Introduction to Jan Dhan Yojana

  1. The Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched on August 28, 2014, by the Government of India.
  2. It aims to provide universal access to banking facilities and promote financial inclusion for all sections of society.
  3. Described as the world's largest financial inclusion initiative.

Objectives of Jan Dhan Yojana

  1. Provide access to basic banking services such as savings accounts, deposits, and withdrawals.
  2. Ensure access to affordable credit, insurance, and pension schemes.
  3. Facilitate direct transfer of government subsidies and benefits.
  4. Promote a cashless economy and reduce dependency on informal credit sources.

Key Features of Jan Dhan Yojana

  1. Opening of zero-balance bank accounts with a RuPay debit card.
  2. Provision of accidental insurance cover up to ₹2 lakh.
  3. Offers an overdraft facility of up to ₹10,000 after six months of account operation.
  4. Encourages mobile banking for financial transactions and services.
  5. Integration with government welfare schemes to enable Direct Benefit Transfers (DBT).

Achievements of Jan Dhan Yojana

  1. As of 2023, over 500 million accounts were opened under PMJDY.
  2. Increased access to formal banking systems in rural and remote areas.
  3. Reduction in leakages of government subsidies through DBT.
  4. Enhanced financial literacy among economically weaker sections.
  5. Boosted women empowerment by encouraging women to open accounts.

Challenges in Implementation

  1. Many accounts remain dormant due to lack of transactions.
  2. Low penetration of financial literacy in rural areas.
  3. Inadequate banking infrastructure and shortage of bank branches in remote locations.
  4. Technical issues in DBT processing and system integration.
  5. Reluctance of some users to adopt cashless modes of transactions.

Significance for Competitive Exams

  1. PMJDY is a key topic for exams like RBI Grade B, IBPS, SSC, NABARD, and UPSC.
  2. Questions may focus on its objectives, features, achievements, and challenges.
  3. Important statistics such as the number of accounts opened or insurance coverage under the scheme can be tested.

Relevance of PMJDY in Financial Inclusion

  1. Bridges the gap between formal financial institutions and underserved sections of society.
  2. Contributes significantly to achieving Sustainable Development Goal (SDG) 1 (No Poverty).
  3. Strengthens the financial ecosystem by promoting the use of digital and mobile banking.

Questions

  1. What is the full name of the Jan Dhan Yojana scheme?
  2. When was the Pradhan Mantri Jan Dhan Yojana (PMJDY) launched?
  3. What is the primary objective of Pradhan Mantri Jan Dhan Yojana (PMJDY)?
  4. Which type of account can be opened under Pradhan Mantri Jan Dhan Yojana (PMJDY)?
  5. What is the maximum balance allowed in a Pradhan Mantri Jan Dhan Yojana (PMJDY) account?
  6. How much accidental insurance cover is provided under Pradhan Mantri Jan Dhan Yojana (PMJDY)?
  7. Which bank leads the implementation of Pradhan Mantri Jan Dhan Yojana (PMJDY)?
  8. What is the overdraft limit provided to account holders under Pradhan Mantri Jan Dhan Yojana (PMJDY)?
  9. What document is primarily required to open an account under Pradhan Mantri Jan Dhan Yojana (PMJDY)?
  10. Who launched the Pradhan Mantri Jan Dhan Yojana (PMJDY)?
  11. What is the age limit to avail the overdraft facility under Pradhan Mantri Jan Dhan Yojana (PMJDY)?
  12. What is the minimum balance required for a Pradhan Mantri Jan Dhan Yojana (PMJDY) account?
  13. How many free deposits or withdrawals are allowed under Pradhan Mantri Jan Dhan Yojana (PMJDY)?
  14. Which feature of Pradhan Mantri Jan Dhan Yojana (PMJDY) helps individuals receive government subsidies directly?
  15. Under Pradhan Mantri Jan Dhan Yojana (PMJDY), RuPay debit cards are issued. What is RuPay?
  16. How many accounts were opened on the first day of Pradhan Mantri Jan Dhan Yojana (PMJDY)’s launch?
  17. What type of insurance is provided under Pradhan Mantri Jan Dhan Yojana (PMJDY)?
  18. How does Pradhan Mantri Jan Dhan Yojana (PMJDY) contribute to financial literacy?
  19. What is the life insurance cover provided under Pradhan Mantri Jan Dhan Yojana (PMJDY)?
  20. What is the tenure of the accidental insurance cover under Pradhan Mantri Jan Dhan Yojana (PMJDY)?
  21. Which organization monitors the implementation of Pradhan Mantri Jan Dhan Yojana (PMJDY)?
  22. What is the tagline of Pradhan Mantri Jan Dhan Yojana (PMJDY)?
  23. What role do business correspondents play in Pradhan Mantri Jan Dhan Yojana (PMJDY)?
  24. What is the primary source of funding for Pradhan Mantri Jan Dhan Yojana (PMJDY)?
  25. What benefit does Pradhan Mantri Jan Dhan Yojana (PMJDY) offer to women account holders?
  26. How many accounts were linked with Aadhaar under Pradhan Mantri Jan Dhan Yojana (PMJDY) by 2022?
  27. What is the financial literacy component of Pradhan Mantri Jan Dhan Yojana (PMJDY) aimed at?
  28. How many family members can benefit from the overdraft facility under Pradhan Mantri Jan Dhan Yojana (PMJDY)?
  29. What is the role of RuPay debit cards in Pradhan Mantri Jan Dhan Yojana (PMJDY)?
  30. How does Pradhan Mantri Jan Dhan Yojana (PMJDY) contribute to Direct Benefit Transfer (DBT)?