Pradhan Mantri Jan Dhan Yojana (PMJDY) Completes a Decade of Successful Implementation

About Pradhan Mantri Jan Dhan Yojana (PMJDY)

Introduction:

Launched in 2014, it is an ambitious scheme aimed at providing banking facilities to all Indians. It is one of the largest initiatives globally to promote financial inclusion.

Objectives:

• Opening at least one bank account for every family.
• Promoting financial literacy.
• Providing access to financial services like credit, insurance, and pension.

Features:

• Expansion of banking services through branches and banking correspondents.
• Cover both urban and rural areas.
• Accident insurance cover with Rupay card.
• Overdraft facility.
• Used for Direct Benefit Transfer (DBT).
• Eligibility for Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), and Atal Pension Yojana (APY).

Significance:

• Inclusive Growth: Empowers low-income groups by promoting financial inclusion.
• Bringing savings into the formal system: Provides freedom from moneylenders.
• Women Empowerment: Promotes financial literacy among women.
• Jan Dhan-Aadhaar-Mobile (JAM) Triangle: Aids in direct transfer of government benefits.

What Are the Other Initiatives of the Government to Promote Financial Inclusion in India?

• National Centre for Financial Education (NCFE)
• Unified Payment Interface
• Micro Units Development and Refinance Agency (MUDRA)
• Small Finance Banks (SFBs) and Payment Banks
• Jan Dhan Darshak App