Print 2

A STUDY ON PRADHAN MANTRI JAN DHAN YOJANA
EXECUTIVE SUMMARRY
The report contains the organizational study. The report title is “A Study on
Pradhan Mantri Jan Dhan Yojana”. The report gives an overview of the schemes
provided by the government of India under Pradhan Mantri Jan Dhan Yojana. And
awareness of customers about different schemes under Pradhan Mantri Jan Dhan
Yojana.
This study was conducted to find out the customer satisfaction and awareness
regarding Pradhan Mantri Jan Dhan Yojana. The methodology adopted for the
study was through a structured questionnaire, which is targeted to the different
persons in Mumbai. For this purpose sample size of 60 was taken. The data
collected from the different persons was analyzed thoroughly and presented in the
form of charts and tables.
The Government must advertise regularly and create brand value for the products
and Services provided under PMJDY.
Overall, The Pradhan Mantri Jan Dhan Yojana (PMJDY) is a scheme that aims to
provide all the citizens of India – especially the poor masses – a bank account,
credit facility, insurance cover and debit card. The aim of this scheme is
highlighted by its slogan “Mera Khata – Bhagya Vidhaata”. In the long run, the
scheme will also allow the poorer sections to avail themselves of subsidies and
overdraft facilities through their bank accounts, which are intended to eliminate
money-lenders, commission agents and corruption.
1|THAKUR COLLEGE OF SCIENCE AND COMMERCE

CHAPTER ONE

INTRODUCTION
Pradhan Mantri Jan Dhan Yojana (PMJDY), is financial inclusion program
of Government of India which is applicable to 18 to 65 years age group, which
aims to expand and make affordable access to financial services such as bank
accounts, remittances, credit, insurance and pensions. This financial inclusion
campaign was launched by the Prime Minister of India Narendra Modi on 15
August 2014. He had announced this scheme on his first Independence Day
Speech on 15 August 2014.
Run by Department of Financial Services, Ministry of Finance, under this
scheme 1.5 Crore (15 million) bank accounts were opened on inauguration day.
The Guinness Book of World
Records recognized this
achievement, stating: "The
most bank accounts opened in
one week as a part of the
financial inclusion campaign is
18,096,130 and was achieved
by the Government of India from August 23 to 29, 2014". By 27 June 2018,
over 31 crore (318 million) bank accounts were opened and over ₹792 billion
(US$12 billion) were deposited under the scheme”

HISTORY
The scheme was launched by PM Narendra Modi on 15 August 2014. Slogan of
the Scheme is "Mera Khatha, Bhagya Vidhatha (meaning "My account brings
me good fortune"). The scheme was launched after the failure of previous such
schemes including Swabhimaan. Swabhimaan was a campaign of the
Government of India which aims to bring banking services to large rural areas.
It was launched by Sonia Gandhi, the Chairperson of the United Progressive
Alliance party in the presence of Shri Pranab Mukherjee, the Union Finance
Minister and Namo Narain Meena, the Union Minister of State for Finance on
February 10, 2011.
FEATURES
 Zero Balance Account
The accounts under PMJDY will be zero balance accounts which means
account holders do not need to maintain any bank balance. Most regular bank
accounts require that a minimum balance which might vary from Rs 500 to Rs
5000 will have to be maintained in the bank account failing which a penalty
will have to be the customer. In April this year, RBI announced that banks can
no longer charge a penalty for non-maintenance of average quarterly balance,
this was after it received complaints from bank account holders that their bank

balances had disappeared over several months. Keeping this in mind, banks
have now introduced zero balance accounts under Pradhan Mantri Jan Dhan
Yojana.
 Insurance Cover of Rs 1 Lakh along with RuPay Cards
All account holders will receive a RuPay Debit Card so that they can withdraw
money from any ATM and also use it to make payments at merchant
establishments. Each RuPay Card will also insure the Card Holder with
accident insurance of upto Rs 1 Lakh from HDFC Ergo and Medical Insurance
of up to Rs 30,000 for sick account holders. This money could be used for
treatment and paying medical bills when the need arises.
 Pass Book and Cheque Books
Some Banks are issuing additional pass books and cheque books to some users
if they make an additional payment of Rs 100 to Rs 500. This is an additional
feature and can be availed by account holders only if they feel the need for it.
 Direct Benefit Transfers
Another valuable feature of Pradhan Mantri Jan Dhan Yojana is that bank
accounts which are linked to Aadhaar ID’s can avail government subsidies by
electronic transfer directly into their accounts. For Example: The government

might transfer food subsidies it provides to ration card holders directly into their
bank account.
 Overdraft / Loan
Overdraft of Rs 5000 will be provided to account holders who transact regularly
using their RuPay card and maintain a good balance in their bank accounts.
BENEFITS
1. Interest on deposit.
2. Accidental insurance cover of Rs. 1.00 lac
3. No minimum balance required.
4. The scheme provide life cover of Rs. 30,000/- payable on death of the
beneficiary, subject to fulfillment of the eligibility condition.
5. Easy Transfer of money across India
6. Beneficiaries of Government Schemes will get Direct Benefit Transfer in
these accounts.
7. After satisfactory operation of the account for 6 months, an overdraft facility
will be permitted
8. Access to Pension, insurance products.
9. The Claim under Personal Accidental Insurance under PMJDY shall be
payable if the RuPay Card holder have performed minimum one successful

financial or non-financial customer induced transaction at any Bank Branch,
Bank Mitra, ATM, POS, E-COM etc. Channel both Intra and Inter-bank i.e.
on-us (Bank Customer/RuPay card holder transacting at same Bank channels)
and off-us (Bank Customer/RuPay card holder transacting at other Bank
Channels) within 90 days prior to date of accident including accident date will
be included as eligible transactions under the RuPay Insurance Program 2016-
2017.
10.Overdraft facility upto Rs.5000/- is available in only one account per
household, preferably lady of the household.
INVESTMENT
Pradhan Mantri Jan-Dhan Yojana statistics as on 6 March 2019 (All figures in
crores)

PERFORMANCE
Due to the preparations done in the run-up, as mentioned above, on the
inauguration day, 1.5 Crore (15 million) bank accounts were opened. The Prime
Minister said on this occasion- "Let us celebrate today as the day of financial
freedom." By September 2014, 3.02 crore accounts were opened under the
scheme, amongst Public sector banks, SBI had opened 30 lakh (3 million)
accounts, followed by Punjab National Bank with 20.24 lakh (2 million)
accounts, Canara Bank 16.21 lakh (1.62 million) accounts, Central Bank of
India15.98 lakh (1.59 million) accounts and Bank of Baroda with 14.22 lakh
(1.42 million) accounts. On 20 January 2015, the scheme entered into Guinness
book of world records setting new record for 'The most bank accounts opened
in one week'.
The balance in Jan Dhan accounts rose by more than ₹270 billion (US$3.8
billion) between 9 November 2016 and 23 November 2016. 19 lakh
householders have availed the overdraft facility of ₹2.56 billion (US$36
million) by May 2016. Uttar Pradesh and West Bengal have got 29% of the total
deposits under the scheme, whereas Kerala and Goa became the first states in
the country to provide one basic bank account to every household.

