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Financial inclusion gets a boost with Jan Dhan Yojana

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Pradhan Mantri Jan Dhan YojanaPrime Minister Narendra Modi launched Pradhan Mantri Jan Dhan Yojana (PMJDY) on 28th August 2014 to attach each and every Indian citizen to the bank account for the purpose of saving money safely. Since coming to power, the Modi government has made many reforms to strengthen the economic condition of the country and for its development. Our country, under the aegies of Narendra Modi, is witnessing dynamic transformation in recent times. He had announced about the scheme on August 15, 2014 while addressing the nation at Red Fort however launched two weeks later. It aims to expand and make affordable access to financial services such as bank accounts, remittances, credit, insurance and pensions. Run by the Department of Financial Services, Ministry of Finance, under this scheme 15 million bank accounts were opened on the inauguration day itself. By June 27, 2018, over 318 million bank accounts were opened and over Rs 792 billion were deposited under the scheme. Under PMJDY, the dearth of financial literacy is poised to be neutralized once and for all. Just like the move of demonetization that clamped down the black money mobility in the economy from the root, PMJDY has rightly targeted to grant at least one bank account to every household, free debit card that would come with a facility of accident insurance of Rs. 1 lakh, mobile banking, internet banking and channeling all possible benefits of the Central Government to the account beneficiaries. It is a national mission for financial inclusion with an objective of providing one bank account for each individual.

Since taking over the governance of the nation in 2014, the Bharatiya Janata Party has made several efforts towards the cause of Indian citizens, specially for those who belong to the lower economic strata. According to this scheme, around one crore bank accounts were to be opened on the first day of launch. Money saving scheme is very necessary to make an end level development in the India which can be started and achieved by making people living in the rural areas more couscous about their saving. India is a country that is still counted among developing countries due to the backwardness of people living in deceptive areas. Due to improper education, inequality, social discrimination and many social issues, the rate of people living below the poverty line in India is high.

Many programmes have been implemented to make this scheme successful. Around 60,000 enrollment camps has been set up in the rural areas to draw people’s mind, explain them about the processes and benefits of opening bank account as well as make them aware about the importance of bank accounts. However, still there is not much awareness of these beneficial government schemes in the country. It is very necessary to increase the awareness among people about the money saving habit so that they can be independent and grow some confidence to do something better in the future. Through the saved money they can help themselves in their bad days without the need of other. When each and every Indian people have their own bank account they can better understand the importance of money saving.

Pradhan Mantri Jan Dhan Yojana is a welfare scheme for all and it would prove to be a mile-stone in the progress of the country.  It is also recognised by the Guinness Book of World Records for the most bank accounts opened in one day. PMJDY policy is also an astounding example in front of all developing economy in the global podium which would teach and inspire them to move in the same lines as well. PMJDY is fully operational in India. Today it has been beneficial for all and has encouraged saving habits among masses which will increase economic growth and reduce poverty.

(The views expressed by the author in the article are his/her own.)

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