The Ministry of Finance on Tuesday issued a release saying that it has not asked banks to close inactive PM Jan Dhan Yojana accounts.
The clarification from finance ministry comes after reports in the media said that the government had asked banks to close down inactive PM Jan Dhan Yojana accounts.
The finance ministry said in a statement, “In connection with reports appearing in media that Department of Financial Services (DFS), M/o Finance has asked Banks to close inactive PM Jan Dhan Yojana accounts, the Department of Financial Services has said that it has NOT asked Banks to close inactive PM Jan Dhan Yojana accounts.”
The release also stated that a three-month campaign beginning July 1 has been started by the Department of Financial Services (DFS) across the country to deepen the adoption of Jan Dhan Yojana accounts, Jeevan Jyoti Bima Yojana, Atal Pension Yojana, and other welfare schemes.
The statement said, “Banks will also carry out re-KYC of all due accounts during this campaign. DFS constantly monitors the number of inoperative PMJDY accounts and has advised Banks to contact respective account holders to make their accounts operative. The total number of PMJDY accounts have seen a continuous increasing trend and no incidents of mass closure of inactive PMJDY accounts has come to the knowledge of the department.”
What Is Pradhan Mantri Jan Dhan Yojana?
Launched on August 28, 2014, the Pradhan Mantri Jan Dhan Yojana (PMJDY) is a government scheme that aims to provide universal access to banking services to all Indian households including the poor and the unbanked.
Under this Pradhan Mantri Jan Dhan Yojana, any Indian can open a zero-balance savings account with any bank, and avail a RuPay debit card, accidental insurance cover of Rs 2 lakhs, life insurance cover of Rs 30,000, and through Direct Benefit Transfer (DBT) receive all government subsidies like Pradhan Mantri Ujjwala Yojana (PMUY) gas cylinder subsidy, PM Kisan Yajna, etc directly into the bank account.
The Jan Dhan Yojana scheme also aims at promoting financial literacy, encourage savings, and provide access to credit and insurance.
Already one of the world’s largest financial inclusion initiatives, PMJDY currently has over 54.58 crore beneficiaries.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
