Financial inclusion, Atal Pension Yojana, PMJDY, PMJJY, PMSBY
FINANCIAL INCLUSION &
Abinash Kr. Mandilwar
Chief Manager & Faculty Manager
Bank of India, Staff Training College,
Bhopal, Madhya Pradesh
“The future lies with
those companies who
see the poor as their
The Potential of theThe Potential of the
No access to
The term "financial inclusion" has gained
importance since the early 2000s, a result of
findings about financial exclusion and its direct
correlation to poverty.
Former United Nation Secretary-General Kofi
Annan, on 29 December 2003, said: ”The stark
reality is that most poor people in the world still
lack access to sustainable financial services,
whether it is savings, credit or insurance.
In the Indian context, the term ‘financial
inclusion’ was used for the first time in April 2005
in the Annual Policy Statement presented
by Y.Venugopal Reddy, the then
Governor, Reserve Bank of India.
FINANCIAL INCLUSION IN INDIA
In India, RBI has initiated several measures to achieve
greater financial inclusion, such as facilitating no-frills
accounts and GCCs for small deposits and credit. Some of
these steps are;
Opening of no-frills accounts: Basic banking no-frills account
is with nil or very low minimum balance as well as charges that
make such accounts accessible to vast sections of the population.
Banks have been advised to provide small overdrafts in such
Relaxation on know-your-customer (KYC) norms: KYC
requirements for opening bank accounts were relaxed for small
accounts in August 2005,thereby simplifying procedures by
stipulating that introduction by an account holder who has been
subjected to the full KYC drill would suffice for opening such
accounts. It has now been further relaxed to include the letters
issued by the Unique Identification Authority of India containing
FINANCIAL INCLUSION IN INDIA
Engaging business correspondents (BCs): In January
2006, RBI permitted banks to engage business facilitators
(BFs) and BCs as intermediaries for providing financial and
Use of technology: Banks have been advised to make
effective use of information and communications technology
(ICT), to provide doorstep banking services through the BC
model where the accounts can be operated by even illiterate
customers by using biometrics, thus ensuring the security of
transactions and enhancing confidence in the banking system.
Adoption of Electronic Based Transfer (EBT): Banks
have been advised to implement EBT by banking through BCs
to transfer social benefits electronically to the bank account of
the beneficiary and deliver government benefits to the
doorstep of the beneficiary.
FINANCIAL INCLUSION IN INDIA
GCC: With a view to helping the poor and the
disadvantaged with access to easy credit, banks have
been asked to consider introduction of a general purpose
credit card facility up to Rs.25,000/-at their rural and
Simplified branch authorization: To address the
issue of uneven spread of bank branches, in December
2009, domestic scheduled commercial banks were
permitted to freely open branches in tier III to tier VI
centres with a population of less than 50,000 under
Opening of branches in unbanked rural centres:
To further step up the opening of branches in rural
areas so as to improve banking penetration and
financial inclusion rapidly, the need for the opening of
more bricks and mortar branches, besides the use of
SCOPE IN FINANCIAL
INCLUSIONFinancial Inclusion should include access
to financial products and services like,
Bank accounts – check in account
Remittances & Payment services
Insurance - Healthcare
Financial advisory services
BASIC CHALLENGES OF
Access to Diversified Financial
Products and Services;
Delivery Model - Day to day
Customer education/financial advice;
Change in banker’s mindset;
Financial Inclusion is a win-win situation for the
financially excluded, the Corporate, the Govt. and the
Bankers can support by financing the Agri products
including their preservation and sales.
Corporate can sell / market their products to the large
untapped rural markets.
Banking Services and products including consumer loans;
Farm Equipment, Home & Construction Loans.
Credit Cards, Debit Cards, etc., Bill Payment –
Electricity, Utilities, etc. Payment Gateway, ATMs.
BASIC SAVINGS (NO FRILL ACCOUNT)
Opening of accounts of person of low income group.
No Joint Account, Only one person & Individual.
Simplified KYC Norms & Photograph required.
Balance will not exceed Rs.50,000/-in any point of time.
Total Turnover should not exceed Rs.100,000/- in a F/Y.
Total withdrawals not exceed Rs.10,000/- in a
Passbook , Statements & ATM card may be issued.
Max. withdrawal twice in a month.
Additional withdrawal, Statements of account &
Duplicate Passbook will charge Rs. 15/months.
Scheme Code: Small A/c SB-106, PMJDY SB-104/105
August 2014, India’s prime minister
announced the financial inclusion mission titled
“Pradhanmantri Jan-Dhan Yojana”.
Jan-Dhan Yojana roughly translates into English
as “People’s Wealth Scheme”.
India’s Prime minister Narendra Modi announced
the launch of this scheme at the Red Fort on the
occasion of India’s Independence Day.
