PM Jan Dhan Yojana completes 8 years, Financial Inclusion Program

PM Jan Dhan Yojana completes 8 years

Pradhan Mantri Jan Dhan Yojana has completed 8 years and has achieved its major goals during this period. PM Jan Dhan Yojana is a flagship financial inclusion program that was started by Prime Minister Narendra Modi and was launched on 28th August 2014. The Jan Dhan Yojana was announced by Prime minister Narendra Modi in his first Independence Day address after the election in 2014. In eight years, PM Jan Dhan Yojana (PMJDY) has touched the mark of 462.5 million, as of 10th August 2022, the deposits in these accounts are to be approximately 1.73 trillion.

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PM Jan Dhan Yojana (PMJDY): Aims

PM Jan Dhan Yojana (PMJDY) is a National Mission financial inclusion program that aims to bring comprehensive financial inclusion to all households in India.

• The PMJDY aims to provide universal access to banking facilities which includes at least one basic banking account for every household, financial literacy, access to credit, insurance, and Pension facility.
• The beneficiaries would get a RuPay Debit card having inbuilt accident insurance covering ₹ 1 lakh.
• Channeling all Government benefits to the beneficiary’s account and pushing the Direct Benefits Transfer (DBT) scheme of the Union Government.
• The technological issues like poor connectivity, and online transactions will be addressed.
• Mobile transactions through telecom operators and their established centers as Cash out Points are also planned to be used for Financial Inclusion under the scheme.

PM Jan Dhan Yojana (PMJDY): Objectives

• To ensure access to various financial services like availability of basic savings bank account
• To provide access to need-based credit, remittances facility, insurance, and Pension.