“Govt. committed to #FinancialInclusion to all citizens. As on 6/1/21, #PMJDY accounts cross 41 Cr. and Zero Balance Accounts decline to 7.5% from 58% in March 2015. Clearly showing the use and adaption by every account holder,” the Finance Ministry said in a tweet.
The Jan Dhan Yojana, which was announced by Prime Minister Narendra Modi in his Independence Day address in 2014, was launched on August 28 in the same year.
In 2018, the government launched PMJDY 2.0 with enhanced features and benefits. Under the new version, the government decided to shift focus from ‘Every Household’ to ‘Every Unbanked Adult’ and free accidental insurance cover on RuPay cards doubled to Rs 2 lakh for PMJDY accounts opened after August 28, 2018.
At the same time Overdraft (OD) limit too doubled to Rs 10,000 and facility of OD up to Rs 2,000 without conditions was brought in.
As per extant RBI guidelines, a PMJDY account is treated as inoperative if there are no customer induced transactions in the account for over a period of two years.
In another tweet, the Finance Ministry said banks have issued 1.8 crore Kisan Credit Card (KCC) with the credit limit of 1.68 lakh crore as on January 8, 2021.
As part of the Aatmanirbhar Bharat Package, the government in May, 2020 had announced to cover 2.5 crore farmers under the KCC scheme with a credit boost of Rs 2 lakh crore through a special saturation drive.
“Special KCC Drive: Ensuring #AatmaNirbharKrishi by providing convenient & cost-effective credit delivery to farmers. Playing a critical role in fulfilling the objective of food security for our country by driving rural economy & accelerating agriculture & allied activities,” it said.
“Re-strengthening economy through reforms: Providing concessional credit to through Kisan Credit Cards to farmers including PM-KISAN beneficiaries, Fishermen and Animal Husbandry farmers,” another tweet said.
The KCC Scheme was introduced in 1998 with the objectives of providing adequate and timely credit to farmers. The Government of India provides interest subvention of 2 per cent and prompt repayment incentive of 3 per cent to farmers, thus making the credit available at a very subsidized rate of 4 per cent per annum.
The government has taken major farmer friendly steps by extending the benefits of KCC with interest subvention in 2019 to Animal Husbandry including Dairy and Fisheries farmers for their working capital requirement and raising the existing limit of collateral free agriculture loan from Rs 1 lakh to Rs 1.60 lakh.
