Rupay Card has been Issued to 15.26 Crore Beneficiaries who will get a Benefit of Personal Accidental Insurance of ₹ 1.00 lac under PMJDY; Deposit of ₹ 20769.33 crore has been Mobilized in the Accounts Opened Under PMJDY

Zero balance accounts in Pradhan Mantri Jan Dhan Yojana (PMJDY) have declined from 76% to 46.93% from September 2014 to July2015. The Prime Minister Shri Narendra Modi had on 28 August 2014 launched the Pradhan Mantri Jan Dhan Yojana (PMJDY) across the country.
One of the major feedback was that a large majority of accounts in PMJDY are zero balance accounts and a burden to the Banks. Banks have launched special drive to bring downsuch accounts. Several steps have been taken for reduction of zero balance accounts. Some of these which have yielded good results are:-

i. Weekly monitoring of progress of PMJDY through Video Conference(VC) by Senior Officers in Ministry of Finance.For this purpose all the banks- Public Sector Banks and Major Private Sector Banks join the VC along with other stakeholders like NPCI, UIDAI and IBA.Sometimes officers from other Ministries like Ministry of Petroleum & Ministry of Rural Development also join the VC to sort out the issues with Banks regarding Direct Benefit Transfer (DBT) schemes implemented by them.

ii. Monitoring and follow-up of branches having more than 70% zero balance accounts, by banks and PMJDY Mission team on weekly basis.

iii. Launch of transaction based Incentive Schemes for Bank Mitras

iv. Organising special campaigns in the areas with high concentration of zero balance accounts along with financial Literacy counter, to educate customers on benefits of balance in the accounts.

v. Launch of Jansuraksha Schemes namely PMJJBY, PMSBY & APY, with auto debit facility for availing the benefit of the schemes.

vi. Encouraging the customers to do regular savings to be eligible for Overdraft facility under PMJDY.

Rupay card has been issued to 15.26 crore beneficiaries who will get a benefit of personal accidental insurance of ₹ 1.00 Lac under the Yojana and the progress is being constantly monitored.

A deposit of ₹ 20769.33 crore has been mobilized in the accounts opened under PMJDY.

Zero balance account reduction under PMJDY driven by monitoring, incentives and outreach; Rupay coverage expanded and deposits mobilised. Decline in zero balance accounts under PMJDY is linked to supervisory and operational measures: weekly multi stakeholder monitoring, branch level follow up for high zero balance branches, targeted outreach with financial literacy, transaction based incentives for Bank Mitras, launch of auto debit Jansuraksha insurance schemes, promotion of regular savings for overdraft eligibility, and issuance of Rupay cards with personal accidental insurance, which together have supported deposit mobilisation in PMJDY accounts.