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Pradhan Mantri Jan Dhan Yojana

The Pradhan Mantri Jan Dhan Yojana (PMJDY) is the NDA government's premier financial inclusion scheme. Under the PMJDY, the government aims to provide basic financial services such as bank accounts and debit cards to all the citizens of India. Introduced to further the National Mission for Financial Inclusion, the PMJDY is meant to be the launch vehicle of economic streamlining and will provide the masses access to a host of financial services including bank deposit accounts, credit, and even insurance. The PMJDY was launched by the NDA government with the motto - "Mera Khata - Bhagya Vidhaata". Securing subsidies, overdraft facilities, and pension schemes for the poorer sections of Indian society are listed among the long term goals of the scheme. The aim is to cover 7.5 crore households (15 crore bank accounts) by the year 2018.


Why is PMJDY a flagship scheme of the NDA government?

On his maiden Independence Day address as the Prime Minister of India, Narendra Modi had promised financial inclusion for the masses. About 42 percent of the country's population lacks access to the banking system making it susceptible to approach loan sharks and money lenders for loans, fly-by-night or Ponzi scheme operators for deposits, lose interest on savings on idle money, and lack any insurance cover. The PMJDY came up as PM Modi's solution to extend such financial services to the entire country and end an era of what he calls "financial untouchability".


The PMJDY is also meant to become a potent tool to combat corruption of any form in government offices. When the bulk of the Indian populace has a bank account, it facilitates direct bank transfer of any funds due to the people from the government averting the need for a bribe. The PMJDY also neatly ties in with PM Modi's vision of a Digital India - a country where the economy shall grow increasingly cashless.

Features of the PMJDY account

All accounts opened under the PM Jan Dhan Yojana will be zero-balance accounts and shall be linked to RuPay debit cards. For opening these accounts, the prospective account holder need not comply with stringent Know Your Customer (KYC) norms but will only need to provide a photograph and a signature/thumb impression specimen. In a bank account opened under the scheme the total deposits must not exceeding Rs 100000 in a year. The total withdrawals may not be over Rs 10000 a month and the account balance should not exceed Rs 50000. The account shall remain active for a period of 12 month within which the account holder must furnish proof of application for a valid identification document such as an Aadhaar card or a PAN. In such a case the account will be allowed to exist for another year.

The account holders are provided a free accident insurance cover of Rs 1 lakh as well. All account holders who open accounts before 26 January 2015, will also be provided a life insurance cover amounting to about Rs 30,000. After about 6 months of the account opening, an overdraft facility of about Rs 5000 shall be allowed. The provision of RuPay debit cards shall promote savings, the Finance Ministry believes.

Launch and implementation

The PMJDY was launched on 28 August 2014. The Prime Minister himself flagged off the scheme with an address to the nation. The Chief Ministers of about 20 states and a number of other prominent Union Ministers participated in launch ceremonies in over 76 cities of the country including Mumbai, Vizag, Patna, Bilaspur, Gandhinagar, Dehradun, Guwahati, Muzaffarpur, Panjim, Raipur, Surat, and Port Blair. Prior to the launch, the Prime Minister's Office had sent out about 7.25 lakh e-mails to bankers across the country entreating their cooperation in making the scheme a success. Over 77,862 enrolment camps were set up nationwide to handle the initial spate of account openings. Thereafter the banks took up the account opening process under the directives of the RBI. On the very day of its launch the PM Jan Dhan Yojana set a record with the opening of over 1.5 crore bank accounts nationwide - the largest such exercise undertaken in any country ever on a single day. Within the first 10 days, about 3 crore accounts were opened under the scheme; the next 20 days saw 2 crore more accounts being added to the kitty, according to reports from the Ministry of Finance. The Bill and Melinda Gates Foundation has offered to assist the Indian government in monitoring of the progress made with regard to the PMJDY.

Concerns and controversy

One of the greatest concerns regarding the PM Jan Dhan Yojana has been bypassing the KYC (Know Your Customer) norms that are mandatory for regular savings accounts according to RBI policy. Banks are concerned that multiple accounts may be opened up by the same individual in various banks and thus an account holder may be able to avail of multiple insurance policies due to the lack of valid documentation. If dispensing of insurance amounts is linked to identification documents such as the Aadhaar cards, the account holders who do not have these documents remain left out.

