NEW DELHI, Aug 29: Banks have been told to cover Pradhan Mantri Jan Dhan Yojna (PMJDY) account holders under the government-backed life insurance and accidental insurance schemes said Union Finance Ministry on Sunday. In an official statement over the flagship financial inclusion scheme completing eight years, the Ministry said that endeavor is to ensure coverage of PMJDY account holders under micro insurance schemes. “Eligible PMJDY account holders will be sought to be covered under PMJJBY and PMSBY. Banks have already been communicated about the same,” it said.
While Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) provides financial aid to the families of the insured in case of their sudden death, Pradhan Mantri Suraksha Bima Yojana (PMSBY) provides accidental death and disability coverage to the insured in case of accidents.
The Finance Ministry further said that digital payments will be promoted including RuPay debit card usage amongst PMJDY account holders through the creation of acceptance infrastructure across India.
The Government would also improve access of PMJDY account holders to micro-credit and micro-investment such as Flexi-recurring deposits etc, it added. The official data showed there were 46.25 crore PMJDY accounts as on August 10, 2022, out of which 55.59% (25.71 crores) Jan-Dhan account holders were women while 66.79% (30.89 crores) Jan Dhan accounts were in rural and semi-urban areas.
Out of a total of 46.25 crores, Pradhan Mantri Jan Dhan Yojna (PMJDY) accounts, 37.57 crores (81.2%) accounts are operative. Only 8.2% of PMJDY accounts are zero balance accounts, the Ministry said. Total deposit balances under PMJDY accounts stand at Rs 1,73,954 crore. The average deposit per account is Rs 3,761. Noting that the average deposit in each Jan Dhan account has grown over the years indicates increased usage of accounts and inculcation of saving habits among account holders.