The total number of account holders stood at 294.8 million, including 176.1
million account holders from rural and semi-urban branches. A total of 227
million RuPay cards have been issued by National Payments Corporation of
India (NPCI) till August 2017. The amount of deposits rose to ₹656.97 billion
(US$9.1 billion) by August 2017.
According to an analysis of various studies, "Beyond enabling account
ownership and the use of financial services, the PMJDY also facilitated
financial inclusion for a variety of demographics. While the programme has
made significant headway towards genuine financial inclusion, it is clear that
improving policy communication, widening and deepening progress in low-
income states, and ironing out the kinks in the bank-agent model will be crucial
if these hard-fought gains are to prove sustainable." At least 30 crore new
families have got Jan Dhan accounts in which almost Rs 65,000 crore have
been deposited, Prime Minister Narendra Modi said on 28 August 2017, on the
eve of third anniversary of the scheme aimed at financial inclusion.
CRITICISM
The scheme has been criticized by opposition as an effort to please voters that
has created unnecessary work-burden on the public-sector banks. It has been
claimed that the poor deserve food more than bank accounts and financial

security. Further, these accounts have not yet added considerable profits to PSU
banks. According to the experts, offers like zero balance, free insurance and
overdraft facility would result in duplication. Many individuals who already
have bank accounts may have had accounts created for themselves, lured by the
insurance covers and overdraft facilities.[20] As per the scheme, a very few
people are eligible to get the life insurance worth ₹30,000 (US$420) with a
validity of just five years. The claimed overdraft facility has been completely
left upon the banks. As per the government notice, only those people would get
the overdraft facility whose transaction record has satisfactory operations in
their account for some time.
In addition, while the Indian Government was actively attempting to promote
financial inclusion through this scheme, the Reserve Bank of India, permitted
banks to charge customers for conducting ATM transactions beyond a certain
number of times per month. This effectively prevented people from easily
accessing their own savings and discouraged them from using formal banking
channels.
It was estimated by government that huge amount of black money has been
converted into white through Jan Dhan accounts after demonetization.
However, this move was condemned by all opposition parties and even faced
backlash from people.
10 | T H A K U R C O L L E G E O F S C I E N C E A N D C O M M E R C E
DOCUMENTS
An account under this scheme can be opened by presenting an officially valid
document.
 The passport,
 The driving license,
 The Permanent Account Number (PAN) Card,
 The Voter’s ID issued by Election Commission of India,
 The Aadhaar Card;
 Any other document as notified by the Central Government in consultation with
the Regulator:
Provided that where simplified measures are applied for verifying the identity
of the clients, the following documents shall be deemed to be officially valid
documents:—
 Identity card with applicant’s Photograph issued by Central/State Government
Departments, Statutory/Regulatory Authorities, Public Sector Undertakings,
Scheduled Commercial Banks, and Public Financial Institutions;
 A letter issued by a Gazette officer, with a duly attested photograph of the
person.
 In case, there is a change in the current address, you need to submit valid
documents to transfer your account to the new address.
 Two passport size photographs are required.
 In case, a person does not have a valid residential address, he/she needs to
submit a valid identity proof issued by the government of India.
Important to note that the Reserve Bank of India (RBI) has clarified in the year
2014 that those persons who do not have any of the ‘officially valid documents’
can open “Small Accounts” with banks.
A “Small Account” can be opened by a person on the basis of a self-attested
photograph and putting his/her signatures or thumb print in the presence of
officials of the bank. For such accounts, the aggregate credits have been limited
to not more than Rs 1 lakh a year and aggregate withdrawals have been limited
to not more than Rs 10,000 in a month, and balance in the account at any point
of time should not cross Rs 50,000. The validity of these accounts is 1 year,
normally after which such accounts would be allowed to continue for a further
period of twelve more months if the account-holder provides a document
showing that he/she has applied for any of the Officially Valid Document
within 12 months of opening the small account.
TYPES
Under the Pradhan Mantri Jan Dhan Yojana, an individual can open a bank
account for free and enjoy a host of financial services offered by banks. The
PMJDY scheme is a financial inclusion scheme initiated by the government of
India to ensure that every Indian enjoy the benefits of banking products and
services.
Considering the interest of those people who can afford to open a bank account,
the PMJDY scheme introduces the concept opening a bank account without
paying any account opening fees and zero balance. Under the PMJDY scheme,
the following bank accounts can be opened.
 Zero Balance Account
 Small Account or Chota Khata Account
Any individual can open a bank account under the PMJDY scheme. Although,
the account is primarily meant for the poor and needy section of our society,
income is not a bar to open a PMJDY account.
 Zero Balance Account:
The Zero Balance account refers to the savings accounts that can be maintained
with zero balance. Also, you don’t have to pay any processing fees to maintain
this account. Every individual living in India can have Zero Balance Account
under Pradhan Mantri Jan Dhan Yojana scheme. The PMJDY scheme allows
maximum two members of a family can have Zero Balance Accounts and enjoy
all the benefits offered by it. The Zero Balance Account allows you to deposit
money, withdraw cash, receive mini statement, transfer funds, and check
balance. Also, the account holder get a chance to be financially literate.
Besides, the account provides you with a life cover of Rs. 30,000 and accidental
cover of Rs. 1 lakh. You can receive a RuPay Card with your bank account that
helps you withdraw money as and when you.
The Zero Savings account is also known BSBDA account. BSBDA stands for
Basic Savings Bank Deposit Account defined under the Reserve Bank of India
circular dated 10.8.2012. The account comes with withdrawal and deposit of
cash at ATMs and the branches of banks. You can receive and credit money by
using either electronic channels or cheques.
 Small Account or Chota Khata Account
The PMJDY scheme also offers another account called Small Account or Chota
Khata Account. This account is primarily designed for that section of people
who don’t have any relevant documents to open a bank account under the
PMJDY scheme. For such people, the scheme offers Small Accounts which can
be opened by submitting two copies of self-attested photographs. The Small
Account remains active for 12 months after which you need to submit all
required documents to keep the account in force. The account receives a
maximum deposit of Rs. 50,000 in this account. The account holder cannot
withdraw more than Rs. 10,000 per month.
RuPay PMJDY Debit Card
1. Based on the study the majority of the PMJDY accounts holders are rural
areas. So, the banks should attract more customers from urban area also.
2. From the overall findings of the study compare to public sector banks
performance private sector banks performance is very low. So the private
sector banks actively participate in PMJDY scheme.
3. Most of the people is not aware of benefits available for PMJDY account.
