View source for Pradhan Mantri Jan Dhan Yojana

{{Short description|Financial scheme of the Indian government}}
{{Use dmy dates|date=January 2020}}
{{Use Indian English|date=January 2016}}
{{Update|date=May 2020}}
{{Infobox project
| abbreviation = PMJDY
| native_name = 
| logo = Pradhan Mantri Jan Dhan Yojana logo.png
| image = PM Modi launches the Pradhan Mantri Jan Dhan Yojana.jpg
| caption =  PM Modi launches the " Pradhan Mantri Jan Dhan Yojana"
| motto = Mera Khata Bhagya Vidhata
| type = Economic
| country = [[India]]
| primeminister = [[Narendra Modi]]
| ministry = [[Ministry of Finance (India)|Finance]]
| key_people = [[Nirmala Sitharaman]]
| launched = {{Start date and age|2014|08|28|df=y}}
| launch_place = 
| current_status = Active 
| budget = 
| website ={{url|https://www.pmjdy.gov.in}}
}}
'''Pradhan Mantri Jan Dhan Yojana''' ({{trans|Prime Minister's Public Finance Scheme}}) is a [[financial inclusion]] program of the [[Government of India]] open to Indian citizens (minors of age 10 and older can also open an account with a guardian to manage it), that aims to expand affordable access to financial services such as bank accounts, remittances, credit, insurance and pensions. This [[financial inclusion]] campaign was launched by the [[Prime Minister of India]] [[Narendra Modi]] on 28 August 2014.<ref name="pib-en-109113">{{citation | url=http://pib.nic.in/newsite/erelease.aspx?relid=109113 | title=Prime Minister to Launch Pradhan Mantri Jan Dhan Yojana Tomorrow | publisher=Press Information Bureau, Govt. of India | date=27 August 2014 }}</ref> He had announced this scheme on his first Independence Day speech on 15 August 2014.

Run by [[Ministry of Finance (India)#Department of Financial Services|Department of Financial Services]], [[Ministry of Finance (India)|Ministry of Finance]], under this scheme 15 million bank accounts were opened on inauguration day.<ref name="ET-28-aug-14">{{citation | url=http://economictimes.indiatimes.com/news/economy/policy/pm-jan-dhan-yojana-launched-aims-to-open-1-5-crore-bank-accounts-on-first-day/articleshow/41093413.cms | title=PM 'Jan Dhan' Yojana launched; aims to open 1.5 crore bank accounts on first day | publisher=The Economic Times | date=28 August 2014 | author=ET Bureau}}</ref><ref name="Reuters-28-aug-14">{{cite web | url=http://in.reuters.com/article/india-modi-banks-idINKBN0GS1P320140828 | archive-url=https://web.archive.org/web/20160110170747/http://in.reuters.com/article/india-modi-banks-idINKBN0GS1P320140828 | url-status=dead | archive-date=10 January 2016 | title=Modi: Banking for all to end "financial untouchability" | publisher=Reuters | date=28 August 2014 }}</ref> The Guinness Book of World Records recognized this achievement, stating: "The most bank accounts opened in one week as a part of the financial inclusion campaign is 18,096,130 and was achieved by the Government of India from August 23 to 29, 2014".<ref>{{cite news|title=Jan Dhan Yojana features in Guinness Book of World Records with 11.5 cr bank accounts|url=http://indianexpress.com/article/business/business-others/jan-dhan-yojana-enters-into-guinness-book-record-with-1-5-cr-accounts/|access-date=26 May 2018|work=The Indian Express|date=21 Jan 2015|ref=IndExpJDY1501}}</ref> By 27 June 2018, over 318 million bank accounts were opened and over ₹792 billion (US$12 billion) were deposited under the scheme.<ref name=pmjdy />

==History==
It was launched by the [[Prime Minister of India|Prime Minister]] [[Narendra Modi]] on 15 August 2014. The slogan of the scheme is ''"Mera Khaata, Bhagya Vidhata"'' (meaning ''"My account, fortune maker"'')<ref name="bl0817">{{citation |title=Jan Dhan scheme: Going strong 3 years on |url=http://www.thehindubusinessline.com/money-and-banking/jan-dhan-scheme-going-strong-3-years-on/article9818227.ece |work=[[The Hindu Business Line]] |date=14 August 2017 }}</ref> The scheme was launched after the failure of previous government schemes, including Swaabhimaan.<ref>{{citation |title=Why government's financial inclusion plans are floundering |url=https://wap.business-standard.com/article/current-affairs/why-government-s-financial-inclusion-plans-are-floundering-115112301163_1.html |work=[[Business Standard]] |date= 23 November 2015 |last1=Acharya |first1=Namrata }}</ref> Swaabhimaan was a 2011 campaign of the [[Government of India]] which aimed to bring banking services to rural areas.

