrafts etc. Access to formal credit will mean that poor people can now
borrow money at lower interest rates (as opposed to informal credit sector). This will help them
to overcome immense debt problems and increase their productivity.
 Access to direct bank accounts and ability to make financial transactions through mobile and
debit cards will rule out the third-party middle men (specifically in agricultural and other rural
sectors) who embezzle money. Farmers or rural industry works will be able to buy/sell products
at better rates. This will mobilize the whole economy and improve the lifestyle of the deprived
classes of the country.
 Even the bare minimum deposit of ₹ 100 in every account will create a pool of money that will
help India as a whole to repay international debts that have accrued over years.

There is absolutely no doubt that direct access to government’s financial services will eliminate
pilferage and lead to positive spin-offs that will set the whole of Indian economy to a growth
trajectory.
What are the possible negative aspects of Jan Dhan Yojana?

It is an irrefutable argument that there are some loopholes that are yet to be addressed. While the
Jan Dhan Yojana makes a lot of promises and offers financial freedom to the deprived class of
the society, there are some negative spin-off effects too! Here are some of the concerns that
require attention:

 Overdraft facilities are not readily available to everyone. Banks have their own guidelines and
the account holders need to adhere to the same. Overdraft facilities are provided depending on
the transaction history of the account.
 Direct financial transactions will require direct contact of buyers and sellers. This is one of the
major hurdles in the rural sectors. Education and knowledge is the primary hindrance. For
instance, many farmers and labors don’t yet have information about the potential buyers.
Government needs to educate them and open up channels.
 The primary goal of the scheme is to provide bank account for those who do not have one.
However, it may be possible for those who already have accounts to open another account with
additional benefits as declared by the government. This however can be dealt with ease with
some strict vigilance from the banks.

Results of Pradhan Mantri Jan Dhan Yojana so far

So far the results of the scheme are impressive. In fact, the word ‘impressive’ will be an
understatement. On the very first day on which the scheme was launched, a record number of 1.5
crore bank accounts were opened all over India. By September 2015, the numbers ramped up to
3.02 crores with State Bank of India leading with 30 lakh bank accounts. By November 6, 2014,
the numbers reached the 7 crore mark with a total deposit of ₹ 5,000 crore, which is equivalent to
US $ 1 billion.

Guinness World Record

The Pradhan Mantri Jan Dhan Yojana managed to pave its way to Guinness World Record on
January 2015. According to Guinness World Records, the scheme set a new record of “The most
bank accounts opened in one week”.

Only time will tell whether the intended purpose of economic growth will be achieved by this
scheme or not. Currently it seems that Modi government will possibly hit the target of continued
economic growth spree with new schemes and endeavors that are designed to make India emerge
as a global socio-economic and political power.