Money & Banking

20 lakh people join modified JanDhan scheme

PTI New Delhi | Updated on September 16, 2018 Published on September 16, 2018

Total number of account holders in the flagship financial inclusion programme to 32.61 crore as on September 5   -  PTI

During August 15-September 5, total deposits in PMJDY accounts witness an increase of Rs 1,266.43 crore

As many as 20 lakh people have joined the modified Pradhan Mantri Jan Dhan Yojna (PMJDY), taking the total number of account holders in the flagship financial inclusion programme to 32.61 crore as on September 5.

The government had earlier this month relaunched PMJDY as an open-ended scheme with higher insurance cover and doubled the overdraft (OD) facility. The Union Cabinet decided to continue the scheme beyond the four-year period ended August 14 with an aim to take the formal banking system from “every household to every adult”.

During August 15-September 5, the total deposits in PMJDY accounts witnessed an increase of Rs 1,266.43 crore. The balance in PMJDY accounts was Rs 82,490.98 crore as on September 5.

Under the revamped scheme, accidental insurance cover for new RuPay card holders has been raised from Rs 1 lakh to Rs 2 lakh for new PMJDY accounts opened after August 28. Also, the existing OD limit of Rs 5,000 has been increased to Rs 10,000. Further, no conditions will be attached for OD up to Rs 2,000.

According to the finance ministry data, nearly 7.18 lakh people, who opened PMJDY accounts after August 28, may get the benefit of increased accidental insurance cover of Rs 2 lakh.

Launched in August 2014, the first phase of PMJDY focussed on opening basic bank accounts and RuPay debit card with an in-built accident insurance cover of Rs 1 lakh. It also provided basic banking accounts with OD facility of Rs 5,000 after six months.

Phase II of the scheme, which began on August 15, 2018, was planned to provide micro-insurance to the people and pension schemes to unorganised sector workers through business correspondents. About 53 per cent of PMJDY account holders are women, while 83 per cent of the total accounts are seeded with Aadhaar.

Published on September 16, 2018

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