World’s Largest Financial Inclusion Scheme Jan Dhan Yojana To Soon Reach Rs 1 Lakh Crore Deposit Mark
Total deposits under NDA government’s flagship financial inclusion scheme Jan Dhan Yojana will soon reach the historic milestone of Rs one lakh crore, reports Times Now.
The deposits have shown a steady positive growth trend and as per the latest government data, the deposits stood at Rs 97,665.66 crore as on 3 April. Over 35.39 crore subscribers have benefited from the scheme since its launch five years ago.
Launched in August 2014 by Prime Minister Narendra Modi, Pradhan Mantri Jan Dhan Yojana (PMJDY) is the world’s largest financial inclusion initiative in the world. It aims at providing 'universal access to banking facilities' to all the unbanked citizens of the country, starting with a "Basic Saving Bank Account."
In September 2018, owing to an overwhelmingly positive response received for the scheme, the Cabinet raised existing overdraft limit of Rs 5,000 to Rs 10,000 and allowed non-conditional facility Overdraft upto Rs 2,000. Accidental insurance cover for new RuPay card holders was raised from Rs 1 lakh to Rs 2 lakh.
Diversity
Signalling greater diversity among the beneficiaries of the scheme, over 53 per cent of the Jan Dhan account holders are women and 59 per cent of the accounts are in rural and semi-urban areas.
As of 30 January, the average deposit in Jan Dhan bank accounts stood at Rs 2,615, compared to Rs 1,065 on 25 March 2015.