In all, 600 programmes and 77,852 camps were
organised on the first day for the opening of bank
PRADHANMANTRI JAN DHAN YOJANA
The name “Jan Dhan” was chosen through an
Online Competition on the MyGov Platform,
received more than 6000 suggestions from
7 individuals suggested “Jan Dhan” as tagline.
Slogan – Mera Khata-Bhagya Vidhaatha.
Primarily the PMJDY Scheme is meant for those
who do not have a savings bank account.
According to the census 2011,only 58% of
Indian citizens are having a bank account.
Scheme Code: SB-104/105
OBJECTIVE OF PMJDY
To bring poor financially excluded people into banking
To provide benefits of government subsidy schemes
Digital India: Basic accounts services available on
Direct benefits transfers for LPG could be routed
through these accounts.
MGNREGA could also ride on the new accounts.
Unorganised sector pension schemes like
Access to Pension, insurance products.
BENEFITS OF OPENING
BANK A/C UNDER PMJDY
1) Account can opened with zero balance.
2) Not required to maintain any minimum balance.
3) Ru-Pay enabled debit card.
4) Accident insurance up to 100,000/- free of cost.
5) NPCI will pay the premium which is Rs. 0.47 per card.
6) Medical insurance cover of 30,000/-.
7) After six months of satisfactory operations, the account would
be eligible for Rs 5,000 overdraft facility.
8) Overdraft facility up to Rs.5000/- is available in only one
account per household, preferably lady of the household.
9) Interest charged by bank on OD facility @ BR+2% or 12%
whichever is lower.
10) Accidental Insurance Cover, RuPay Debit Card must be
used at least once in 45 days.
DOCUMENTS REQUIRED TO OPEN AN ACCOUNT
UNDER PRADHAN MANTRI JAN-DHAN YOJANA
If Aadhaar Card/Aadhaar Number is available then no other
documents is required. If address has changed, then a self certification
of current address is sufficient.
If Aadhaar Card is not available, then any one of the following
Officially Valid Documents (OVD) is required: Voter ID Card, Driving
License, PAN Card, Passport & NREGA Card. If these documents
also contain your address, it can serve both as “Proof of Identity and
If a person does not have any of the “officially valid documents”
mentioned above, but it is categorized as ‘low risk' by the banks, then
he/she can open a bank account by submitting any one of the following
Identity Card with applicant's photograph issued by Central/State
Government Departments, Statutory/Regulatory Authorities, Public
Sector Undertakings, Scheduled Commercial Banks and Public Financial
Letter issued by a gazette officer, with a duly attested photograph of
MILESTONES ACHIEVED UNDER PMJDY
Banks have opened 17.74 Crore accounts under PMJDY with
deposit of more than 22000 crores.
Aadhaar has been seeded in 41.82% of account opened under
To ensure universal banking access more than 1.26 lakhs
Bank Mitras have been deployed with on- line devices
capable of e-KYC based account opening and interoperable
131012 Mega Financial Literacy camps were organized by
banks under PMJDY ‘in coordination with various agencies
and 89876 Financial Literacy counters, to spread awareness
on PMJDY, use of RuPay cards etc. 147418 students
in 2567 schools/collage were imparted training on Financial
literacy from September 2014 to April 2015.
MILESTONES ACHIEVED UNDER
More than 10 lakhs accounts have been found eligible for
Overdraft facility. Out of these overdraft facility has been availed
by 164962 account holders.
847 Claims of Life cover of Rs.30000 and 389 Claims of accident
insurance cover of Rs. 1 lakh have been successfully paid.
As on 22nd
August, 2015, 8.17 crore beneficiaries have been
enrolled under the Pradhan Mantri Suraksha Bima Yojana
and 2.76 crore have been enrolled under Pradhan Mantri Jeevan
Jyoti Bima Yojana. 6.83lakh account holders have been enrolled
under Atal Pension Yojana.
Zero balance accounts in PMJDY have declined from 76%
to 45.74% from September 2014 to 19th
CURRENT STATUS OF PM JAN DHAN YOJANA
STATUS OF ACCOUNTS AS ON 03.08.2016
10.02 7.87 17.89 14.80 9.19 32184.76 24.45
3.50 0.57 4.07 2.83 1.58 7083.58 21.17
0.52 0.32 0.84 0.78 0.35 1526.52 36.81
Total 14.04 8.77 22.81 18.41 11.11 40794.85 24.32
ELIGIBILITY FOR ATAL
All bank account holders may join
APY is applicable to all citizen of
India aged between 18-40 years.
Aadhaar will be the primary KYC.
Aadhar and mobile number are
recommended to be obtained from
subscribers for the ease of operation
of the scheme.
If not available at the time of
HIGHLIGHTS OF ATAL PENSION YOJANA
Under the APY, there is guaranteed minimum monthly
pension for the subscribers ranging between Rs. 1000
and Rs. 5000 per month.
