Pradhan Mantri Jan Dhan Yojana hits a Milestone; Crossed Rs.2 Lakh Crore Total Balance

The total balance in Pradhan Mantri Jan Dhan Yojana (PMJDY) basic bank accounts has reached the milestone of 2 lakh crore.

According to the most recent information available on the official website, the accounts’ total balance as of April was Rs.2,01,598.79 crore, with 48.70 crore beneficiaries, of which 27.08 crore are women.

Nirmala Sitharaman, the finance minister, also acknowledged PMJDY’s achievement on Twitter in 2023.

The Pradhan Mantri Jan Dhan Yojana (PMJDY) is a large-scale project for financial inclusion started by the Indian government to provide inexpensive access to financial services such bank accounts, remittances, loans, insurance, and pension.

With a total balance of Rs 2,01,598 crores in PMJDY accounts as of April 5 of this year, the plan has made impressive strides.

Which State has contribute the most in Milestone of Rs.2 Crore Deposit?

Various states have made major contributions to the accomplishment of this government programme, with some standing out due to their outstanding achievement.

The states that contribute the most recipients are Madhya Pradesh (8%), Uttar Pradesh (18%), Bihar (11%), West Bengal (10%), and Maharashtra (7%).

With 27.08 crore women registered under the programme in these five states, who account for more than 55% of all beneficiaries, these five states also top the recipient list.

Which Bank has contribute the most in Milestone of Rs.2 Crore Deposits?

When it comes to the number of beneficiaries recruited to the programme, public sector banks account for the majority of contributions (79%) followed by regional rural banks with 19% and private sector banks with 3%.

SBI is the largest donor among these Public Sector Banks in terms of the total number of beneficiaries (36%) and deposits in accounts (32%). SBI is followed by Bank of Baroda, which contributes 17% of account deposits. PNB is the following public sector bank, contributing 12%.

66% of these recipients are opening accounts at rural or semi-urban centre bank branches, which strengthens the government’s commitment to extending access to digital banking.

What is Pradhan Mantri Jan Dhan Yojna (PMJDY)?

The Pradhan Mantri Jan-Dhan Yojana (PMJDY) is a federal programme that seeks to increase financial inclusion by offering affordable access to essential financial services like savings and deposit accounts, remittance, credit, insurance, and pensions. The programme enables anyone, especially those with no previous accounts, to open a basic savings bank deposit (BSBD) account at any bank branch or Business Correspondents (Bank Mitra) outlet.

Benefits Of Pradhan Mantri Jan Dhan Yojna:

• A savings account is available for individuals who do not have a bank account.
• For PMJDY accounts, there is no set minimum balance requirement.
• Interest is paid on deposits to PMJDY accounts.
• The PMJDY account holders receive the Rupay Debit card.
• With the issuance of the RuPay card, PMJDY account holders are entitled for Accident Insurance Cover of Rs. 1 lakh, which is doubled to Rs. 2 lakh for new accounts opened after 28.8.2018.
• Eligible account holders have access to an overdraft facility of up to Rs. 10,000.
• You can use PMJDY accounts for a number of government programmes, including DBT, PMJJBY, PMSBY, APY, and MUDRA.