Latest news with #PMJDY
Time of India
10-07-2025
- Business
- Time of India
Banks to shut inactive Jan Dhan accounts? Government clarifies; check details
NEW DELHI: The Department of Financial Services (DFS) under the Ministry of Finance has refuted media reports claiming it instructed banks to shut dormant Pradhan Mantri Jan-Dhan Yojana (PMJDY) accounts. In an official statement issued on July 8, the ministry clarified that no such directive has been given and that the reports are "factually incorrect." "In connection with reports appearing in media that the 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 ministry of finance said in a release on Tuesday. "The total number of PMJDY accounts has seen a continuous increasing trend, and no incidents of mass closure of inactive PMJDY accounts have come to the knowledge of the department," it added. Instead, the government has launched a nationwide three-month campaign starting July 1 to promote financial inclusion through greater adoption of Jan Dhan accounts, as well as associated schemes like the Jeevan Jyoti Bima Yojana, Atal Pension Yojana, and others. As part of the campaign, banks have been asked to conduct re-KYC for due accounts and reach out to account holders with inoperative accounts to make them active again. DFS will continue monitoring the status of inactive PMJDY accounts, but has confirmed that there have been no instances of mass closure, ET reported. What is PMJDY? The Pradhan Mantri Jan Dhan Yojana is a flagship financial inclusion initiative aimed at providing affordable banking services to every Indian, especially the unbanked population. Benefits include: No minimum balance requirement Interest on deposits Free RuPay debit card Accidental insurance cover up to Rs 2 lakh Overdraft facility up to Rs 10,000 for eligible account holders Eligibility for schemes like DBT, PMJJBY, PMSBY, APY, and MUDRA PM Jan Dhan Yojana: Overdraft, insurance & account opening explained An overdraft (OD) of up to Rs 10,000 is available for one eligible account holder per household. To avail this, the account must be at least six months old and should have been operated satisfactorily. Other eligibility criteria as set by banks must also be met. Can both husband and wife avail the overdraft and insurance? Accidental Insurance: All individual PMJDY account holders with a valid RuPay card are eligible for accidental insurance, Rs 1 lakh for older accounts and Rs 2 lakh for accounts opened after August 28, 2018. Overdraft: Only one member per family is eligible for the Rs 10,000 OD facility, even if both spouses have PMJDY accounts. Documents needed to open a PMJDY Account: If Aadhaar is available, no other document is needed. However, if the address has changed, a self-declaration is sufficient. If Aadhaar is not available, any one officially valid document, such as: Voter ID Driving License Passport NREGA Card (If these documents include the address, they serve as both ID and address proof.) For individuals without valid documents: Accounts can still be opened if the person is deemed "low risk" by the bank, using: a photo ID card issued by a government department, regulator, PSU, or a scheduled commercial bank, or a letter from a gazetted officer with a certified photograph of the applicant. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
10-07-2025
- Business
- Time of India
Banks to close inactive PM Jan-Dhan Yojana accounts? Here is what government said
The Department of Financial Services has denied instructing banks to close dormant Pradhan Mantri Jan-Dhan Yojana accounts, countering recent media reports. Instead, a three-month campaign has been initiated to promote the adoption of these accounts and related welfare schemes. Banks will also conduct re-KYC for due accounts, ensuring their operational status and continued benefits for account holders. Tired of too many ads? Remove Ads Three-month campaign details Tired of too many ads? Remove Ads Re-KYC for Jan-Dhan accounts What is Pradhan Mantri Jan-Dhan Yojana? Benefits under PMJDY Tired of too many ads? Remove Ads The Department of Financial Services has refuted claims that it directed banks to close all dormant Pradhan Mantri Jan-Dhan Yojana (PMJDY) accounts. Recent media reports had suggested that the Department of Financial Services (DFS), under the Ministry of Finance, instructed banks to close inactive Jan Dhan accounts. However, the government has stated these claims are not true."In connection with reports appearing in media that the 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," said the Ministry of Finance in a release on July government, in fact, has initiated a three-month campaign to increase the adoption of these accounts.A three-month campaign, starting from July 1, has been launched by DFS all over the country to deepen the adoption of Jan Dhan Yojana accounts, Jeevan Jyoti Bima Yojana, Atal Pension Yojana, and other welfare schemes, as per the release by the ministry."The total number of PMJDY accounts has seen a continuous increasing trend, and no incidents of mass closure of inactive PMJDY accounts have come to the knowledge of the department," the release 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 Pradhan Mantri Jan Dhan Yojana is a financial inclusion programme of the Union government for Indian