Pradhan Mantri Jan Dhan Yojana: From benefits to impact; all you need to know
Pradhan Mantri Jan Dhan Yojana (PMJDY) to provide financial services to all citizens, regardless of their socio-economic status. The scheme has made significant progress towards increasing financial literacy and reducing poverty, but it still faces challenges. Pradhan Mantri Jan Dhan Yojana is a National Mission on Financial Inclusion which has an integrated approach to bring about comprehensive financial inclusion and provide banking services to all households in the country.
The scheme ensures access to a range of financial services like availability of basic savings bank account, access to need based credit, remittances facility, insurance and pension. Universal access: The main objective of PMJDY is to ensure that every Indian has access to basic financial services such as a savings account, debit card and insurance. This would help to curb financial exclusion and promote inclusive growth.
Financial stability: The scheme aims to promote financial literacy by offering information about the importance of saving, insurance and responsible borrowing. PMJDY is designed to create awareness among people about the benefits of financial planning and to inculcate a habit of savings among households. Direct benefit transfer: PMJDY is also geared towards providing banking facilities to disadvantaged and marginalised sections of society, who receive benefits from various government schemes.
Through direct benefits transfer, recipients will be able to receive financial assistance from the government without intermediaries, reducing corruption and increasing transparency. No minimum balance requirements: PMJDY accounts are zero-balance accounts and do not require any minimum balance to be maintained. This makes it easier for
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