As it completes four years of existence, Pradhan Mantri Jan Dhan Yojana (PMJDY) is all set for a further push. The financial inclusion programme of the Government of India was launched on August 15, 2014, and now has become a vehicle for many government schemes with 32.25-crore beneficiaries.

As on August 1, 2018, the total balance in Jan Dhan accounts stood at ₹80,675 crore, of which public sector banks have deposits worth ₹64,388 crore with them.

Women beneficiaries

Of the total beneficiaries, 24.7 crore have been issued RuPay cards by the National Payments Corporation of India (NPCI). A notable aspect is the large percentage of women beneficiaries at 17 crore.

The Centre is likely to announce Jan Dhan 2.0 soon to address several issues, improvise and expand both its reach and impact.

“The government now wants us to reach out to 10 to 12 crore unbanked individuals to bring them into the gamut of banking through PMJDY accounts. However, I am not sure if this could be done speedily, given the issues being faced by banks now due to the high cost involved,” the executive director of a public sector bank told BusinessLine.

However, according to bankers, introducing banking to more than 32 crore people is an achievement. But there is more to be done. “While this is a big number, most of them have not been brought under the banking credit system, which needs to be done,” said CVR Rajendran, Managing Director and CEO, Catholic Syrian Bank.

Basic bank accounts for the poor under the scheme had also become vital for the implementation of low-cost insurance schemes under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY).

An operative bank account is a must for these schemes as premium is automatically deducted from them. As less than six crore people have enrolled for these schemes since their launch in 2015, any ramp-up will also depend on Jan Dhan, say bankers.

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