PMJDY Success Story: 21 Crore Accounts Opened, 33074 Crore Deposits
With an objective of providing one basic saving account (zero balance) per household, Pradhan Mantri Jan Dhan Yojana has proven to be a big success. It is the biggest financial inclusion scheme in the world launched on 28th August, 2014. Announcement was done on 15th August, 2014.
Why PMJDY is a big success?
- Simplying the account opening process was a big challenge especially in country like India but through strong processes, it was made possible.
- e-KYC (electronically – know your customer) played a key role in speeding up the account opening. Another benefit of e-KYC is to the environment as it greatly reduces the paper work. And also is a time saver for everyone involved mainly banks and customers.
- Account opening form consists of one page only, which has further speed up the process.
- Accounts could be also be opened during the extended working hours in the banks
- PMJDY was a gateway to multiple interconnected financial products such as RuPay debit card, savings bank zero balance account, mobile banking, life and accidental insurance.
- Over draft facility for those who operate the account for the 6 months after their account is opened
What PMJDY achieved in the first year?
As per the official website of PMJDY, here are the key statistics:
- 17.6 Crore – Accounts opened
- 22, 000 Crore – Total deposit amount
How was this achieved?
- This was possible because of 1.26 lakhs bank mitras equipped with online devices capable of e-KYC based account opening in addition to the participating banks.
- 131012 – Mega financial literacy camps organized
- 89876 – Financial literacy counters were organized. Their main objective was to educate people about PMJDY benefits to their lives and government, uses of RuPay cards etc.
- 2567 – Schools/colleges participated in raising awareness
- 147418 – Students from these education institutions were trained on financial literacy
- 847 – Life insurance claim successfully settled
- 387 – Accident insurance claim settled
- 8.17 Crore – Beneficiaries enrolled in Pradhan Mantri Suraksha Bima Yojana (PMSBY)
- 2.76 Crore – Beneficiaries enrolled in Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
- 6.83 Crore – Enrolled under Atal Pension Yojana
- JDY account is an umbrella account which can be used to enroll social security schemes such as PMSBY, PMJJBY and APY. However this is as per the terms and conditions of the scheme.
- Andhra Pradhesh is one of the first state in India to achieve 100% financial inclusion.
- More and more people are making transactions through the RuPay debit card issued at the time of opening the account. Read benefits of RuPay card.
Here are the latest statistics from the official website of PMJDY as on 24th Feb, 2014:
- Over 21 crore accounts have been opened
- 33074 crore deposit amount
- 9.37 crore enrolled under Pradhan mantra suraksha bima
- 2.95 crore enrolled under Jeevan jyoti bima policy