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    52.81 crore PM Jan-Dhan Accounts with Deposit Balance of Rs. 2,30,792 Crores Under PMJDY

    GovernanceE-governance52.81 crore PM Jan-Dhan Accounts with Deposit Balance of...
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    52.81 crore PM Jan-Dhan Accounts with Deposit Balance of Rs. 2,30,792 Crores Under PMJDY

    Under the Pradhan Mantri Mudra Yojana (PMMY), 48.92 crore cumulative loans amounting to Rs. 29.93 lakh crore have been sanctioned to provide collateral-free institutional finance to micro/small business units up to Rs.10 lakh for income generating activities.

    Union minister of state for finance, Pankaj Chaudhary, replying to a question in the Lok Sabha said on Monday that the Pradhan Mantri Jan Dhan Yojana (PMJDY) has been successful in increasing banking penetration to promote financial inclusion across the country. 

    He said that a total of 52.81 crore Jan-Dhan accounts with a deposit balance of Rs. 2,30,792 crores have been opened as on 19 July 2024 under PMJDY. Out of these, 29.37 crore (55.6 per cent) Jan-Dhan accounts belong to women and about 35.15 crore (66.6 per cent) PMJDY accounts have been opened in rural and semi-urban areas.

    Since 14 August 2018, the objective of PMJDY has been to cover all unbanked adults, the minister stated.

    He said that the government initiated the National Mission for Financial Inclusion (NMFI) or PMJDY in August 2014 to provide universal banking services for every unbanked household based on the guiding principles of banking the unbanked, securing the unsecured, funding the unfunded and serving unserved and underserved areas.

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    Giving more information, the Minister stated that the Government has launched various social security schemes, the coverage of which, as on 19 July 2024, is as under:

    1. Under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), 20.48 crore cumulative enrolments have been done to provide life insurance cover of Rs. 2 lakh for death due to any reason;
    2. Under Pradhan Mantri Suraksha Bima Yojana (PMSBY), 45.08 crore cumulative enrolments have been done to provide one-year accidental cover of Rs. 2 lakh (death or permanent total disability) and Rs. 1 lakh (permanent partial disability);
    3. Under Atal Pension Yojana (APY), 6.71 crore cumulative enrolments have been done to provide monthly pension to eligible subscribers.

    Further, the minister stated, that the government has launched various credit linked schemes with the objective of “Funding the Unfunded” and to promote entrepreneurship:

    • Under the Pradhan Mantri Mudra Yojana (PMMY), 48.92 crore cumulative loans amounting to Rs. 29.93 lakh crore have been sanctioned to provide collateral-free institutional finance to micro/small business units up to Rs.10 lakh for income generating activities.
    • Under Stand-Up India Scheme (SUPI), 2.36 lakh cumulative loans amounting to Rs. 53,609 crores (as on 15.07.2024) have been sanctioned to Scheduled Caste / Schedule Tribe and Women entrepreneurs for setting up greenfield projects.
    • PM Vishwakarma Scheme, launched on 17.09.2023, aims to provide end-to-end holistic support to traditional artists and craftspeople engaged in 18 identified trades through access to skill training, collateral-free credit, modern tools, market linkage support and incentive for digital transactions.
    • Prime Minister Street Vendor’s Atma Nirbhar Nidhi (PMSVANidhi) was launched on June 01, 2020 with the main objective of providing relief to street vendors affected by Covid-19 lockdown. The Scheme envisages empowering street vendors by not only extending loans to them but also for their holistic economic development.

    There is a periodical review mechanism to monitor the implementation and effectiveness of these Schemes with the Banks and other concerned Stakeholders, the minister stated.

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