So the government of India and concerned authority should explain the
various benefits of having PMJDY scheme account.
4. The Government of India and RBI may open more number of financial
literacy center and
conduct more number
of financial literacy
camps for the purpose
of achieving 100%
financial inclusion.
Continuation of Pradhan Mantri Jan Dhan Yojana (PMJDY)
1. The Government has decided to continue National Mission for Financial
Inclusion PMJDY with the following modifications:
a) To continue the National Mission for Financial Inclusion (PMJDY) beyond
14.8.2018
b) Existing OD limit of Rs 5,000 to be raised to Rs 10,000
c) There will not be any conditions attached for OD up to Rs 2,000.
d) Age limit for availing OD facility to be revised from 18-60 years to 18-65
years.
e) Under the expanded coverage from “every household to every adult”, accidental
insurance cover for new RuPay card holders to be raised from Rs 1 lakh to Rs 2
lakh to new PMJDY accounts opened after 28.8.18.
2. Achievements under PMJDY:
a) Approx. 32.41 crore Jan Dhan accounts have been opened with more than Rs
81,200 crore of deposit balance.
b) 53% women Jan Dhan account holders and 59% Jan Dhan accounts are in rural
and semi urban areas. More than 83% operative Jan Dhan accounts (except
states of Assam, Meghalaya, J&K) are Aadhaar seeded, with issuance of
approx. 24.4 crore RuPay cards to these account holders.
c) More than 7.5 crore Jan Dhan accounts receiving DBTs.
d) Banking Correspondents (BCs) have been deployed in 1.26 lakh Sub Service
Areas (rural areas), each catering to 1000-1500 households. Nearly 13.16 crore
Aadhaar Enabled Payment System (AePS) transactions have taken place
through BCs during the month of July, 2018.
e) 13.98 crores subscribers under Pradhan Mantri Suraksha Bima Yojana
(PMSBY) with 19,436 claims, involving an amount of Rs. 388.72 crore settled
so far.
f) Similarly, 5.47 crore subscribers under Pradhan Mantri Jeevan Jyoti Bima
Yojana (PMJJBY) with 1.10 lakh claims, involving an amount of Rs. 2206.28
crore settled so far.
3. A pipeline has been created for the implementation of PMJDY through which
Jan Dhan accounts and mobile banking have been linked to Aadhaar (JAM).
This pipeline is not only facilitating savings, disbursal of credit, social security,
etc., but more importantly channelizing direct benefits of various government
schemes to poor people of the country through DBT. It has been decided to
continue the flagship financial inclusion program (PMJDY), with focus on
opening accounts from “every household to every adult”. The pipeline of Jan
Dhan-Aadhaar-Mobile (JAM) will continue to provide the necessary backbone
for coverage of these activities and thereby accelerating the pace of digitalized,
financially included & insured society.
ACCOUNT OPENING FORM-HINDI
ACCOUNT OPENING FORM-ENGLISH
Implementation of the scheme
The mission will be implemented in two phases, the details of which are as
follows.
Phase I - 15 August 2014 - 14 August 2015
 Universal access to banking facilities for all households across the country
through a bank branch or a fixed point Business Correspondent (BC) within a
reasonable distance.
 To cover all households with at least one basic banking account with RuPay
Debit Card with inbuilt Rs 1 lakh accident insurance cover.
 Financial literacy programme to be taken to the village level.
 Expansion of Direct Benefit Transfer under various government schemes
through bank accounts of the beneficiaries.
 Issuance of Kisan Credit Card is also proposed
Phase II - 15 August 2015 - 14 August 2018
 Providing micro-insurance to the people.
 Unorganized sector pension schemes like Swavalamban through the Business
Correspondents.
Phase III - beyond 14 August 2018
 The flagship financial inclusion program (PMJDY) will focus on opening
accounts from "every household to every adult".
 Existing Over Draft (OD) limit of Rs 5,000 to be raised to Rs 10,000.
 There will not be any conditions attached for OD upto Rs 2,000.
 Age limit for availing OD facility to be revised from 18-60 years to 18-65
years.
Under the expanded coverage from "every household to every adult", accidental
insurance cover for new RuPay card holders to be raised from Rs 1 lakh to Rs 2
lakh to new PMJDY accounts opened after 28.8.18.
One can open Jan Dhan account by just submitting 2 photos: Finance Ministry
Finance Ministry has said people who do not have officially valid documents or
Aadhaar numbers can open Jan Dhan bank accounts by submitting two copies
of signed photographs at a bank branch.
"RBI has issued guidelines dated August 26, 2014, where people who do not
have officially valid documents or Aadhaar numbers can still get bank accounts
opened by submitting two copies of signed photographs at the bank branch," an
official statement said.
However, it said these accounts will be called small accounts and shall normally
be valid for 12 months and shall be continued subject to showing of proof that
he/she has applied for any of the officially valid document within 12 months of
opening of such 'Small Account'.
These accounts have certain limitations such as balance at any point of time
should not exceed Rs 50,000, total credit in one year should not exceed Rs 1
lakh, and total withdrawal should not exceed Rs 10,000 in a month.
An existing account holder need not open another bank account to avail of
benefits under Pradhan Mantri Jan Dhan Yojana (PMJDY). The insurance
benefits are available through the RuPay Card. The existing account holders can
submit an application to the concerned branch to enable them to get a RuPay
Debit Card in order to avail of the benefits of insurance under PMJDY. Micro
credit limit of Rs 5,000 can also be extended in existing bank accounts on
application depending on the satisfactory conduct of the account.
Anybody desirous of opening an account can submit the application form to the
nearest bank branch/bank mitr for opening the account, it said. This one page
account opening form is also available on the website of the Department
www.financialservices.gov.in.
Whom to contact
 Nodal Officers
 SLBC Conveners
 Lead District Managers
 General Manager (FI)
 General Manager (IT)
 Nodal Officers of DFS for SLBC
 Nodal Officers of Banks for Aadhaar Seeding
 National Toll Free Number
 State-wise Toll Free Number
PMJDY Rules & Regulations
The PMJDY offers a life cover of Rs. 30,000 to family members, in case the
life assured dies. This benefit will be enjoyed by those subscribers who opened
their bank accounts under PMJDY Between 15th August, 2014 to 26th January,
2015. An account holder needs to fulfill the following conditions to avail this
benefit;
 The account needs to be opened within 15-08-14 to 26-01-15 and it should be
first account opened by a person.
 The account holder should belong to the age group of 18 to 59 years and he/she
should be head of the family or a source of income. If the family head is more
than 60 years old, the second earning member of the family shall be covered for
this benefit.
 The beneficiary should have a RuPay Card and Biometric Card linked to the
bank account.
 The RuPay Card should be a valid at the time of availing this benefit.
 Only a single person shall be entitled to enjoy the coverage. If a person of the
same family has multiple accounts or cards, benefits will be calculated based on
one card or account.
 The life cover offers under PMJDY will be effective for a period of 5 years
that is till the end of financial year 2019 and 2020. After this, this scheme will
be reviewed and certain terms and conditions might change.
Exit Rule of PMJDY
On the day the person reaches the age of 60, he/she will have to exit from the
scheme.
Pradhan Mantri Jan Dhan Yojana Eligibility
A person will need to fulfil certain eligibility conditions to enjoy the benefits of
PMJDY:
