Posted on

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

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

According to the newest data available on the official website, the accounts’ whole stability 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 monetary inclusion begun by the Indian authorities to supply cheap entry to monetary providers such as bank accounts, remittances, loans, insurance, and pension.

With complete stability 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 contributed the most to the Milestone of Rs.2 Crore Deposit?
Various states have made main contributions to the accomplishment of this authorities programme, with some standing out as a result of 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 below the programme in these 5 states, who account for greater than 55% of all beneficiaries, these 5 states also high the recipient checklist.

Which Bank has to contribute the most to the Milestone of Rs.2 Crore Deposits?
When it comes to the number of beneficiaries recruited to the programme, public sector banks account for almost all of the contributions (79%) followed by regional rural banks with 19% and private sector banks with 3%.

SBI is the largest donor amongst these Public Sector Banks when it comes to the entire variety of beneficiaries (36%) and deposits in accounts (32%). SBI is followed by the Bank of Baroda, which contributes 17% of account deposits. PNB is the next public sector bank, contributing 12%.

66% of those 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 extend monetary inclusion by providing inexpensive entry to important monetary providers like savings and deposit accounts, remittances, credit scores, insurance, and pensions. The programme allows anybody, particularly those with no earlier accounts, to open a basic savings bank deposit (BSBD) account at any bank department or Business Correspondents (Bank Mitra) outlet.

Benefits Of Pradhan Mantri Jan Dhan Yojna:

  • A savings account is out there for people who shouldn’t have a bank account.
  • For PMJDY accounts, there isn’t a set minimal stability 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 to Accident Insurance Cover of Rs. 1 lakh,
  • which is doubled to Rs. 2 lacks for new accounts opened after 28.8.2018.
  • Eligible account holders have entry to an overdraft facility of as much as Rs. 10,000.
    You can use PMJDY accounts for a number of government programmes, including DBT, PMJJBY, PMSBY, APY, and
  • MUDRA.