The finance ministry is working on introducing new features under the Pradhan Mantri Jan''Dhan Yojana (PMJDY), including the provision of chequebook issuance and an enhanced overdraft facility, according to sources.
"Since we have already achieved the basic objective of establishing banking touchpoints for the unbanked population, the next step is to enhance the range of services available to Jan-Dhan account holders," a senior official said.
The official further said that the government believes these upgrades will also help reduce the number of inactive accounts.
By December 2024, more than one in every five PMJDY accounts had turned inoperative, despite the finance ministry's push to make them operational by fast-tracking the verification process. This translates into roughly 110 million inoperative accounts.
Launched by Prime Minister Narendra Modi on August 28, 2014, PMJDY aims to provide universal access to banking facilities for all households across the country.
The official further indicated that the government is exploring the possibility of introducing low-value credit cards with a small credit limit for eligible Jan-Dhan account holders in the future.
"We have already achieved our main objective of bringing people into the banking system. Now, we are looking to take the next step forward by adding more features to the scheme. We are also considering increasing the overdraft limit, but these proposals are still under discussion with stakeholders, including banks and microfinance institutions," the official added.
-- Harsh Kumar, Business Standard
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