 Person opening bank account for the first time, in addition to the RuPay Card,
during 15 August 2014 to 26 January 2015, or any additional period that can be
extended further by the Indian government.
 The person should be between the ages of 18 and 59, and should normally be
the head of the family. The second earning person of the family will be eligible
for the plan if the head of the family is above 60 years old.
 The Bio-Metric Card and the RuPay must be linked or in the process of being
linked to the bank account.
 It can be any bank account, even a small one.
 RuPay Card must be valid and in force for effective coverage.
 Under the Bima Scheme, only one person will be covered in the family. If a
person has multiple accounts/cards, only one card will enjoy the benefits.
 Under this scheme, Rs.30, 000 life cover will be provided initially for a 5-year
period till the close of FY2019-2020.
Who is not eligible for PMJDY Life Cover?
State and Central government employees and their dependents/families.
 Existing and retired employees of Public Sector Undertakings, Public Sector
Banks, Central Government and State Government or any entity owned jointly
by Central Government and State Government are not eligible. Besides, the
family members of the aforesaid employees are also not eligible for the same.
 A person who pays income tax and his/her income is taxable under the Indian
Income Tax Act, 1961 is not eligible. The family members of an income tax
payee is also not allowed.
 Individuals who are already covered by the Aam Aadmi Bima Yojana and their
family members are also not allowed. Otherwise, they can choose between two
schemes and enjoy benefits from any of the schemes.
 All individuals who fail to meet the eligibility criteria set by the PMJDY.
 Under this scheme, the select nominee of the account holder or life assured
would receive death benefits of Rs. 30,000/ due to unfortunate caused to the
account holder.
 An account holder will have to exist the scheme when she/he reaches the age of
60 years.
Claim Settlement Procedure under PMJDY
As per the claim settlement procedure set by the PMJDY, a person needs to
adhere to the following norms:
 An amount of Rs.30, 000 is payable to the account holder following the death
of the account holder. The amount will be paid to persons falling in the age
group of 18 to 60 years.
 The Nodal branch or district branch of the concerned bank will collect the claim
papers and submit them to the Pension and Group Scheme Unit of LIC for
processing it further.
 The claim will be paid to the nominee listed in the bank account.
 The nominee will receive the claim in his/her bank account directly through
NEFT or APBS.
About PMJDY Application Form
The following details you need to include in the application form of PMJDY:
 The first section of the application form would contain your personal details
such as your name, state, village/town and the name of the branch.
 The second part of the application form would include your full name, date of
birth, occupation, contact numbers, your MNREGA job card number, Aadhaar
Card number, father’s name, marital status, annual income etc.
 It will also include the details of your assets and the number of dependents you
have and whether you want a RuPay Card or not.
 You also need to include your nominee details in the application form wherein
you need to include the name of the nominee, relationship with your nominee,
date of birth and person authorized to receive the amount on behalf of the
nominees.
 Also, a recent photograph of yours, not older than six months should be
attached with the application form.
 There is also column for self-declaration by the applicant.
Downloading PMJDY Application Form
Aware of the fact that a good section of the population does not even have a
bank account, the Modi-led government introduced the Pradhan Mantri Jan
Dhan Yojana financial scheme to aid citizens that are below the poverty line.
Once the application is submitted and approved, the citizens are given a RuPay
debit card, ensuring their involvement in the financial system. The Jan Dhan
Yojana Bank Accounts come with a variety of government benefits, apart from
the fact that it is a zero balance savings account. For those who are interested in
getting a Jan Dhan account, follow the steps of how to download the form and
fill it to apply for a Jan Dhan account at a bank of their choice:
 For those who want to download the form in English or Hindi, visit this page -
http://pmjandhanyojana.co.in/download-account-opening-form-hindi-english/
 Once you have got the application for a Jan Dhan account, fill in the required
personal details that will be stated against your bank account in the future:
o Name of the account holder
o Address of the account holder
o Occupation
o Annual income of the account holder
o Existing bank accounts of any family members (optional)
o Kisan credit card number (optional)
 The next step is to mention the name of the bank that you wish to open your
account with. Example: State Bank of India, Punjab National Bank, etc. While
doing so, mention the IFSC code of the bank.
 With regard to the bank that you have chosen to open your Jan Dhan account
with, fill in the following details:
o Name of the bank
o Village or town of the bank branch
o Sub district/ block name of the bank branch
o District it falls under
o State the bank branch is situated in
o SSA code/ward number
o Village code or town code
 Tick on the option of receiving a RuPay card when the bank account has been
opened.
 Along with the application, the subscriber has to submit the following
documents for address and identification proof:
o PAN card
o Voter’s ID card
o Ration card
o Aadhaar card
o Any government ID proof
o Electricity bill (For address proof)
o Water bill (For address proof)
o Gas connection bill (For address proof)
 Once you have successfully used the account for a period of 6 months, one is
eligible for an overdraft amount of Rs.5000 from the government.
List of banks offering Pradhan Mantri Jan Dhan Yojana
There are various public and private sector banks in India that provide the
Pradhan Mantri Jan Dhan Yojana scheme. Listed below are the names of public
and private sector banks offering the PMJDY scheme:
Private sector banks offering PMJDY
 HDFC Bank Ltd
 ICICI Bank Ltd
 YES Bank Ltd
 Karnataka Bank Ltd
 Kotak Mahindra Bank Ltd
 Axis Bank Ltd
 Dhanlaxmi Bank Ltd
 Federal Bank Ltd
 IndusInd Bank Ltd
 ING Vysya Bank Ltd
Public sector banks offering PMJDY
 Andhra Bank
 Bank of Baroda (BoB)
 Bank of India (BOI)
 Allahabad Bank
 Vijaya Bank
 Central Bank of India
 IDBI Bank
 Syndicate Bank
 Punjab National Bank (PNB)
 Union Bank of India
 Indian Bank
 Corporation Bank
 Bank Of Maharashtra
 Canara Bank
 Oriental Bank of Commerce
 Punjab & Sind Bank
 Bhartiya Mahila Bank
 Dena Bank
 State Bank of India (SBI) and all its 5 affiliated banks which include – State
Bank of Hyderabad, State Bank of Mysore, State Bank of Bikaner & Jaipur,
State Bank of Travancore and State Bank of Patiala.
Under this scheme, opening a bank account has become very easy. The
government of India has allowed these private and public banks to conduct
special camps on Saturdays from 8 am to 8pm to help people open bank
accounts under PMJDY Scheme.
Toll-free Numbers
For those citizens having queries regarding the Pradhan Jan Dhan Yojana
scheme, or have doubts related to the processes of the scheme, the government
has set up dedicated toll-free numbers to clear all doubts. The toll-free numbers
are -1800 110011
Awareness towards Pradhan Mantri Jan Dhan Yojana
Government has focused well on awareness issue of PMJDY. Government has
proposed a common fund for publicity activities. There is a structured 3-tier
scheme for publicity of scheme dealing at center level, state level and district
level. Authorities have issued special instruction are for using publicity material
