Reports coming in from the field indicate that banks have collected more than Rs 1500 Crore under PMJDY as deposits from new customers and a record breaking 3 Crore savings bank accounts have been opened under PMJDY. It is estimated that about 20% of the savings accounts opened under the scheme have a positive bank balance while the remaining 80% are still empty.
The scheme which was launched in the last week of August 2014 had set an initial target of opening 7.5 crore bank accounts to be opened by next but the half way mark of 3 Crore Accounts was reached within 3 weeks of the scheme being launched.
The Finance Ministry has also announced that it has appointed KPMG to validate the number of bank accounts opened under PMJDY. Once the bank accounts are validated the government intends to apply for an entry into the Guinness Book of World Records under “The Most Number of Bank Accounts opened in a single day “.
Jan Dhan Yojana – India’s Financial Inclusion Drive
The bank accounts opened under Pradhan Mantri Jan Dhan Yojana are governed by the RBI guidelines for small accounts and hence the operations of these bank account are restricted.
Some of the restrictions on accounts opened under PMJDY are :
- Maximum amount of Rs 1 lakh can be deposited in a financial year in such accounts.
- A maximum balance of ₹ 50,000 can be maintained at any given point of time.
- The Ru-Pay Debit Card issued can only be used in India.
However banks can upgrade these accounts to normal accounts if they feel the customer deserves additional and unrestricted services.
Government plans Incentive Scheme for Banks
The Finance Ministry hopes to soon announce incentives for bankers to promote Jan Dhan Yojana, discussions about the incentives are supposed to be at an advanced stage. When PMJDY was announced the government had already fixed a minimum monthly payment of Rs. 5,000 to Business correspondents (BC’s) who serve as the last link between the bank account holders and banks.
PMJDY Plan Schedule
The entire roll-out plan for the first phase of Pradhan Mantri Jan Dhan Yojana (PMJDY) has been rescheduled and will now be completed by January 26, 2015, as against the earlier date of August 15, 2015.
Overdraft in Jan Dhan Yojana
While there was much hype that an overdraft of Rs 5000 would be given to bank account holders , it now emerges that cautious banks will now extend only a loan of Rs 500 initially and later scale it up over the years as new customers build their credit profile and gain the trust of bankers.