Rolled out on 14 August 2014, as part of the financial inclusion drive by the Government of India, Jan Dhan accounts have since taken a firm grip over millions of citizens in the country from the lower and middle-class sections of the population. According to the Finance Ministry, as of 30 January 2019, almost Rs.90,000 crore has been deposited in such accounts since its inception. Rolled out under the Pradhan Mantri Jan Dhan Yojana (PMJDY), deposits in such account have steadily risen and as of 30 January 2019 stands at Rs.89,257.57 crore. The aim of the Pradhan Mantri Jan Dhan Yojana was to bring financial and banking services to all households in the country, especially to those from the rural sections of the population.
To make the Jan Dhan account a lot more attractive, the Government of India has increased the accident insurance cover to Rs.2 lakh which is an inbuilt feature with the RuPay debit card. In addition, the overdraft facility limit has been increased to Rs.10,000. According to the data released by the Finance Ministry, currently there are 341.4 million account holders under the Pradhan Mantri Jan Dhan Yojana (PMJDY) out of which 53% of the account holders are women and 59% of the account holders are from rural and semi-rural areas in the country. The data also confirmed that there are 272.6 million Rupay Debit cardholders.
Source: Business Standard