in local language. 180 out of 210 (86%) respondent have heard of PMJDY, but
information available is very primary in nature. Most of the respondents were
not aware of using debit card and insurance scheme. More than 70 %
respondent still doesn’t have bank account.
Reason of Non-Usage/Access of Banking Product
One of the main reasons for not using banking facilities is that people don’t
have money to deposit. Most of the respondents are daily laborer who only earn
for fulfilling their daily needs.
Illiteracy is also found main hurdle to approach banks. Timing of banks is also
not suitable for villagers as they are engaged in work during banks working
hours.
Measurement of Effectiveness of Financial Literacy Program
In order to reach under reached section of society special focus is given on
financial literacy program. Financial literacy centers have been setup to
promote awareness towards banking product. Different platforms like seminars,
lectures, choupal meeting and personal meetings are used by different
authorities to improve level of awareness among citizen of country. But sample
study reveals that on ground these programs do not have significant impact as
nearly all respondents confirmed that there was not financial literacy program
conducted in recent in their 11 village. Government should take ensure proper
implementation of such program by having proper monitoring systems.
Key Barriers to Financial Inclusion
There are many hurdles on the path of financial inclusion. Strong will power
and efficient institutional setup is the need of hour to fulfill the objective.
Following are the different challenges and barriers to achieve financial
inclusion:
1) Human Barriers: One of the biggest hurdles of the road to achieve financial
inclusion is lack of financial literacy. People are still not aware of less interest
rate on credit given by banks, use of debit card and online transitions. Until
people are made aware of financial literacy, instead of helping poor’s, financial
inclusion may put them in more trouble. Lack of proper identity card and poor
financial status are also main reasons that avoid people to attract towards
banking system.
2) Institutional Barriers: There are many public private ventures along with
different ministries which are working in the field of financial inclusion, but
due to lack of proper coordination outcome of such programs is not significant.
There is conflict among goals of different organizations. Inadequate framework
on rules and regulations is also a major challenge which needs to be handled.
There is also need to expand number of bank branches in order to reach the left
out people.
3) Telecom connectivity: In India still 55000 villages (nearly 10%) are not
connected with telecom connectivity. It is nearly impossible to provide banking
facilities in these area. Most of the left out part are of Himachal Pradesh,
Jammu and Kashmir and 82 LWE (Left Wing Extremism). Due to demographic
constraints it will take long time to ensure connectivity in such areas.
4) Issue of keeping accounts functional: This is a great challenge to ensure
proper functioning of accounts. It takes a lot of effort to convince and open a
bank account of new customer, but if the account becomes dead means no
transition takes place then there is no outcome of the project. Until people feel
the importance of saving and banking product it is very difficult to keep
accounts live.
OTHER PROGRAMMES UNDER PMJDY:
1. Pradhan Mantri MUDRA Yojana (PMMY)
Pradhan Mantri MUDRA Yojana (PMMY) is a scheme launched by the
Hon’ble Prime Minister on April 8, 2015 for providing loans upto 10 lakh to the
non-corporate, non-farm small/micro enterprises. These loans are classified as
MUDRA loans under PMMY. These loans are given by Commercial Banks,
RRBs, Small Finance Banks, Cooperative Banks, MFIs and NBFCs. The
borrower can approach any of the lending institutions mentioned above or can
apply online through this portal. Under the aegis of PMMY, MUDRA has
created three products namely 'Shishu', 'Kishore' and 'Tarun' to signify the stage
of growth / development and funding needs of the beneficiary micro unit /
entrepreneur and also provide a reference point for the next phase of graduation
/ growth.
1. FINANCIAL YEAR: 2015-2016
NO. OF PMMY LOANS SANCTIONED: 34880924
AMOUNT SANCTIONED: RS 137449.27 CRORE
AMOUNT DISBURSED: RS 132954.73 CRORE
NO. OF PMMY LOANS SANCTIONED: 54127092 *
AMOUNT SANCTIONED: RS 282594.30 CRORE *
AMOUNT DISBURSED: RS 273748.57 CRORE *
*provisional data
2. JAN-SURAKSHA
Pradhan Mantri Suraksha Bima Yojana is a government-backed accident
insurance scheme in India. It was originally mentioned in the 2015 Budget
speech by Finance Minister Arun Jaitley in February 2015. It was formally
launched by Prime Minister Narendra Modi on 8 May in Kolkata. As of May
2016, only 20% of India's population has any kind of insurance, this scheme
aims to increase the number.
3. DIGITAL INDIA
The Digital India programme is a flagship programme of the Government of
India with a vision to transform India into a digitally empowered society and
knowledge economy.
E-governance initiatives in India took a broader dimension in the mid-1990s for
wider sectoral applications with emphasis on citizen-centric services. The major
ICT initiatives of the Government included, inter alia, some major projects such
as railway computerization, land record computerization, etc. which focused
mainly on the development of information systems. Later on, many states started
ambitious individual e-governance projects aimed at providing electronic
services to citizens.
Though these e-governance projects were citizen-centric, they could make less
than the desired impact due to their limited features. The isolated and less
interactive systems revealed major gaps that were thwarting the successful
adoption of e-governance along the entire spectrum of governance. They clearly
pointed towards the need for a more comprehensive planning and implementation
for the infrastructure required to be put in place, interoperability issues to be
addressed, etc. to establish a more connected government.
Digital India is a campaign launched by the Government of India to ensure the
Government's services are made available to citizens electronically by improved
online infrastructure and by increasing Internet connectivity or by making the
country digitally empowered in the field of technology. The initiative includes
plans to connect rural areas with high-speed internet networks. Digital India
consists of three core components: the development of secure and stable digital
infrastructure, delivering government services digitally, and universal digital
literacy.
Launched on 1 July 2015 by Indian Prime Minister Narendra Modi, it is both
enabler and beneficiary of other key Government of India schemes, such as
BharatNet, Make in India, Startup India and Standup India, industrial corridors,
Bharatmala, Sagarmala, dedicated freight corridors, UDAN-RCS and E-Kranti.
As of 31 December 2018, India had a population of 130 crore people (1.3 billion),
123 crore (1.23 billion) Aadhaar digital biometric identity cards, 121 crore (1.21
billion) mobile phones, 44.6 crore (446 million) smartphones, 56 crore (560
million) internet users up from 481 million people (35% of the country's total
population) in December 2017, and 51 per cent growth in e-commerce.
4. MAKE IN INDIA
Make in India, a type of Swadeshi movement covering 25 sectors of the
economy, was launched by the Government of India on 25 September 2014 to
encourage companies to manufacture their products in India and enthuse with
dedicated investments into manufacturing. As a strategy it is the road map to
respond to glocal (global + local) challenges through preparations for a World
class manufacturing status & knowledge infrastructure that should create further
