When the Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched in August 2014, only 58% people had their bank accounts and 42% were outside the banking network. However, now the number of total bank accounts opened under PMJDY is more than 30 crore. Besides, the number of zero balance accounts under PMJDY has declined from 76.81% in September 2014 to less than 20% as of now. More than 22 crore RuPay cards have also been issued to the account holders along with an overdraft facility of Rs 5000.
This was disclosed by Finance Minister Arun Jaitley while delivering the Key Note Address at a Conclave on Finance Inclusion, organized by United Nations in Delhi today. He said that the present government brought the policy of financial inclusion to the centre-stage and launched the PMJDY Scheme on a massive scale in August 2014. The government has tried to exploit the full potential of financial inclusion with the help of banks. This is one area where Public Sector Banks (PSBs) did better than others.
Jaitley said that in addition to financial inclusion, the present government has taken steps to provide security to the poor via life insurance under the Pradhan Mantra Jeevan Jyoti Bima Yojana (PMJJBY) and accident insurance through Pradhan Mantra Suraksha Bima Yojana (PMSBY). As on 7th August, 2017, total enrollment was 3.46 crore under PMJJBY and 10.96 crore under PMSBY. In both schemes, close to 40 percent of the enrollees are women.
Speaking on the results of demonetization, the FM said that it has helped in reducing the volume of cash transactions and increase in digitisation, widening of the tax base and more formalization of the economy among others. Post demonetization, there is emphasis on reducing overall quantum of cash in the economy.
As regards Aadhaar, Jaitley said that it has been an important leap forward for the country as now we are beginning to understand its full potential. He said that 92% of our people have Aadhaar cards. Jaitley further said that he is sure that Aadhaar Legislation will stand the test of constitutionality.