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Pradhan Mantri Jan Dhan Yojana (transl. Prime Minister's Public Finance Scheme) is a financial inclusion program of the Government of India open to Indian citizens (minors of age 10 and older can also open an account with a guardian to manage it), that aims to expand affordable access to financial services such as bank accounts, remittances, credit, insurance and pensions.
[3] [4] Guinness World Records recognises the achievements made under PMJDY, Guinness World Records Certificate says "The most bank accounts opened in 1 week as a part of financial inclusion campaign is 18,096,130 and was achieved by Banks in India from 23 to 29 August 2014". By 1 June 2016, over 22 crore (220 million) bank accounts were opened ...
RuPay cards got a major boost through the Pradhan Mantri Jan Dhan Yojana through which they were issued to Jan Dhan account holders. [164] By June 2018, 24.2 crore (242 million) RuPay debit cards were issued under the Jan Dhan Yojana compared with the 925 million debit cards issued by the banking industry during the same period. [ 165 ]
Women World Banking: In a bid to enhance financial inclusion, the National Bank for Agriculture and Rural Development (NABARD) and Women's World Banking entered into a Memorandum of Understanding (MoU) to promote the Jan Dhan Plus program through Regional Rural Banks. This collaboration targets increased utilization and adoption of basic ...
Punjab National Bank (abbreviated as PNB) is an Indian government bank based in New Delhi. [5] It was founded in May 1894 and is the second-largest public sector bank in India in terms of its business volumes, with over 180 million customers, 12,248 branches, and 13,000+ ATMs.
The bank has been opening Basic Savings Bank Accounts under Pradhan Mantri Jan Dhan Yojana and providing all the account holders with Rupay debit cards. It participates in promoting social security schemes such as Pradhan Mantri Suraksha Bima Yojana , Pradhan Mantri Jeevan Jyoti Bima Yojana and Atal Pension Yojana .
The three banks were merged in 1921 to form the Imperial Bank of India, which upon India's independence, became the State Bank of India in 1955. For many years, the presidency banks had acted as quasi-central banks, as did their successors, until the Reserve Bank of India [ 5 ] was established in 1935, under the Reserve Bank of India Act, 1934 .
This has changed after the initiation of Pradhan Manthri Jan Dhan Yojana – accounts of women jumped radically to 60%. That means an account in either a bank, a credit union, a co-operative, post office or a microfinance institution, according to a study by the World Bank. [4] Also, for women, per capita credit is 80 per cent lower than males. [5]