knowledge for stepping on to global competitiveness. After the launch, India
received investment commitments worth ₹16.40 lakh crore (US$230 billion)
and investment inquiries worth ₹1.5 lakh crore (US$21 billion) between
September 2014 to February 2016. As a result, India emerged as the top
destination globally in 2015 for foreign direct investment (FDI), surpassing the
USA and China, with US$60.1 billion FDI. As per the current policy, 100%
Foreign Direct Investment (FDI) is permitted in all 25 sectors, except for Space
industry (74%), defense industry (49%) and Media of India (26%). Japan and
India had also announced a US$12 billion "Japan-India Make-in-India Special
Finance Facility" fund to push investment. In line with the Make in India,
individual states too launched their own local initiatives, such as "Make in
Odisha", Vibrant Gujarat, "Happening Haryana" and "Magnetic Maharashtra".
India received US $60 billion FDI in FY 2016-17. The World Bank latest
'Doing Business Report'(DBR, 2019) acknowledges India's jump of 23
positions against its rank of 100 in 2017 to be placed now at 77th rank among
190 countries. By the end of 2017, India had risen 42 places on Ease of doing
business index, 32 places World Economic Forum's Global Competitiveness
Index, and 19 notches in the Logistics Performance Index., thanks to recent
governmental initiatives, which include converges, synergies and enables other
important Government of India schemes, such as Bharatmala, Sagarmala,
Dedicated Freight Corridors, Industrial corridors, UDAN-RCS, Bharat
Broadband Network, Digital India.
CHAPTER TWO
REVIEW OF LITERATURE
1. Bharati Pajari (2016), “Pradhan Mantri Jan Dhan Yojana (PMJDY): A Major
step towards Financial Inclusion in India”. The author suggested that life
insurance cover, accidental cover and credit facilities should be given to all
account holders without any exclusion and to conduct more number of financial
literacy center.
2. Unnamalai.T (2015) has published an article entitled “Role of Indian Bank’s in
financial inclusion policy through Pradhan Mantri Jan Dhan Yojana (PMJDY)”.
The researcher find out in their study the public sector banks are the leader in
opening an account, account balance maintained with them, issue of RuPay
debit cards, etc., He also suggests that the government of India can open a
number of branches for regional rural banks and may give permission for the
private sector banks for opening branches.
3. Paramasivan and Kamaraj (2015) have published an article entitled
“Commercial Bank’s performance on Pradhan Mantri Jan Dhan Yojana”. The
authors concluded that the PMJDY scheme has created an impressive results in
the banking sector with regard to eradicate of financial untouchability in the
country.
4. Gitte Madhukar R. (2015) has published an article “Pradhan Mantri Jan Dhan
Yojana: A National Mission on Financial Inclusion in India”. The authors
revealed that the PMJDY programme is in true sense one of the poverty
alleviation programmes. Crores of poor people in India are still outside the
organized financial system, despite the nationalization of commercial banks
long ago in 1969. Hence, this is the mission to eradicate poverty through the
financial inclusion programme. The poor and the underprivileged people in
rural, semi-urban and urban areas are expected to get all the benefits such as
financial inclusion, financial stability and financial freedom through the
PMJDY.
5. Shetty and Deokar (2014) jointly published in their findings that “Pradhan
Mantri Jan Dhan Yojana” is not a new programme but there were various
programmes initiated by RBI and Ministry of Finance, but due to lack of co-
ordination among people, government and RBI, the objectives of all those
programme have not been achieved till now. It concludes that formulation of
programme is not sufficient for conversion of dreams into reality, but this
requires effective and transparent implementation of that programme at the
ground level with the co-ordination of government, bank and the general public.
CHAPTER THREE
OBJECTIVE OF THE STUDY
 The core objective of the study is to examine the PMJDY
 To measure whether the six main objectives of PMJDY are fulfilled or not:
 Universal access to banking facilities
 Banking a/c with RuPay debit card with provision of overdraft facility
 Financial literacy programme
 Creation of credit guarantee fund
 Micro finance
 Timeline for PMJDY (Phase I & Phase II)
 To measure awareness towards PMJDY
 To find out the reason of non-usage/access of banking products
 To measure effectiveness of financial literacy
 To know the views of people having adopted this scheme and its impact on
their lives
 To know the views of people-are they benefited with this scheme or not
CHAPTER FOUR
SCOPE
The scope of the study is wider and hence, it is limited with selected
respondents following different occupations who have bank accounts under
PMJDY.
LIMITATION OF THE STUDY
Despite its valuable findings and implications, this study contains some
limitations due to time constraints, the research could not be made extensively.
The study is limited to 60 people from different location from different banks
SAMPLE PLAN
 Sampling Unit: People who have Bank account under PMJDY
 Sampling Method: Random Sampling
 Sample Size: 60
SOURCES OF DATA COLLECTION
All the data required for this research work is obtained from primary and
secondary sources. Primary data is collected from Interview and mainly
structured questionnaire has been used as a primary instrument. Secondary data
is collected from Central Government official website.
CHAPTER FIVE
DATA COLLECTION AND ANALYSIS
The data was collected through questionnaire. The collected data was not easily
understandable, so we would like to analyze the collected data in a systematic
manner and interpreted in simple method.
The analysis and interpretation of the data involves the analyzing of the
collected data and represented with pictorial representation such as bar charts,
pie charts, and others.
1. Gender:
 Male
 Female
Gender Of Respondents
42%
58% Male Female
Out of the 60 respondents, 58% were female whereas 42% were male.
2. Age:
 20-30
 31-40
 41-50
 Above 50
67% of the respondents fall under the age group of 20 – 30 years of age
whereas 17%, 10% and 7% of respondents fall under the category of 31 – 40
years, 41 – 50 years and Above 50 years respectively.
3. Occupation:
 Student
 Service
 Business
 Homemaker
56% of the respondents are students, 22% are in business, and 15% are into service
whereas 7% are homemaker.
4. Monthly Income:
 Less than Rs 20,000
 Rs 21,000-35,000
 Rs 36,000-50,000
 Above 50,000
57% of the respondents have a monthly income less than Rs 20,000, 13% earn
between Rs 21,000-35000, 13% earn from Rs 36,000-50,000 and 17% earn
more than Rs 50,000.
5. Do you have a bank account under PMJDY?
 Yes
 No
56% of the
respondents have
bank account under PMJDY, whereas, 44% do not have bank account under
PMJDY.
6. Are you aware about the Government Financial Inclusion Plans: PMJDY
 Fully
aware
 Somewhat
aware
 Not aware
at all
7. From which mode of communication do you know about PMJDY?
 Banks/ Financial Institutions
 Media/ Advertisements
 Friends and Relatives
23% of the respondents came to know about PMJDY through their
Banks or Financial Institutions, 62% came to know about it through
Media and Advertisements, and 15% came to know through their
Friends and Relatives.
8. Would you like to learn more about Banking Transactions?
 Yes
 No
75% of the respondents would like to know more about the Banking
Transactions whereas 25% would not like to know about the same.
9. Which Banking services do you use the most?
 Deposits
 ATM
 Fund Transfer
 Online Banking
 Loan
 Others
12 % of the respondents prefer bank deposits whereas 30% of the respondents
use the service of ATM, 12% use Fund transfer, 30% use Online Banking, 5%
use Loan facilities whereas 11% use others.
