Union Finance Minister Nirmala Sitharaman
On the eve of the 10th anniversary of Pradhan Mantri Jan-Dhan Yojana (PMJDY), Union Finance Minister Nirmala Sitharaman announced that the government aims to open over 30 million new PMJDY accounts during 2024-25.
Briefing reporters, Sitharaman revealed that as of August 14, 2024, a total of 531.3 million Jan-Dhan accounts had been opened since the launch of the scheme a decade ago, with a cumulative deposit balance of Rs 2.3 trillion.
The average balance per account increased from Rs 1,065 in March 2015 to Rs 4,352 as of August 16, 2024. About 80 per cent of these accounts are currently active.
“PMJDY has played a crucial role during the pandemic, especially for women,” Sitharaman said.
Despite the possibility of having a zero balance and no minimum balance requirement, only 8.4% of accounts maintain a zero balance. The scheme has been particularly effective in rural and semi-urban areas, where 66.6% of accounts are located.
As of August 14, 2024, female account holders account for 55.6 percent of total accounts, amounting to 295.6 million accounts, according to the Ministry of Finance.
Currently, 99.95 per cent of all inhabited villages have banking services available within a 5-kilometre radius through various touch points including bank branches, ATMs, banking correspondents and the India Post Payments Bank.
As of August 14, 2024, there are over 1.73 billion CASA accounts (current savings accounts) operational in the country, including over 530 million PMJDY accounts operational.
On social security schemes, Sitharaman highlighted that over 200 million cumulative enrolments have provided life insurance cover of Rs 2 lakh under the Pradhan Mantri Jeevan Jyoti Bima Yojana, with an annual premium of Rs 436.
Additionally, over 450 million cumulative registrations have been offered for one-year accidental cover of Rs 2 lakh (for death or permanent total disability) and Rs 1 lakh (for permanent partial disability) under the Pradhan Mantri Suraksha Bima Yojana, at a premium of Rs 20 per annum.
The Atal Pension Yojana has registered over 68 million subscribers.
In terms of credit-linked schemes, Sitharaman informed that under the Pradhan Mantri Mudra Yojana, 489.2 crore aggregate loans amounting to Rs 29.93 trillion (as on July 12, 2024) have been sanctioned for providing collateral-free institutional finance to micro and small enterprise units up to Rs 10 lakh for income-generating activities.
Under the Stand Up India programme, a cumulative 236,000 loans totalling Rs 53,609 crore (as on July 15, 2024) have been provided to entrepreneurs from Scheduled Castes, Scheduled Tribes and women for setting up new projects.
Additionally, the Pradhan Mantri SVANidhi scheme has provided loans worth Rs 12,630 crore to 6.52 million street vendors with effect from August 27, 2024.
· Pradhan Mantri Jan-Dhan Yojana (PMJDY) launched on August 28, 2014
· PMJDY accumulated deposit balance of Rs 2.3 trillion
· There are more than 1.73 billion CASA accounts in operation
· Female account holders represent 55.6% of all accounts
First published: August 27, 2024 | 21:37 IS
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