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Two states, three UTs achieve 100 percent financial inclusion under PM Jan Dhan Yojana

Nov 15, 2014 17:30 IST

Union Finance Ministry on 14 November 2014 announced that Goa and Kerala became the first states in the country to achieve 100 percent Financial Inclusion under Pradhan Mantri Jan Dhan Yojana (PMJDY).
Also, three Union Territories (UTs) namely Chandigarh, Puducherry and Lakshadweep achieved 100 percent financial inclusion.
According to official data, 11.26 lakh bank accounts were opened in Kerala, followed by 77485 accounts in Goa, 1.36 lakh accounts in Chandigarh, 69819 accounts in Puducherry and 3588 accounts in Lakshadweep under the Pradhan Mantri Jan-Dhan Yojana (PMJDY).
States of Kerala and Goa, union territories of Chandigarh, Puducherry and Lakshadweep and three districts of Gujarat — Porbandar, Mehasana, Gandhinagar have been declared as 100 per cent saturated in terms of coverage of all households with at least one bank account.

The Pradhan Mantri Jan Dhan Yojana has so far managed to bring over 5000 crore rupees into the formal banking system as account holders started depositing cash. A large chunk of this money would have been kept at home in the absence of accounts, with little or no productive use.
According to the initial results, on an average about 80% of the households surveyed have now got at least one bank account. As in the first week of November 2014, 7.24 crore accounts have been opened under PMJDY of which 4.29 crore in rural and 2.95 crore are in urban areas. RuPay Cards have been issued in case of 3.97 crore accounts.
Prime Minister Narendra Modi had launched the scheme on 28 August 2014 with the goal of eradicating financial untouchability of the poor by opening at least one bank account for every family in the country in less than six months.
At the time banks had been given a target of opening 7.5 crore accounts under the scheme. Each of the accounts come with a debit card, 1 lakh rupees accidental insurance policy and 30000 rupees free medical insurance cover.

 

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