i nc lu s i ve f i nanc e
15
B
OX
1.3
Highlights of the Pradhan Mantri Jan-Dhan Yojana
The National Mission on Financial Inclusion, named as Pradhan Mantri Jan-Dhan Yojana (PMJDY) was launched on 28 August
2014. The Mission will be implemented in two phases.
(A) Phase 1: Lasting until 14 August 2015
(i) Provide universal access to banking facilities for all households across the country through a bank branch or a fixed point
Business Correspondent (BC) within a reasonable distance
(ii) Cover all households with at least one Basic Banking Account (BBA) with RuPay debit card having inbuilt accident
insurance cover of Rs. 1 lakh. Further, an overdraft facility of Rs. 1000 will also be permitted to Aadhar-enabled accounts
after satisfactory operation in the account for six months
(iii) Financial literacy programme which aims to take financial literacy up to the village level
(iv) The Mission also envisages expansion of Direct Benefit Transfer (DBT) under various Government Schemes through
bank accounts of the beneficiaries
(v) The issuance of Kisan Credit Card (KCC) as RuPay Kisan Card is also proposed to be covered under the plan
(B) Phase 2: 15 August 2015—14 August 2018
(i) Providing micro-insurance to the people
(ii) Unorganized sector pension schemes like Swavalamban through the Business Correspondents
The major shift in this programme is that households are being targeted instead of villages as targeted earlier. Moreover, both
rural and urban areas are being covered this time as against only rural areas targeted earlier. The present plan pursues digital financial
inclusion with special emphasis on monitoring by a Mission headed by the Finance Minister.
Source
: Department of Financial Services, Government of India (2014).
A
PPENDIX
1.1
Select Indicators of Financial Inclusion 2011
S. No. Country
Number of
Number
Number of
Number
Bank
Bank
bank branches
of ATMs
bank branches
of ATMs
deposits
credit
Per 1000 km
Per 0.1 million
As % of GDP
1.
India
30.43
25.43
10.64
8.9
68.43
51.75
2.
China
1,428.98
2,975.05
23.81
49.56
433.96
287.89
3.
Brazil
7.93
20.55
46.15
119.63
53.26
40.28
4.
Indonesia
8.23
15.91
8.52
16.47
43.36
34.25
5.
Korea
79.07
…
18.8
…
80.82
90.65
6.
Mauritius
104.93
210.84
21.29
42.78
170.7
77.82
7.
Mexico
6.15
18.94
14.86
45.77
22.65
18.81
8.
Philippines
16.29
35.75
8.07
17.7
41.93
21.39
9.
South Africa
3.08
17.26
10.71
60.01
45.86
74.45
10.
Sri Lanka
41.81
35.72
16.73
14.29
45.72
42.64
11.
Thailand
12.14
83.8
11.29
77.95
78.79
95.37
12.
Malaysia
6.32
33.98
10.49
56.43
130.82
104.23
13.
UK
52.87
260.97
24.87
122.77
406.54
445.86
14.
USA
9.58
…
35.43
…
57.78
46.83
15.
Switzerland
84.53
166.48
50.97
100.39
151.82
173.26
16.
France
40.22
106.22
41.58
109.8
34.77
42.85
Source
: Financial Access Survey, IMF.
Note
: Figures in respect of UK are as on 2010.