==Investments==
Pradhan Mantri Jan-Dhan Yojana statistics as on 17 Aug 2022 (All figures in [[crore]]s)<ref name=pmjdy>{{citation |title=Pradhan Mantri Jan-Dhan Yojana |url=https://www.pmjdy.gov.in/account |work=pmjdy.gov.in }}</ref>
<div>
Jan Dhan Yojana was announced by Narendra Modi on 15 August 2014 and the scheme was launched on 28 August 2014. 
{|  class="wikitable" 
|-
!  rowspan="2" style="width: 150px;" | Bank type
!  colspan="4" style="text-align: center;" | Number of beneficiaries
!  rowspan="2" style="text-align: center;" style="width: 150px;" | Deposits in accounts
!  rowspan="2" style="text-align: center;" style="width: 100px;" | Number of [[RuPay]] cards
|- 
! Rural/semi-urban
! Urban
! Female
! '''Total'''
|- style="text-align: center"
| Public Sector Banks
| 22.84
| 13.61
| 20.09
| 36.45
| {{₹}}133,815.32
| 27.44
|- style="text-align: center"
| Regional Rural Banks
| 7.39
| 1.16
| 4.93
| 8.54
| {{₹}}34,156.99
| 3.41
|- style="text-align: center"
| Private Sector Banks
| 0.70
| 0.60
| 0.71
| 1.31
| {{₹}}4,876.18
| 1.11
|- style="text-align: center"
| '''Total'''
| '''30.93'''
| '''15.37'''
| '''25.73'''
| '''46.30'''
| '''{{₹}}172,848.48'''
| '''31.95'''
|}
</div>


Number of bank accounts opened annually<ref>[https://www.pib.gov.in/PressReleasePage.aspx?PRID=1854909 Pradhan Mantri Jan Dhan Yojana (PMJDY) - National Mission for Financial Inclusion, completes eight years of successful implementation] Ministry of Finance</ref><ref>https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1952793 {{Bare URL inline|date=August 2024}}</ref>
{|  class="wikitable" 
!Year
!Jandhan accounts (Cr)
|-
!Aug-15
!17.9
|-
!Aug-16
!24.1
|-
!Aug-17
!30.9
|-
!Aug-18
!32.55
|-
!Aug-19
!36.79
|-
!Aug-20
!40.41
|-
!Aug-21
!43.04
|-
!Aug-22
!46.25
|-
!Aug-23
!50.09
|}

{|  class="wikitable" 
!Year
!Operative Jandhan accounts (Cr)
!Percentage
|-
!Aug-17
!23.15
!76%
|-
!Aug-18
!26.34
!80.9%
|-
!Aug-19
!30.16
!82%
|-
!Aug-20
!34.9
!86.3%
|-
!Aug-21
!36.86
!85.6%
|-
!Aug-22
!37.57
!81.2%
|-
|}
{|  class="wikitable" 
!Year
!Deposit Amount in account (cr)
|-
!Aug-15
!22901
|-
!Aug-16
!42094
|-
!Aug-17
!65799
|-
!Aug-18
!82039
|-
!Aug-19
!102415
|-
!Aug-20
!130086
|-
!Aug-21
!146230
|-
!Aug-22
!173954
|-
!Aug-23
!203505
|-
|}


{|  class="wikitable" 
!Year
!Average Deposit Amount per account (Rs)
|-
!Aug-15
!1279
|-
!Aug-16
!1747
|-
!Aug-17
!2187
|-
!Aug-18
!2521
|-
!Aug-19
!2783
|-
!Aug-20
!3219
|-
!Aug-21
!3398
|-
!Aug-22
!3761
|-
!Aug-23
!4063
|-
|}

