Balance in accounts opened under PMJDY in Gujarat exceeds Rs 550 cr

The latest data shows that balance in accounts opened under the Pradhan Mantri Jan-Dhan Yojana (PMJDY) has exceeded Rs 550 crore in Gujarat by end of May 15, 2015.

  • According to the data provided by the State Level Bankers Committee (SLBC) of Gujarat, balance in accounts opened under PMJDY has touched Rs 550.85 crore in the state. More than six million accounts have been opened in this scheme by May 15 this year.
  • Urban areas constitute majority of the account openings. Close to 3.20 million accounts have been opened under PMJDY in urban areas while in rural areas, 2.85 million accounts have opened.


The PMJDY was conceived as a national mission on financial inclusion with the objective of covering all households in the country with banking facilities and having a bank account for each household.

  • It is a scheme for comprehensive financial inclusion. Accounts can be opened with zero balance.

The mission mode objective of the PMJDY consists of 6 pillars.

During the 1st year of implementation under Phase I (15th August, 2014-14th August,2015), three Pillars namely:

  • Universal access to banking facilities
  • Financial Literacy Programme and
  • Providing Basic Banking Accounts with overdraft facility of Rs.5000 after six months and RuPay Debit card with inbuilt accident insurance cover of Rs 1 lakh and RuPay Kisan card, will be implemented.

Phase II, beginning from 15th August 2015 upto15th August, 2018 will address the other three pillars:

  • Creation of Credit Guarantee Fund for coverage of defaults in overdraft accounts
  • Micro Insurance and
  • Unorganized sector Pension schemes like Swavlamban.

In addition, in this phase coverage of households in hilly, tribal and difficult areas would be carried out. Moreover, this phase would focus on coverage of remaining adults in the households and students.

The implementation strategy of the plan is to utilize the existing banking infrastructure as well as expand the same to cover all households.

Benefits under PMJDY Scheme:

  • Interest on deposit.
  • Accidental insurance cover of Rs.1.00 lac
  • No minimum balance required.
  • Life insurance cover of Rs.30,000/-
  • Easy Transfer of money across India
  • Beneficiaries of Government Schemes will get Direct Benefit Transfer in these accounts.
  • After satisfactory operation of the account for 6 months, an overdraft facility will be permitted
  • Access to Pension, insurance products.
  • Accidental Insurance Cover, RuPay Debit Card must be used at least once in 45 days.
  • Overdraft facility upto Rs.5000/- is available in only one account per household, preferably lady of the household.

Sources: The Hindu, Wiki., PMJDY.


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