The benefit of minimum pension would be guaranteed
by the GoI.
GoI will also co-contribute 50% of the subscriber’s
contribution or Rs. 1000 per annum, whichever is lower.
Government co-contribution is available for those who
are not covered by any Statutory Social Security
Schemes and is not income tax payer
GoI will co-contribute to each eligible subscriber, for a
period of 5 years who joins the scheme between the
period 1 st June, 2015 to 31 st December, 2015.
The benefit of five years of government Co-contribution
under APY would not exceed 5 years for all subscribers
including migrated Swavalamban beneficiaries.
IMPORTANT INFORMATION FOR
Charges for default
Banks are required to collect additional amount for delayed
payments, such amount will vary from minimum Re 1 per month to
Rs 10/- per month as shown below:
• Re. 1 per month for contribution upto Rs. 100 per month.
• Re. 2 per month for contribution upto Rs. 101 to 500/- per month.
• Re 5 per month for contribution between Rs 501/- to Rs. 1000/-
• Rs 10 per month for contribution beyond Rs 1001/- per month.
Important information for subscriber:
Discontinuation of payments of contribution amount shall lead to
After 6 months account will be frozen.•
After 12 months account will be deactivated.•
After 24 months account will be closed.•
EXIT, WITHDRAWAL & PENSION
On completion of 60 years, the subscriber
will get the guaranteed minimum monthly
pension, or higher monthly pension,
depending on the investment returns.
In exceptional circumstances, i.e., in the
event of the death of beneficiary or specified
illnesses, as mentioned in the Pension Fund
Regulatory and Development Authority
(Exits and Withdrawals under the National
Pension System) Regulations, 2015, before
the age of 60 years, the accumulated pension
wealth till date would be given to the
nominee or the subscriber, as the case may
EXIT, WITHDRAWAL & PENSION
In case a subscriber, who has availed
Government co-contribution under APY,
chooses to voluntarily exit APY before the
age 60, he shall only be refunded the
contributions made by him to APY, along
with the net actual interest earned on his
contributions (after deducting the
account maintenance charges), whereas,
the Government cocontribution, and the
interest earned on the Government co-
contribution, shall not be returned to
PRADHAN MANTRI JEEVAN JYOTI
BIMA YOJANA (PMJJBY)
Age of the Insured – Bank account holders aged between 18 and
50 years are eligible to apply for this scheme. (Up to age of 55
Premium Amount – Less than Re. 1 a day or an annual premium
of Rs. 330 is what you need to pay to get a life cover of Rs. 2
No insurance claim will be entertain up to 45 days from date of
Insurance premium of Rs. 330/- is appropriated in following
Rs. 289/- premium per member to insurance company.
Rs. 30/- premium per member to BC/Micro/Corporate agent
Rs. 11/- premium per member to bank as administrative
Auto Debit Facility – Annual premium of Rs. 330 will
get deducted from your savings bank account through
auto debit facility.
(You will have to give your consent for auto debit of
premium from any one of your bank accounts at the
time of enrolling for this scheme).
Toll-Free Numbers – 1800 110 001 / 1800 180 1111 –
These two are the National Toll-Free Numbers for this
scheme. You can check the state-wise toll-free numbers
from this link – State-Wise Toll Free Numbers.
Know Your Customer (KYC) – Aadhaar Card issued
by the UIDAI will be the primary requirement for your
KYC under this scheme.
PRADHAN MANTRI SURAKSHA
BIMA YOJANA (PMSBY)
Policy Coverage – The scheme offers to provide you or your family
a cover of up to Rs. 2 lacs in case of any mishappening, resulting into
death or disability of the insured.
In case of death or full disability, you or your family will get Rs. 2
in case of partial disability, you will get Rs. 1 lac.
( Full disability means loss of both eyes or both legs or both hands,
whereas partial disability means loss of one eye or one leg or one
Age of the Insured – Savings bank account holders aged between 18
years and 70 years are eligible to apply for this scheme.
Premium Amount – It costs you just Rs. 12 in annual premium for
having an accidental death or disability cover of Rs. 2 lacs under this
(It works out to be just Re. 1 a month, which is extraordinarily low. )
Insurance premium of Rs. 12/- is appropriated in following
Rs. 10/- premium per member to insurance company.
Rs. 1/- premium per member to BC/Micro/Corporate agent
Rs. 1/- premium per member to bank as administrative
In Bank of India, scheme is administered by New India
Assurance Co. Ltd
Auto Debit Facility – You will be required to provide your
consent for auto debit of Rs. 12 as the annual premium from
any one of your bank accounts at the time of enrolling for this
Toll-Free Numbers – 1800 110 001 / 1800 180 1111 – These two
are the National Toll-Free Numbers for this scheme.
Know Your Customer (KYC) – Aadhaar Card issued by the
UIDAI will be the primary requirement for your KYC under this
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