The Pradhan Mantri Jan Dhan Yojana (PMJDY) – the National Mission for Financial Inclusion – completes nine years of successful implementation. Launched on 28th August 2014 by Prime Minister Shri Narendra Modi, the PMJDY stands as one of the most extensive financial inclusion initiatives globally, aimed at liberating the economically marginalized from a cycle of poverty.
The Ministry of Finance, through the PMJDY, has been committed to fostering financial inclusiveness and providing support to economically disadvantaged sections. Financial Inclusion (FI) is a means of ensuring equitable growth and delivering financial services at reasonable costs to vulnerable groups, particularly those lacking access to basic banking services.
One of the essential outcomes of financial inclusion is the integration of the poor’s savings into the formal financial system, detaching them from exploitative moneylenders. Additionally, it facilitates the transfer of funds to families in rural areas, thus furthering the economic empowerment of these individuals.
On the occasion of the ninth anniversary of the PMJDY, Union Finance Minister Smt. Nirmala Sitharaman highlighted the program’s achievements.
As of August 16, 2023, the number of PMJDY Accounts:
As of August 16, 2023, the deposits within PMJDY accounts stand as follows:
The PMJDY was introduced as a National Mission for Financial Inclusion, aimed at offering accessible financial services like banking, savings accounts, remittance, credit, insurance, and pensions.
The objectives of the PMJDY are as follows:
Basic Tenets of the Scheme
The PMJDY encompasses three fundamental principles:
The launch of PMJDY rested upon six pillars:
The Pradhan Mantri Jan Dhan Yojana (PMJDY) was meticulously crafted with adaptive strategies rooted in experience:
The PMJDY was extended beyond August 28, 2018, with modifications:
PMJDY has been the foundation for numerous people-centric economic initiatives. From direct benefit transfers to COVID-19 financial aid, the program has laid the groundwork for various assistance measures. During the pandemic, DBTs via PMJDY accounts ensured that financial assistance reached the intended recipients, mitigating systemic leakage.
In summary, the Pradhan Mantri Jan Dhan Yojana has not only integrated the unbanked into the financial system but also expanded India’s financial landscape, significantly contributing to financial inclusion. As we celebrate nine years of its implementation, we recognize the monumental achievements of this transformative initiative.
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