The National Mission on Financial Inclusion, a.k.a. Pradhan PMJDY accounts have proved cru- cial in immediate transfer of benefits through DBT during the pandemic The technological framework of Aadh aar-Enabled Payment System (AePS) helped in orderly withdrawal of amou- nt from bank accounts during the pan-2 demic with full adherence to protocols The success of UPI and digital trans- actions has grown manifold. This can also be attributed to the large number of PMJDY accounts opened.
Aland natural language processing can help in voice-based conversational transaction authorisations. This can do away with the need of smartphones or internet connectivity for transact- ing. Much more, in fact, lies ahead. it envisaged:
Covering every village with at least one banking outlet (business corres pondent) every 5 km.
Universal access to banking facilities, with at least one basic bank account for every unbanked adult.
Financial literacy
Access to credit.
Affordable insurance and pension facilities.
Channelling all government benefits to the beneficiaries’ bank accounts through the Direct Benefit Transfer (DBT) scheme.
With biometric authentication and no paperwork, PMJDY has made the account-opening cost for banks almost zero. Accounts were also offered freeof cost with no requirement of mini- mum balance and no charges. To encou- rage digital transactions, a free RuPay debit card with in-built accident insu rance cover of 2 lakh is provided to PMJDY account holders There’s also a provision for getting an overdraft of up to 10,000 to cover exigencies.
Over nine years, Jan Dhan accounts now number about 50 crore, with a deposit balance of over lakh crore. More than 32 crore RuPay debit cards have been issued in these accounts, and 67% of the accounts have been opened in rural and semi-urban areas Though there is no requirement of minimum balance under the scheme, the average balance per account has risen to 1081.
56% accounts belong to women. Ac count ownership has become gender agnostic, which in itself is no mean achievement in view of historical bias es in ownership of financial assets and participation of women in income ge- nerating activitiesIndia has achieved near-saturation of bank accounts for adults. PMJDY ac- counts are being used not only for re- ceiving DBT but also for routine tran- sactions and accumulation of savingsThe expanded reach is being leveraged to provide life and accident cover (Jan Suraksha) of 2 lakheachata premium of less than 25a day under the Pradh- an Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY). An increasing number of un organised sector workers are getting financial security by enrolling under these Jan Suraksha schemes. More than 17 cro- re and 38 crore people have enrolled in PMJJBY and PMSBY, respectively till August 2. Under the former; 6,87,013 in- surance claims for 13,740 crore have been paid, while in the latter, the cor responding figures are 1,21,196 claimsfor 2.407 crore.
PMJDY accounts have proved cru- cial in immediate transfer of benefits through DBT during the pandemic The technological framework of Aadh aar-Enabled Payment System (AePS) helped in orderly withdrawal of amou- nt from bank accounts during the pan-2 demic with full adherence to protocols The success of UPI and digital trans- actions has grown manifold. This can also be attributed to the large number of PMJDY accounts opened.
Aland natural language processing can help in voice-based conversational transaction authorisations. This can do away with the need of smartphones or internet connectivity for transact- ing. Much more, in fact, lies ahead.