10.Are you satisfied by the PMJDY scheme?
 Highly satisfied
 Satisfied
 Neutral
 Not satisfied
10% of the respondents are highly satisfied by the PMJDY scheme, whereas
43% of the respondents are satisfied, 44% are neutral about the PMJDY scheme
and 3 % are not satisfied.
11.Are you aware of the
other plans under
PMJDY?
 Fully aware
 Somewhat
aware
 Not at all
16% of the
respondents are fully aware about the other plans under PMJDY
schemes, 66% are somewhat aware and 18% are not aware at all about
the other plans under PMJDY scheme.
12.Do you have RuPay card?
 Yes
 No
33% of the respondents have a RuPay card, whereas 67% of the respondents do
not have a RuPay card.
13.After knowing about the other plans under PMJDY scheme, would you like
to invest?
 Yes
 No
69% of the respondents would like to invest in the other plans under
PMJDY scheme, whereas 31 % would not like to invest in the same.
14.Do you feel PMJDY is needed for growth?
 Yes
 Maybe
 No
26% of the respondents feel that PMJDY is needed for growth, whereas 66%
feel that PMJDY might be needed for growth and 8% feel PMJDY is not
needed for growth.
CHAPTER SIX
FINDINGS
1. Majority of the PMJDY accounts were opened in rural areas.
2. During the study period, majority of the PMJDY account holders were open
their bank account with public sector banks followed by RRB and private sector
banks.
3. During the study period majority of the RuPay card issued by public sector
banks followed by RRB and private sector banks.
4. During the study period highest amount of PMJDY account balance maintained
with Public sector followed by Regional Rural Banks and Private sector Banks.
5. During the study period the huge number of RuPay debit card issued by public
sector banks followed by Regional Rural Banks and private sector banks.
6. Annual growth rate of No of RuPay debit card issued by banks and amount of
PMJDY account balance maintained by banks is increased trend. But the No of
zero balance account opened is decreased during the year 2017, but it is
increased during the year 2018.
CHAPTER SEVEN
CONCLUSION
After conducting this study, it can be concluded in the end that PMJDY is a
good initiative started by the Government, though there are a lot of things
needed to be done. Indian Government is taking many initiatives to increase the
Financial Inclusion in India and PMJDY is such an initiative which link the
poor or weaker section of the society to the banks or Formal source of finance
and will uplift the poor people from poverty and decrease the inequality in
society. Poor people will come up from the mare of money lenders and on the
whole, it will give the favorable push to the growth of Indian economy. It also
generated awareness about different banking services through its training
centers located in each region.
RECOMMENDATION
1. Based on the study the majority of the PMJDY accounts holders are rural areas.
So, the banks should attract more customers from urban area also.
2. From the overall findings of the study compare to public sector banks
performance private sector banks performance is very low. So the private sector
banks actively participate in PMJDY scheme.
 Most of the people is not aware of benefits available for PMJDY account. So
the government of India and concerned authority should explain the various
benefits of having PMJDY scheme account.
 The Government of India and RBI may open more number of financial literacy
center and conduct more number of financial literacy camps for the purpose of
achieving 100% financial inclusion.
CHAPTER EIGHT
BIBLIOGRAPHY
1. Unnamalai, S.W. (2015), “Role of Indian banks in Financial Inclusion Policy
through Pradhan Mantri Jan Dhan Yojana (PMJDY)”, Sai Om Journal of
Commerce & Management, Vol 2, Issue 12, December 2015.
2. Paramasivan. C and kamaraj, R. (2015), “Commercial Bank’s Performance on
Pradhan Mantri Jan Dhan Yojana”, International Journal of Scientific Research
and Education, Vol 3, Issue 6, June 2015, pp.3395-3603.
3. Bharati Pajari., (2016), “Pradhan Mantri Jan Dhan Yojana (PMJDY): A Major
Step towards Financial Inclusion in India”, International Journal of
Management Research and Business strategy, Vol 5, No 2, April 2016.
4. Somani And Bhavana Nahar (2015), “Pradhan Mantri Jan Dhan Yojana:
Financial Inclusion”, Journal of Commerce & Trade, Vol 10, Issue 2, October
2015, pp.34-39.
5. Sudhinder Singh Chowhan. And Pande. (2014), “Pradhan Mantri Jan Dhan
Yojana: A Giant leap towards Financial Inclusion”, International Journal of
Research in Management & Business Studies. Vol 1, Issue 4, (Oct-Dec 2014).
6. Rajanikanta Khuntia, (2014), “Pradhan Mantri Jan Dhan Yojana (PMJDY) : A
New Drive towards Financial Inclusion in India”, Zenith International Journal
of Business Economics and Management Research, Vol 4, Issue 11, (November
2014) pp.10-20.
7. Jyoti Verma and Jaspreet Kaur, (2016), “A Study on Impact of Financial
Inclusion with Special Reference to Pradhan Mantri Jan Dhan Yojana
(PMJDY)”, International Journal of Research, Vol 8, Issue 9, March 2016.
8. Ahmed Hussain, “Pradhan Mantri Jan Dhan Yojana : The Most Intensive
Financial Inclusion Scheme in India”, International Journal of Core Engineering
& management, Vol 2, Issue 3, June 2015, pp.254 to 266
9. Mini Goyal and Maninder Khera, “Pradhan Mantri Jan Dhan Yojana: A Step
towards Financial Inclusion”, Pacific Business Review International, Vol 8,
Issue 9, March 2016.
10. Vinit Kumar, “Pradhan Mantri Jan Dhan (PMJDY): Financial Inclusion and
inclusive growth in India”, International Journal of Scientific & Innovative
Research Studies, Vol 3, Issue 3, March 2015, pp.19 to 24.
11. www.pmjdy.gov.in
12. www.pmjdy.gov.in/pdf/_Brochure_Eng_pdf
13. http://www.pmjdy.gov.in/scheme_detail.aspx
ANNEXURES
ANNEXURE
A survey on Customer Satisfaction in Banking with reference to PRADHAN
MANTRI JAN DHAN YOJANA.
This questionnaire is administered to find out your awareness with regard to the
Pradhan Mantri Jan Dhan Yojana and its other schemes. The government is
grateful to you for availing its services and through this survey, we intend to
serve you better by improving the way we cater to your banking needs.
TO
The Respondent,
Thank you very much for participating in this survey. This survey is being
conducted as a part of T.Y.B.Com (Banking & Insurance), Semester-VI
primary research to be submitted to The University of Mumbai. The result will
be used only for research purpose. Your valuable inputs will throw light on
Customer Satisfaction in Indian Banks that is not part of your job description
yet is very important for organization’s success. Your frank response will also
let me know how empowered you feel in the organization and its impact on
such behavior. Thank You again for your valuable inputs and time for the
research.
Regards
Jenseen Sawhney
QUESTIONNAIRE
1. Name:_______________
2. Gender:
 Male
 Female
3. Age:
 20-30
 31-40
 41-50
 Above 50
4. Monthly Income:
 Less than Rs 20,000
 Rs 21,000-35,000
 Rs 36,000-50000
 Above 50000
5 .Do you have a bank account under PMJDY?
 Yes
 No
6. Are you aware about the Government Financial Inclusion Plans: PMJDY?
 Fully aware
 Somewhat aware
 Not aware at all
7. From which mode of communication do you know about PMJDY?
 Banks/ Financial Institutions
 Media/ Advertisements
 Friends and Relatives
8. Would you like to learn more about Banking Transactions?
 Yes
 No
9. Which Banking Services do you use the most?
 Deposits
 ATM
 Fund Transfer
 Online Banking
 Loan
 Others
10.Are you satisfied by the PMJDY scheme?
 Highly satisfied
 Satisfied
 Neutral
 Not satisfied
11.Are you aware of the other plans under PMJDY scheme?
 Fully aware
 Somewhat aware
 Not aware at all
12.Do you have a RuPay Card?
 Yes
 No
13.After knowing about the other plans under PMJDY scheme, would you like to
invest?
 Yes
 No
14.Do you feel PMJDY is needed for growth?
 Yes
 Maybe
 No.
Thankyou.

