More than 41 crore people benefitted from the Pradhan Mantri Jan Dhan Yojana (PMJDY), a flagship programme Prime Minister Modi led BJP government to promote financial inclusion in the country, the Finance Ministry informed on Tuesday, January 19.
The ministry in a tweet said that zero balance accounts have significantly declined from 58 per cent in 2015 to 7.5 per cent in 2015.
The scheme was announced by Prime Minister Narendra Modi in his first Independence Day address in 2014 and was launched in the same year on August 28. Till now the total number of Jan Dhan accounts stood at 41.6 crore approximately.
When the scheme was launched several accounts were opened with zero balance. In 2016, an Indian Express report had revealed that bank officials were depositing one-rupee from their own pockets or from allowances kept for office maintenance to reduce the branch's tally of zero-balance accounts.
In 2018, many features and benefits were added to the scheme and the government launched PMJDY 2.0. Under this version, the government decided to shift focus from 'Every Household' to 'Every Unbanked Adult' and free accidental insurance cover on RuPay cards doubled to ₹2 lakh for PMJDY accounts opened after August 28, 2018.
At the same time Overdraft (OD) limit too doubled to ₹10,000 and facility of OD up to ₹2,000 without conditions was brought in.
As per theRBI guidelines, a Jan Dhan account is deemed as inoperative if there are no customer induced transactions in the account for over two years.