52.81 crore PM Jan-Dhan accounts have deposit balance of over US$ 27.51 billion (Rs. 2.30 lakh crore)

In a significant milestone, deposits under the Pradhan Mantri Jan Dhan Yojana (PMJDY) have reached US$ 27.51 billion (Rs. 2,30,792 crore) across 52.81 crore Jan Dhan accounts. The government initiated the National Mission for Financial Inclusion (NMFI), namely PMJDY, in August 2014 to provide universal banking services for every unbanked household, guided by principles of banking the unbanked, securing the unsecured, funding the unfunded, and serving unserved and underserved areas. Union Minister of State for Finance, Mr. Pankaj Chaudhary, stated in Lok Sabha that 55.6% of the total Jan Dhan accounts are held by women, with US$ 350.14 billion (Rs. 29.37 crore) deposited in these accounts. Additionally, about 66.6% or 35.15 crore of PMJDY accounts have been opened in rural and semi-urban areas.

The minister highlighted the launch of various social security schemes, such as Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), and Atal Pension Yojana (APY). As of July 19, 2024, there have been 20.48 crore cumulative enrolments under PMJJBY, providing life insurance cover of US$ 2,384.30 (Rs. 2 lakhs) for death due to any reason. Additionally, 45.08 crore cumulative enrolments have been made under PMSBY, offering 1-year accidental cover of US$ 2,384.30 (Rs. 2 lakhs) (death or permanent total disability) and US$ 1,192.15 (Rs. 1 lakh) (permanent partial disability). Under APY, 6.71 crore cumulative enrolments have been made to provide monthly pensions to eligible subscribers. He further mentioned that the government has launched various credit-linked schemes to promote entrepreneurship. As of July 12, 2024, about 48.92 crore cumulative loans amounting to US$ 356.82 billion (Rs. 29.93 lakh crore) have been sanctioned under the PMMY to provide collateral-free institutional finance to micro/small business units up to US$ 11,921.51 (Rs. 10 lakh) for income-generating activities. Under the Stand-Up India Scheme (SUPI), 2.36 lakh cumulative loans amounting to US$ 6.39 billion (Rs. 53,609 crore) (as of July 15, 2024) have been sanctioned to Scheduled Caste / Scheduled Tribe and women entrepreneurs for setting up greenfield projects.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.