The Pradhan Mantri Jan Dhan Yojana (PMJDY), a flagship initiative by the Government of India aimed at universal banking coverage, has achieved a major milestone. As of now, deposits under PMJDY have reached an impressive US$ 27.51 billion (Rs. 2,30,792 crore) spread across 52.81 crore Jan Dhan accounts. Launched in August 2014 under the National Mission for Financial Inclusion (NMFI), PMJDY was designed to ensure that every household, especially the unbanked, has access to banking services. The initiative follows the core 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, highlighted in the Lok Sabha that 55.6% of the total Jan Dhan accounts are held by women. The cumulative deposits in these accounts amount to US$ 350.14 billion (Rs. 29.37 crore). Notably, 66.6% or approximately 35.15 crore of these accounts have been opened in rural and semi-urban areas, underscoring the scheme’s reach into less accessible regions.

Social Security Schemes

The government has also introduced several social security schemes to further bolster financial inclusion:

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY): As of July 19, 2024, there have been 20.48 crore cumulative enrolments under PMJJBY, which provides a life insurance cover of US$ 2,384.30 (Rs. 2 lakhs) for death due to any reason.

Pradhan Mantri Suraksha Bima Yojana (PMSBY): This scheme has 45.08 crore cumulative enrolments, offering 1-year accidental cover of US$ 2,384.30 (Rs. 2 lakhs) for death or permanent total disability, and US$ 1,192.15 (Rs. 1 lakh) for permanent partial disability.

Atal Pension Yojana (APY): With 6.71 crore cumulative enrolments, APY aims to provide monthly pensions to eligible subscribers.

Also Read : Tata Curvv EV: Color Options, Features, and Expected Pricing

Credit-Linked Schemes

To promote entrepreneurship and support small businesses, the government has launched several credit-linked schemes:

Pradhan Mantri Mudra Yojana (PMMY): As of July 12, 2024, around 48.92 crore cumulative loans amounting to US$ 356.82 billion (Rs. 29.93 lakh crore) have been sanctioned. These loans provide collateral-free institutional finance up to US$ 11,921.51 (Rs. 10 lakh) for income-generating activities.

Stand-Up India Scheme (SUPI): By July 15, 2024, 2.36 lakh cumulative loans totaling US$ 6.39 billion (Rs. 53,609 crore) have been sanctioned to Scheduled Caste/Scheduled Tribe and women entrepreneurs for setting up greenfield projects.

Conclusion

The achievements under the PMJDY and other financial inclusion schemes reflect a robust effort to enhance financial accessibility and security for India's diverse population. These initiatives not only improve banking penetration but also support social security and entrepreneurial growth, contributing to the overall economic empowerment of the country.

Check latest IPO Review & analysis, Live GMP today, Live Subscription Status Today, Share Price, Financial Information, latest IPO news, Upcoming IPO News before applying in the IPO. The Upcoming IPOs in this week and coming weeks are Utssav Cz Gold Jewels Limited, Dhariwalcorp Limited, Ola Electric Mobility Limited, Ceigall India Limited, Afcom Holdings Limited, Picture Post Studios Limited IPO.

Join our Trading with CA Abhay Telegram Channel for regular Stock Market Trading and Investment Calls by CA Abhay Varn - SEBI Registered Research Analyst & Finance Saathi Telegram Channel for Regular Share Market, News & IPO Updates

Start your Stock Market Journey and Apply in IPO by Opening Free Demat Account in Choice Broking FinX & Upstox.