Print 2

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Print 2

Uploaded by

Copyright:

Available Formats

A STUDY ON PRADHAN MANTRI JAN DHAN YOJANA

1|THAKUR COLLEGE OF SCIENCE AND COMMERCE

2|THAKUR COLLEGE OF SCIENCE AND COMMERCE

Pradhan Mantri Jan Dhan Yojana (PMJDY), is financial inclusion program

of Government of India which is applicable to 18 to 65 years age group, which

accounts, remittances, credit, insurance and pensions. This financial inclusion

campaign was launched by the Prime Minister of India Narendra Modi on 15

Speech on 15 August 2014.

Run by Department of Financial Services, Ministry of Finance, under this

The Guinness Book of World

Records recognized this

achievement, stating: "The

most bank accounts opened in

one week as a part of the

financial inclusion campaign is

18,096,130 and was achieved

by the Government of India from August 23 to 29, 2014". By 27 June 2018,

(US$12 billion) were deposited under the scheme”

3|THAKUR COLLEGE OF SCIENCE AND COMMERCE

The scheme was launched by PM Narendra Modi on 15 August 2014. Slogan of

schemes including Swabhimaan. Swabhimaan was a campaign of the

It was launched by Sonia Gandhi, the Chairperson of the United Progressive

February 10, 2011.

 Zero Balance Account

no longer charge a penalty for non-maintenance of average quarterly balance,

4|THAKUR COLLEGE OF SCIENCE AND COMMERCE

 Insurance Cover of Rs 1 Lakh along with RuPay Cards

treatment and paying medical bills when the need arises.

 Pass Book and Cheque Books

if they make an additional payment of Rs 100 to Rs 500. This is an additional

 Direct Benefit Transfers

5|THAKUR COLLEGE OF SCIENCE AND COMMERCE

Overdraft of Rs 5000 will be provided to account holders who transact regularly

2. Accidental insurance cover of Rs. 1.00 lac

3. No minimum balance required.

beneficiary, subject to fulfillment of the eligibility condition.

5. Easy Transfer of money across India

6. Beneficiaries of Government Schemes will get Direct Benefit Transfer in

7. After satisfactory operation of the account for 6 months, an overdraft facility

8. Access to Pension, insurance products.

9. The Claim under Personal Accidental Insurance under PMJDY shall be

6|THAKUR COLLEGE OF SCIENCE AND COMMERCE

on-us (Bank Customer/RuPay card holder transacting at same Bank channels)

and off-us (Bank Customer/RuPay card holder transacting at other Bank

be included as eligible transactions under the RuPay Insurance Program 2016-

10.Overdraft facility upto Rs.5000/- is available in only one account per

household, preferably lady of the household.

Pradhan Mantri Jan-Dhan Yojana statistics as on 6 March 2019 (All figures in

7|THAKUR COLLEGE OF SCIENCE AND COMMERCE

Due to the preparations done in the run-up, as mentioned above, on the

accounts, followed by Punjab National Bank with 20.24 lakh (2 million)

billion) between 9 November 2016 and 23 November 2016. 19 lakh

householders have availed the overdraft facility of ₹2.56 billion (US$36

the country to provide one basic bank account to every household.

8|THAKUR COLLEGE OF SCIENCE AND COMMERCE

million RuPay cards have been issued by National Payments Corporation of

(US$9.1 billion) by August 2017.

According to an analysis of various studies, "Beyond enabling account

financial inclusion for a variety of demographics. While the programme has

made significant headway towards genuine financial inclusion, it is clear that

improving policy communication, widening and deepening progress in low-

if these hard-fought gains are to prove sustainable." At least 30 crore new

eve of third anniversary of the scheme aimed at financial inclusion.