About 30 crore accounts opened under PMJDY, dormant accounts less than 20%: Jaitley

Union Finance Minister Arun Jaitley today said that with the launch of the Pradhan Mantri Jan Dhan Yojana (PMJDY) Scheme in August 2014, the Government ha brought the policy of financial inclusion to centrestage.
Delivering the keynote address at the Conclave on Finance Inclusion organized by United Nations (UN) in India, Mr Jaitley said this was one area where the public sector banks (PSBs) did better than others.
When the PMJDY was launched in August 2014, only 58% people had bank accounts and 42% were outside the banking network. At present, the total number of bank accounts opened under the scheme was more than 30 crore. The number of zero balance accounts under PMJDY has declined from 76.81% in September 2014 to less than 20% as of now. More than 22 crore RuPay cards have also been issued to the account holders along with an overdraft facility of Rs 5000, he added.
In addition to financial inclusion, the Government has taken steps to provide security to the poor with life insurance under the Pradhan Mantra Jeevan Jyoti Bima Yojana (PMJJBY) and accident insurance through Pradhan Mantra Suraksha Bima Yojana (PMSBY). As on August 7, 2017, total enrollment was 3.46 crore under the PMJJBY and 10.96 crore under PMSBY. In both schemes, close to 40 percent of those enrolled were women, the Minister added.
About the results of demonetization, Mr Jaitley said it has helped in reducing the volume of cash transactions and increase in digitisation, widening of the tax base and more formalization of the economy among others. Post demonetization, there is an emphasis to reduce the overall quantum of cash in the economy, he added.
As regards Aadhaar, he said it has been “an important leap forward for the country as now we are beginning to understand its full potential”. Now, 92% of our people have Aadhaar cards. He expressed confidence that Aadhaar legislation will stand the test of constitutionality.
“Aadhaar has helped in targeting the subsidies which, in turn, helped in avoiding wastage of resources. After implementation of Aadhaar system, such Government support/subsidy is confined to the vulnerable and those who are entitled for the same. Since this financial assistance goes directly into the bank accounts of the deserving people, it has, in turn, helped in more operationalization of PMJDY bank accounts and thereby reducing drastically the number of dormant/non-operational accounts,” he added.
Mr Jaitley said the Government has succeeded in the last three years in bringing financial inclusion on the centrestage of its political and economic agenda and in times to come, the policy makers will have to follow this direction only and will not be able to reverse this trend.


Post new comment

The content of this field is kept private and will not be shown publicly.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Allowed HTML tags: <a> <em> <strong> <cite> <code> <ul> <ol> <li> <dl> <dt> <dd> <canvas>
  • Lines and paragraphs break automatically.

More information about formatting options

© Copyright 2012 NetIndian. All rights reserved. Republication or redistribution of NetIndian content, including by framing or similar means, is expressly prohibited without the prior written consent of NetIndian Media Corporation. Write to info[AT]netindian[DOT]in for permission to use content. Read detailed Terms of Use.