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Modified JanDhan scheme attracts 20 lakh new subscribers, total account holders reach 32.61 crore

Written by PaperDabba
Image Source : PTI

Modified JanDhan scheme attracts 20 lakh new subscribers, total account holders reach 32.61 crore

The modified version of the Pradhan Mantri Jan Dhan Yojna (PMJDY) has attracted 20 lakh new subcribers, who are eyeing the new open-ended feature with higher insurance cover and double the overdraft (OD) facility. According to datat released by the finance ministry, the total number of account holders in the flagship financial inclusion programme to 32.61 crore as on September 5. 

PMJDY was relaunched earlier this month with added features as scheme’s four-year period ended August 14. The aim of the launch of the 2.0 version is to take the formal banking system from “every household to every adult”. 

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During the August 15-September 5 period, the total deposits in 32.61 PMJDY accounts witnessed an increase of Rs 1,266.43 crore. 

The balance in PMJDY accounts was Rs 82,490.98 crore as on September 5. 

Under the revamped scheme, accidental insurance cover for new RuPay card holders has been raised from Rs 1 lakh to Rs 2 lakh for new PMJDY accounts opened after August 28.

Also, the existing OD limit of Rs 5,000 has been increased to Rs 10,000. Further, no conditions will be attached for OD up to Rs 2,000.

The data also showed that nearly 7.18 lakh people, who opened PMJDY account after August 28, may get the benefit of increased accidental insurance cover of Rs 2 lakh. 

Launched in August 2014, the first phase of PMJDY focussed on opening basic bank accounts and RuPay debit card with in-built accident insurance cover of Rs 1 lakh.

Besides, it provided Basic Banking Accounts with OD facility of Rs 5,000 after six months.

Phase II beginning August 15, 2018 was planned to provide micro-insurance to the people and pension schemes to unorganised sector workers through Business Correspondents. 

About 53 per cent of PMJDY account holders are women, while 83 per cent of the total accounts are seeded with Aadhaar. 

(With inputs from PTI)

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