==Performance==
Due to the preparations done in the run-up to the inauguration, 15 million bank accounts were opened on inauguration day.<ref name="ET-28-aug-14"/> Narendra Modi declared on this occasion, "Let us celebrate today as the day of financial freedom." By September 2014, 30.2 million accounts were opened:
* with [[State Bank of India]] 2.99 million accounts,
* [[Canara Bank]] 1.62 million accounts,
* [[Central Bank of India]] 1.60 million accounts and
* [[Bank of Baroda]] 1.42 million accounts.
<ref name=etsep>{{citation | title = SBI takes lead in opening bank accounts under Jan Dhan Yojana |work= The Economic Times | url = http://economictimes.indiatimes.com/industry/banking/finance/banking/sbi-takes-lead-in-opening-bank-accounts-under-jan-dhan-yojana/articleshow/42287996.cms |date=11 September 2014 }}</ref>
On 20 January 2015, the scheme entered the [[Guinness Book of World Records]], setting a new record for 'The most bank accounts opened in one week'.<ref>{{citation |url=http://www.guinnessworldrecords.com/news/2015/1/india-makes-financial-world-record-as-millions-open-new-bank-accounts |title=India makes financial world record as millions open new bank accounts |date=20 January 2015 |work=[[Guinness World Records]] }}</ref>

The balances in Jan Dhan accounts rose by more than {{INRConvert|270|b}} between 9 November 2016 and 23 November 2016.<ref>{{citation |title=Keep the black money deposited in your account: PM to Jan Dhan holders |url=http://economictimes.indiatimes.com/news/politics-and-nation/keep-the-black-money-deposited-in-your-account-pm-to-jan-dhan-holders/articleshow/55771854.cms |work=[[The Economic Times]] |date=3 December 2016 }}</ref> 1.9 million householders have availed of the overdraft facility of {{INRConvert|2.56|b}} by May 2016.<ref name=etmay16>{{citation |title=Financial inclusion gets a boost with Jan Dhan Yojana |url=http://economictimes.indiatimes.com/industry/banking/finance/banking/financial-inclusion-gets-a-boost-with-jan-dhan-yojana/articleshow/52214010.cms |work=[[The Economic Times]] |date=11 May 2016 }}</ref> [[Uttar Pradesh]] and [[West Bengal]] have 29% of the total deposits under the scheme,<ref name=bsmay16>{{citation |title=Why Jan-Dhan Yojana is gaining currency in Uttar Pradesh & West Bengal |url=http://www.business-standard.com/article/economy-policy/why-jan-dhan-yojana-is-gaining-currency-in-uttar-pradesh-west-bengal-116052600920_1.html |work=[[Business Standard]] |date=26 May 2016 |last1=Acharya |first1=Namrata }}</ref> whereas [[Kerala]] and [[Goa]] became the first states in the country to have at least one basic bank account in every household.<ref name=toijun16>{{citation |title=Over 26k Jan Dhan bank accounts in Goa have zero balance |url=http://timesofindia.indiatimes.com/city/goa/Over-26k-Jan-Dhan-bank-accounts-in-Goa-have-zero-balance/articleshow/52543726.cms |work=[[The Times of India]] |date=2 June 2016 }}</ref>

The total number of account holders stood at 294.8 million, including 176.1 million account holders from rural and semi-urban branches. A total of 227 million RuPay cards have been issued by National Payments Corporation of India (NPCI) till August 2017. The amount of deposits rose to {{INRConvert|656.97|b}} by August 2017.<ref name=bl0817/>

According to various studies, "Beyond enabling account ownership and the use of financial services, the PMJDY also facilitated financial inclusion for a variety of demographics. While the program has made significant headway towards genuine financial inclusion, it is clear that improving policy communication, widening and deepening progress in low-income states, and ironing out the kinks in the bank-agent model will be crucial if these hard-fought gains are to prove sustainable."<ref>{{cite news|title=The admirable success of the Jan Dhan Yojana|url=http://www.livemint.com/Opinion/wfertnZlyGRTmGiyGnJLrI/The-admirable-success-of-the-JanDhan-Yojana.html|access-date=29 August 2017}}</ref> At least 300 million new families have got Jan Dhan accounts in which almost {{INRConvert|650|b}} have been deposited, Prime Minister Narendra Modi said on 28 August 2017, on the eve of the third anniversary of the scheme.