Another major hiccup that could be faced in the execution of the scheme is in the provision of overdraft facilities to account holders. According to the scheme overdraft facility may only be provided to Aadhaar card linked accounts but if this is a requisite it foils the very need of a bank account without identification documents.




Scheme Pradhan Mantri Jan Dhan Yojana
Start Date 08/28/14
Implementation Period Phase I - August 2014 to August 2015
Phase II - August 2015 to 2018
Accounts opened 5.29 crore accounts (3 Oct 2014)
Collection Rs 3.97 crore (3 Oct 2014)


Pradhan Mantri Jan - Dhan Yojana (Accounts Opened As on 26.11.2014)


S.No Banks No Of Accounts (In Lacs) No Of Rupay Debit Card (In Lacs) Balance In Accounts(In Lacs) No Of Accounts With Zero Balance (In Lacs)
Sr. no Urban Total
1 Public Sector Banks 368.61 309.47 678.08 501.58 525010.68 503.86
2 Regional Rural Banks 122.25 21.75 144 23.14 94503.95 110.69
3 Private Banks 11.63 11.15 22.78 13.08 38390.46 16.02
Total 502.49 342.37 844.86 537.8 657905.09 630.57


Statewise Account Opening Weekly Statistics as on 26.11.2014


S.No STATE RURAL URBAN TOTAL AADHAAR SEEDED % AADHAAR SEEDED
1 Andaman and Nicobar Islands 21366 7380 28746 5886 20.48%
2 Andhra Pradesh 2130010 1670756 3800766 2503294 65.86%
3 Arunachal Pradesh 36072 8530 44602 1579 3.54%
4 Assam 1907642 627644 2535286 69846 2.75%
5 Bihar 3790989 1527525 5318514 428133 8.05%
6 Chandigarh 20311 124029 144340 80979 56.10%
7 Chattisgarh 1318891 832068 2150959 219363 10.20%
8 Dadra and Nagar Haveli 16476 5102 21578 5824 26.99%
9 Daman and Diu 9777 2862 12639 3712 29.37%
10 Goa 63862 21706 85568 47903 55.98%
11 Gujarat 1731856 1423221 3155077 708125 22.44%
12 Haryana 1319448 1107123 2426571 956530 39.42%
13 Himachal Pradesh 443594 58267 501861 296523 59.08%
14 Jammu and Kashmir 321409 106121 427530 49724 11.63%
15 Jharkhand 1124759 592009 1716768 974219 56.75%
16 Karnataka 2973735 1719424 4693159 2505882 53.39%
17 Kerala 709035 601686 1310721 651633 49.72%
18 Lakshadweep 3783 148 3931 2393 60.88%
19 Madhya Pradesh 2884749 2938801 5823550 1998120 34.31%
20 Maharashtra 2562563 2754709 5317272 3093320 58.17%
21 Manipur 103450 102109 205559 32101 15.62%
22 Meghalaya 61941 32951 94892 1326 1.40%
23 Mizoram 19025 34055 53080 1983 3.74%
24 Nagaland 32447 28724 61171 7171 11.72%
25 National Capital Territory of Delhi 189363 1484272 1673635 916865 54.78%
26 Odisha(Orissa) 1874083 777287 2651370 575889 21.72%
27 Puducherry (Pondicherry) 38015 35663 73678 43144 58.56%
28 Punjab 1807095 1223158 3030253 1643911 54.25%
29 Rajasthan 3362386 2374936 5737322 2229855 38.87%
30 Sikkim 37313 6332 43645 30789 70.54%
31 Tamil Nadu 2294899 1697132 3992031 858990 21.52%
32 Telangana 1735097 1530146 3265243 2353643 72.08%
33 Tripura 150766 69055 219821 113952 51.84%
34 Uttar Pradesh 8242290 4985615 13227905 1420028 10.74%
35 Uttrakhand 931020 485097 1416117 178583 12.61%
36 West Bengal 3997754 1959928 5957682 950525 15.95%
Total 48267271 32955571 81222842 25961743 31.96%





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All Data are taken by Government of India,
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