Dec 192016
 

A total of 58 lakh pensioner bank account shall come within PM JD Yojana

It cannot be denied that PMJD Yojana was one of the most popular and effective scheme introduced by the central government. No one could even think of such overwhelming response. According to the present reports, more than 58 lakh pensioner accounts shall be merged. This is also being named as the national mission for financial inclusion. Now that this new scheme has been proposed, it’s a central government’s plan for bringing the subsidies and welfare schemes within the Direct Benefit Transfer by March 31, 2017.

For this purpose, the Ministry of Public Grievances and Pensions has been contacted for examining the possibility of transferring the pensioners’ accounts within the PMJDY account. This will be done by the communiqué issued by the Cabinet Secretariat. Now let us have a look at how the DBT mission is going to function.

  • Functions of DBT Mission

The DBT mission shall function within the jurisdictions of Cabinet Secretariat. And the Cabinet Secretariat has asked Department of Financial Services for examining the possibility of continuing the PMJDY account with the Aadhar card. And the Aadhar card shall be used as the primary mode of identification. The account shall be single account for transfer of all the governmental benefits.

  • The objective

The objective of PMJDY is ensuring the access to different financial services. And these services includes availability of basic savings bank accounts, needs based circuits, insurances pension and remittances facility. Along with this, the PMJDY beneficiaries shall also avail the RuPay debit card which takes care of channeling all the government benefits starting from the state to central or the local body. This facility shall be offered to the beneficiaries for the accounts that will be transferred to the DBT scheme. According to the present reports, it can be stated that 22.65 crore of PMJDY accounts have been opened throughout the country along with a total balance of Rs 40, 750 crore.

A detailed tabular overview about the PM JD Yojana in numerical data

Banks Rural Urban Total No. of Rupay cards allotted Aadhar linked Deposit amt % of zero balance accounts
Public sector banks 9.43 7.42 16.85 14.32 8.04 28139 27.74
Regional rural banks 3.26 0.54 3.79 2.69 1.16 6178 23.15
Private banks 0.48 0.30 0.79 0.74 0.30 1355 40.34
Final calculation 13.17 8.26 21.43 17.75 9.50 35672 27.39

Considering the different aspects of the PMJDY, a huge number of individuals have agreed to such a mission taken up by the central government. The PMJDY has reduced the financial untouchability to a considerable extent. Apart from that savings, deposits, payments transfers, credit and insurances have become really convenient for the common people. It is for this reason, people are so much optimistic about this initiative.

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