As of January 27, 2021, a total number of 417.5 million accounts have been opened under the Pradhan Mantri Jan Dhan Yojana (PMJDY), out of which 359.6 million accounts are operative.<ref>{{Cite news|last=|first=|date=|title=41.75 Cr accounts opened under the scheme|work=Rural Marketing|url=https://ruralmarketing.in/stories/jan-dhan-yojana-41-75-cr-accounts-opened-under-the-scheme/|access-date=}}</ref>

==Reactions==
The scheme has been criticized by the opposition, and that it has created unnecessary work-burden on the public-sector banks. According to critics, offers like zero balance, free insurance and overdraft facility would result in duplication. Many individuals who already had bank accounts may have had accounts created in their names, lured by insurance cover and overdraft facility.<ref name="cr">{{cite web|url=http://www.moneycontrol.com/news/economy/critics-attack-wasteful-ineffective-pm-jan-dhan-yojana_1169557.html|title=Critics attack 'wasteful, ineffective' PM Jan Dhan Yojana|work=[[Moneycontrol.com]] }}</ref> As per the scheme, a very few people are eligible to get the life insurance worth {{INRConvert|30|k}} with a validity of just five years.<ref>{{Cite web |title=PMJDY |url=https://www.dgtaledu74.com/2023/04/pm-jan-dhan-yojana-2023-10.html |access-date=2023-07-30 |website=accounts.google.com}}</ref> The claimed overdraft facility has been completely left upon the banks. As per the government notice, only those people would get the overdraft facility whose transaction record has satisfactory operations in their account for some time.<ref>{{citation |url=http://pib.nic.in/newsite/PrintRelease.aspx?relid=109735|title=Facilities Available to Account Holders Under Pradhan Mantri Jan Dhan Yojana (PMJDY) to be Extended to the Existing Account Holders as Well|work=[[Press Information Bureau|PIB]] }}</ref> In March 2018, the Government of India stated that around 20% of Jan Dhan accounts were lying dormant.<ref>{{Cite web|url=https://www.moneylife.in/article/20-percentage-jan-dhan-accounts-lying-dormant-minister/53470.html|title = 20% Jan Dhan accounts lying dormant: Minister}}</ref>

In addition, while the Indian Government was ostensibly actively attempting to promote financial inclusion through this scheme, the [[Reserve Bank of India]], permitted banks to charge customers for conducting ATM transactions beyond a certain number of times per month. This effectively prevented people from easily accessing their own savings and discouraged them from using formal banking channels.<ref>{{Cite web|url=http://www.firstpost.com/business/making-atm-transactions-expensive-is-rbi-contradicting-its-own-stance-1984317.html|title=Making ATM transactions expensive: Is RBI contradicting its own stance? - Firstpost|website=www.firstpost.com|date=17 August 2014|access-date=2018-02-19}}</ref><ref>{{Cite news|url=http://www.livemint.com/Industry/Zt75NnStquASRmzIGgxjIL/Raghuram-Rajan-defends-stand-on-twofactor-authentication-A.html|title=Rajan defends RBI stand ATM fees, two-factor authentication|last=Rebello|first=Joel|date=2014-09-15|work=livemint.com/|access-date=2018-02-19}}</ref><ref>{{Cite news|url=https://economictimes.indiatimes.com/industry/banking/finance/banking/vague-rbi-guidelines-see-banks-cap-pms-jan-dhan-yojana-accounts/articleshow/59434020.cms|title=Vague RBI guidelines see banks cap PM's Jan Dhan Yojana accounts|last=Shetty|first=Mayur|date=2017-07-04|work=The Economic Times|access-date=2018-02-19}}</ref>

==See also==
* [[Make in India]]
* [[Indian 500 and 1000 rupee currency demonetisation]]
* [[Pradhan Mantri Jeevan Jyoti Bima Yojana]]
* [[JAM Yojana]]

==References==
{{Reflist|23em}}

==External links==
*{{Official website|https://pmjdy.gov.in}}

{{Ministry of Finance (India)}}
{{Government Schemes in India}}
{{Authority control}}

[[Category:Banking in India]]
[[Category:Projects established in 2014]]
[[Category:Government schemes in India]]
[[Category:Microfinance in India]]
[[Category:Ministry of Finance (India)]]
[[Category:Modi administration initiatives]]
[[Category:2014 in Indian economy]]