Pradhan Mantri Jan Dhan Yojana (PMJDY)

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Pradhan Mantri Jan Dhan Yojana (PMJDY) is a financial inclusion program launched by the Government of India in 2014. The goal of the program is to provide access to financial services, such as bank accounts, credit, insurance, and pension, to all households in India, particularly to those who are unbanked or underserved by the financial sector.

Under the PMJDY program, the government aims to open at least one bank account for every household in the country. The bank accounts provided under the program are called Jan Dhan accounts and they are offered by participating banks at no charge to the account holder. The Jan Dhan accounts come with a RuPay debit card and an accidental insurance cover of Rs. 1 lakh. In addition to opening bank accounts, the PMJDY program also aims to provide other financial services, such as small loans, insurance, and pension, to underserved and unbanked households.

The PMJDY program has been successful in increasing access to financial services in India, particularly in rural areas. As of 2021, over 42 crore Jan Dhan accounts had been opened under the program, and a large proportion of these accounts were in rural areas. In addition, the program has also helped to increase the use of electronic payment systems in India, as the Jan Dhan accounts come with a RuPay debit card that can be used for making electronic transactions.

here are a few more details about the PMJDY program:

  • The PMJDY program was launched on August 28, 2014, by the then Prime Minister of India, Shri Narendra Modi.
  • The program aims to provide universal access to financial services, such as bank accounts, credit, insurance, and pension, to all households in India, particularly to those who are unbanked or underserved by the financial sector.
  • To achieve this goal, the government aims to open at least one bank account for every household in the country under the PMJDY program. The bank accounts provided under the program are called Jan Dhan accounts and they are offered by participating banks at no charge to the account holder.
  • The Jan Dhan accounts come with several benefits, including a RuPay debit card, an accidental insurance cover of Rs. 1 lakh, and the ability to receive direct benefits transfers from the government.
  • In addition to opening bank accounts, the PMJDY program also aims to provide other financial services, such as small loans, insurance, and pension, to underserved and unbanked households.
  • The PMJDY program has been successful in increasing access to financial services in India, particularly in rural areas. As of 2021, over 42 crore Jan Dhan accounts had been opened under the program, and a large proportion of these accounts were in rural areas.
  • The program has also helped to increase the use of electronic payment systems in India, as the Jan Dhan accounts come with a RuPay debit card that can be used for making electronic transactions.
  • The PMJDY program is implemented through a network of bank branches, business correspondents, and micro ATMs. The program is monitored and supervised by the Ministry of Finance, Department of Financial Services, and the National Bank for Agriculture and Rural Development (NABARD)
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