citizens. Its primary objective is to ensure access to financial services, such as bank accounts, remittances, credit, insurance, and pensions. Under this initiative, an unbanked individual can open a basic savings bank deposit (BSBD) account in any bank branch or business correspondent (Bank Mitra) basic savings bank account is opened for an unbanked is no requirement to maintain any minimum balance in PMJDY is earned on the deposit in PMJDY accounts.A Rupay Debit card is provided to a PMJDY account insurance cover of Rs.1 lakh (enhanced to Rs 2 lakh for new PMJDY accounts opened after 28.8.2018) is available with the RuPay card issued to the PMJDY account overdraft (OD) facility of up to Rs 10,000 to eligible account holders is accounts are eligible for Direct Benefit Transfer (DBT), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY), and the Micro Units Development & Refinance Agency Bank (MUDRA) PM Jan Dhan accounts FAQs, according to the SBI websiteANSWER: Overdraft facility (SBOD) of up to Rs 10,000/- will be available to one account holder of PMJDY per household after six months of satisfactory conduct of the account, subject to fulfilment of eligibility The accidental insurance cover of Rs 1 lakh/Rs 2 lakh (for new PMJDY accounts) is available to all individual PMJDY customers having a Rupay card. However, the overdraft (SBOD) facility of up to Rs 10,000/- will be available to only one person in the an Aadhaar Card/Aadhaar Number or proof of possession of Aadhaar is available, then no other documents are required. If the address has changed, then self-certification of the current address is an Aadhaar Card is not available, then any one of the following officially valid documents (OVD) is required: Voter ID Card, Driving License, Passport & NREGA Card. If these documents also contain your address, they can serve both as "Proof of Identity and Address."If a person does not have any of the "officially valid documents" mentioned above but is categorised as "low risk" by the banks, then he/she can open a bank account in a bank branch by submitting any one of the following documents:a) Identity card with the applicant's photograph issued by Central/State Government departments, Statutory/Regulatory Authorities, Public Sector Undertakings, Scheduled Commercial Banks, and Public Financial Institutions.b) Letter issued by a gazette officer, with a duly attested photograph of the person.
NDTV
08-07-2025
- Business
- NDTV
No Orders Given To Shut Down Inactive PM Jan Dhan Yojana Accounts: Finance Ministry
New Delhi: The Finance Ministry on Tuesday stated that the Department of Financial Services (DFS) has not asked banks to close inactive PM Jan Dhan Yojana accounts. The Finance Ministry stated in a release that DFS has launched a nationwide three-month campaign, starting from July 1, to deepen the adoption of Jan Dhan Yojana accounts, Jeevan Jyoti Bima Yojana, Atal Pension Yojana, and other welfare schemes. Banks will also carry out re- KYC of all due accounts during this campaign. "In connection with reports appearing in media that Department of Financial Services has asked Banks to close inactive PM Jan Dhan Yojana accounts, DFS has said that it has NOT asked Banks to close inactive PM Jan Dhan Yojana accounts," the release said. "DFS constantly monitors the number of inoperative PMJDY accounts and has advised Banks to contact respective account holders to make their accounts operative," it added. It said the total number of PMJDY accounts has seen a continuously increasing trend, and no incidents of mass closure of inactive PMJDY accounts have come to the knowledge of the department.
The Hindu
08-07-2025
- Business
- The Hindu
No directive issued to close inactive Jan Dhan accounts: Finance Ministry
The Ministry of Finance on Tuesday denied reports that it has directed that inactive PM Jan Dhan Yojana be closed. '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 Ministry said in a statement. The statement added that the Department of Financial Services had started a three-month campaign from July 1 to deepen the adoption of PM Jan Dhan Yojana accounts, Jeevan Jyoti Bima Yojana, Atal Pension Yojana, and other welfare schemes. 'Banks will also carry out re- KYC of all due accounts during this campaign,' the statement said. 'DFS constantly monitors the number of inoperative PMJDY accounts and has advised banks to contact respective account holders to make their accounts operative.' It added that no incidents of mass closure of inactive PMJDY accounts have come to the knowledge of the department.
Economic Times
08-07-2025
- Business
- Economic Times
No direction given to banks to deactivate PM Jan Dhan Yojana accounts: DFS
ANI Representational image The Department of Financial Services (DFS) has said that it has not ordered banks to close inactive PM Jan Dhan Yojana accounts after a few reports claimed that such accounts would be shut. A three-month campaign starting from July 1 has been launched by DFS all over the country to deepen the adoption of Jan Dhan Yojana accounts, Jeevan Jyoti Bima Yojana, Atal Pension Yojana, and other welfare schemes. Banks will also carry out re- KYC of all due accounts during the campaign, the Ministry of Finance said in a statement. 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, the statement said.
