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PMJDY Purpose
In this context, a person who does not have a savings account may open an account without requiring a minimum balance and, in the event that they self-certify that they do not have any of the officially valid documents required to open a savings account, they may open a small account.
Furthermore, to extend the scope of banking services, all over 6 lakh villages in the country were mapped into 1,59 lakh Sub-Service Areas (SSAs), with each SSA generally comprising between 1,000 and 1,500 households, and Bank Mitras was deployed for branchless banking in the 1,26 lakh SSAs that did not have a bank branch.
PMJDY therefore offers unbanked individuals’ easy access to banking services and awareness of financial products through financial literacy programmes. In addition, they will receive a RuPay debit card with built-in accident insurance coverage of Rs. 2 lakh and access to the overdraft facility upon satisfactory operation of a six-month account or credit history.
In addition, by means of the Prime Minister's Social Security Schemes launched by the Hon'ble Prime Minister on 9 May 2015, all eligible account holders can access personal accident insurance coverage under Pradhan Mantri Suraksha Bima Yojana, life insurance under Pradhan Mantri Jeevan Jyoti Bima Yojana and guaranteed minimum pension to subscribers under Atal Pension Yojana through their bank accounts.
Future of PMJYD
PMJDY has been conceived as a bold, innovative and ambitious mission. Census 2011 estimated that 14.48 crore (58.7%) of the country's 24.67 crore households had access to banking services. In the first phase of the scheme, these households were targeted for inclusion by opening a bank account within one year of the launch of the scheme. The actual achievement was 12.55 crore by 26 January 2015. As at 27.3.2019, the number of accounts increased to 35.27 crore.
Moreover, in 2011, only 0.33 lakh SSAs had banking facilities, and through the provision of Bank Mitras in 1.26 lakh SSAs, banking services were extended across rural India. The inclusive aspect of this is evident from the fact that 20.90 crores (60 per cent) of PMJDY accounts are in rural areas and 18.74 crores (more than 53 per cent) of PMJDY account holders are women.
The deposit base of the PMJDY accounts has been extended over time. As at 27.3.2019, the balance of deposits in the PMJDY accounts was Rs. 96,107 crores. The average deposit per account more than doubled from Rs. 1,064 in March 2015 to Rs. 2,725 in March 2019. The Bank Mitra network has also grown in strength and use. The average number of transactions per bank Mitra in the Aadhaar Enabled Payment System operated by Bank Mitras increased by more than 80 times, from 52 transactions in 2014-15 to 4,291 transactions in 2016-17.
Reserve Bank of India (RBI), via Press Release dated 26.08.2014, further clarified that persons who do not have any of the 'officially valid documents' may open 'Small Accounts' with banks. The "Small Account" can be opened on the basis of a self-tested photograph and its signatures or thumb prints can be placed in the presence of bank officials.
These accounts would normally have been valid for a period of twelve months. These accounts would then be allowed to continue for a further period of twelve months if the holder of the account provided a document showing that he / she had applied for any of the Officially Valid Documents within 12 months of the opening of the small account.
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