Focus of Pradhan Mantri Jan Dhanyojana (PMJDY) Moves from Account Opening to the Provision of Cash-Out Facilities at an Approachable Distance to Reap the Real Benefits of Pmjdy; Under Pmjdy, Close to 18 Crore (180 Million) Accounts Opened; 15.74 Crores Rupay Debit Cards Issued;

Mobilization of More Than ₹ 22,000 Crores (Rs 220 Billion) in Bank Accounts; Overdraft Facility Availed by 1,64,962 Account Holders as on 01.09.2015; 8227 Branches and 21,197 ATMS Added to the Network in 2014-15

The achievement under Pradhan Mantri Jan DhanYojana (PMJDY) is heading towards saturation. Initial demand for bank accounts was expected to be around 7.5 crores (75 million). However, so far close to 18 Crore (180 Million) accounts have been opened. 15.74 crores Rupay Debit cards have been issued. 

There has been mobilization of more than ₹ 22,000 crores (Rs 220 Billion) in these bank accounts.

Banks have been directed to disburse overdraft facility upto ₹ 5,000/-under PMJDY. As per guidelines, Aadhaar is not mandatory for availing this facility. In this regard, Indian Banks Association (IBA) has been asked to issue revised guidelines to all banks. Overdraft facility has been availed by 1,64,962 account holders as on 01.09.2015.

Pradhan Mantri Jan DhanYojana,( PMJDY) was announced by the Prime Minister Shri Narendra Modi in his Independence Day address on 15th August, 2014 and launched across the country on 28th August, 2014.

Now the focus of PMJDY has moved from account opening to the provision of cash-out facilities at an approachable distance to reap the real benefits of PMJDY.

To facilitate cash out facility, the banking network across the country comprises of the following:-

• Network of 1,25,857 branches of Scheduled Commercial Banks as on 31.03.2015, out of which 48557 (38.58%) are in rural areas.
• 1,84,221 ATMs of Scheduled Commercial Banks as on 30.06.2015, out of which 91486 are onsite ATMs.
• In the year 2014-15, 8227 Branches and 21,197 ATMs were added to the network.
• 1,26,062 Bank Mitras  deployed as on 08.08.2015
• Limit for cash withdrawal at POS (for debit cards and open system prepaid cards issued by banks in India) has been enhanced from ₹ 1,000/- to ₹ 2,000/- per day in Tier III to Tier VI centres.
• One of the basic objectives of Financial Inclusion is the delivery of financial services at an affordable cost to the vast sections of the disadvantaged and low income groups.  To achieve this objective banks are not levying any SMS/Message charges on Prime Minister Jan-Dhan Yojana (PMJDY) accounts and Basic Savings Bank Deposits (BSBD) Accounts.
• The network of bank branches, ATMs, Bank Mitras (Business Correspondents) equipped with micro ATMs, availability of merchant PoS, issuance of Debit Card, and enhancement of limit of cash withdrawal at PoS will help the customers in meeting their cash withdrawal facility at an approachable distance.