According to data from the finance ministry, deposits under the PMJDY have surpassed Rs 1.5 lakh crore. PMJDY recently celebrated its seventh anniversary.
Objectives:
Access to financial products and services, as well as financial inclusion.
Technology is being used to reduce costs and expand reach.
The following are the main pillars:
Banking services are available to everyone.
Savings for the Basics Accounts with Overdraft (OD)
Capacity Program on Financial Literacy
The establishment of a Credit Guarantee Fund Insurance For the unorganised sector, there is a pension programme.
PMJDY has been enhanced with new functionality (beyond 28.8.2018) From 'Every Household' to 'Every Unbanked Adult,' the focus has shifted.
The amount of free accidental insurance on RuPay cards has increased from Rs. 1 lakh to Rs. 2 lakh.
The OD limit has been increased from Rs 5,000 to Rs 10,000.
The total amount of PMJDY accounts is more than 44 crores.
Impacts and Changes:
Enhanced Financial Inclusion: Economic Initiatives that Focus on People (DBT, PM KISAN, MGNREGA, UJJAWALA YOJANA, COVID-19 ASSISTANCE etc)
Increased Good Governance through JAM Trinity prevents leakages.
Bringing the impoverished out of the clutches of money lenders is the goal of the formal financial system.
Citizen-centric platform for locating financial touchpoints through Jan Dhan Darshak App.
