An elderly woman showed a Rs 500 note after withdrawing money from her Jan Dhan account. (Press Trust photo)
Prime Minister Narendra Modi launched the scheme shortly after taking office for the first time on August 15, 2014.
Pradhan Mantri Jan Dhan Yojana (PMJDY), one of the flagship initiatives of the Modi-led central government, celebrated its 10th anniversary on August 28, 2024. The plan was introduced in an Independence Day speech delivered. It was subsequently launched nationwide on August 28, 2014.
PMJDY was launched with multiple objectives, all of which benefit the government and people immensely. Notably, the program has played a vital role in disbursing financial assistance directly to citizens during the COVID-19 pandemic. Additionally, funds from schemes like PM-Kisan Samman Nidhi and MGNREGA are also transferred seamlessly to the accounts of beneficiaries, all thanks to the widespread adoption of Jan Dhan accounts.
Take the PMJDY quiz and win rewards
As the Pradhan Mantri Jan Dhan Yojana (PMJDY) marks its 10th anniversary, the government is celebrating the milestone with a special quiz. Citizens can now participate and win prizes by answering questions related to this flagship initiative. Prime Minister Narendra Modi announced the initiative on the social media platform “X” (formerly Twitter).
The quizzes will be live on the NaMo app all day on Wednesday 28 August. , signed by Prime Minister Narendra Modi himself.
Origin of Pradhan Mantri Jan Dhan Yojana
When the Narendra Modi government took office in 2014, one of its first priorities was to bring the general public into the formal banking system. To achieve this, the government launched Pradhan Mantri Jan Dhan Yojana (PMJDY), a scheme aimed at opening bank accounts with zero balance requirement for the poorest citizens. The measure paves the way for the transfer of benefits from various social security schemes to beneficiaries through Direct Bank Transfer (DBT).
The main objective of PMJDY is to bring marginalized groups of society who previously had no access to banking into the financial mainstream. The scheme aims to open savings bank accounts, ease access to credit and provide insurance and pension facilities to these people.
To date, more than IDR 523.9 million Jan Dhan accounts have been opened, providing people with the convenience of opening a bank account without any minimum balance requirement and no identification code required. Government figures show the number of beneficiaries continues to grow, reflecting the program's broad impact.
How is a “Jan Dhan Account” different from a regular savings account?
If you're wondering how a Jan Dhan account differs from a standard bank savings account, here's what you need to know. Like a regular savings account, a Jan Dhan account also earns interest on the amount deposited. However, Pradhan Mantri Jan Dhan Yojana (PMJDY) offers additional benefits that make it unique.
Jan Dhan account holders get accident insurance of Rs 1 lakh and life insurance of Rs 30,000. Unlike traditional savings accounts, Jan Dhan accounts do not have a minimum balance requirement. Additionally, beneficiaries are eligible for overdraft facility of up to Rs 10,000.
After opening a Jan Dhan account, the account holder will receive a RuPay debit card. These accounts can be opened in banks and post offices with just PAN and Aadhaar cards. Additionally, a Jan Dhan account can be opened online, making the process even more convenient.
