Pradhan Mantri Jan Dhan Yojana & Login Portal

Pradhan Mantri Jan Dhan Yojana

Pradhan Mantri Jan Dhan Yojana


Introduction 

The Indian government introduced the Pradhan Mantri Jan Dhan Yojana (PMJDY) financial inclusion programme in August 2014. Every household in the nation was intended to have access to basic financial services such a savings account, remittance, credit, insurance, and pension options. The program's debut was intended to combat poverty and advance financial inclusion in the nation.

Millions of accounts have been established around the nation as a result of the scheme's enormous success. The Pradhan Mantri Jan Dhan Yojana will be covered in-depth in this article, along with its goals, characteristics, advantages, and effects.

Pradhan Mantri Jan Dhan Yojana login Portal: 

https://pmjdy.gov.in/PMJDYGrievance/SecurePages/user_login.aspx

The goals of PMJDY are

There are several goals for the Pradhan Mantri Jan Dhan Yojana, some of which include the following:
  • Financial inclusion: The programme seeks to provide every household in the nation access to financial services. For the rural populace, which has historically been shut out of the official banking system, this is especially crucial.
  • Savings encouragement: By giving participants access to savings accounts, the programme promotes saving among its participants. This is anticipated to encourage sound money management and lessen reliance on unofficial credit sources.
  • Direct benefit transfer: The programme enables the government to deposit grants and other rewards into recipients' bank accounts. This should decrease leaks and guarantee that the advantages reach the intended recipients.
  • Loans access: The programme gives unbanked people, especially farmers and small business owners, access to loans. It is anticipated that this would encourage rural development and entrepreneurship.

Aspects of PMJDY

  1. Zero balance account: Under the plan, customers can create a bank account with no funds in it. For the impoverished, who might not have enough money to maintain a minimum balance, this is especially crucial.
  2. RuPay debit card: The programme issues account users a RuPay debit card. Both purchases and cash withdrawals are possible with this card.
  3. Accidental insurance coverage: The programme offers account holders a Rs. 2 lakh accidental insurance cover. The government offers this coverage at no cost.
  4. Overdraft facility: The programme offers account holders an overdraft facility of Rs. 10,000. After six months of the account's activities being satisfactory, this feature becomes available.
  5. Mobile banking: The programme gives account holders access to mobile banking services. They may now use their mobile phones to do banking operations thanks to this.

Effects of PMJDY

Increase in bank accounts

As a result of the plan, there are now more bank accounts in the nation. More than 42 crore accounts had been established under the programme as of March 2021.

Increase in financial inclusion:

Financial inclusion has increased as a result of the programme, which has given access to banking services to millions of formerly unbanked families nationwide. As a result, there is now less of a financial access gap between urban and rural populations.

Direct benefit transfer

The programme has greatly increased the quantity of direct benefit payments. More than 4.4 lakh crore have been transferred through DBT as of March 2021 under various government programmes.

Increased usage of digital transactions

As a result of the system, the nation is using more digital transactions. By March 2021, more than 30 crore transactions had been completed using the RuPay debit card that was made available as part of the programme.

Promotion of entrepreneurship

The programme gave farmers and small business owners access to loans, which encouraged entrepreneurship and rural development.

Reduction in leakages

Leakages have decreased as a result of the strategy in the government's welfare and subsidies programmes. The likelihood of leakages has been decreased because to the direct benefit transfer, which has made sure that the benefits reach the intended recipients.

PMJDY's difficulties and limitations

  • Low account utilisation: Despite the fact that the initiative has resulted in the opening of millions of accounts, the utilisation of these accounts is still low. The goal of the plan is defeated because many account holders don't do payments.
  • Lack of knowledge: Many residents of rural regions are still oblivious of the program's advantages. This has caused the scheme's acceptance in certain regions to be limited.
  • Lack of access to financial infrastructure: Despite the program's goal of giving every family accessibility to banking services, many rural communities still do not have adequate facilities for banking. This has constrained the scheme's influence in these regions.
  • Operational problems: There have been reports of operational problems with the plan, including slow account opening times, inaccurate paperwork, and technological difficulties.
  • Limited insurance coverage: The plan offers a 2 lakh rupee accidental insurance cover, however it is solely available to the account holder. Its usefulness is constrained by the fact that the entire family is not covered.

Conclusion

Financial inclusion in India has advanced significantly as a result of the Pradhan Mantri Jan Dhan Yojana. Millions of unbanked families nationwide now have access to banking services thanks to the programme, which also encourages financial inclusion and lowers poverty. Leakages have decreased as a result of the program's emphasis on direct benefit transfer and credit availability, which has also encouraged entrepreneurship and rural development. 

However, difficulties like poor account utilisation, ignorance, lack of access to banking infrastructure, operational problems, and restricted insurance coverage limit the scheme's efficacy. To ensure the scheme's success and achieve its goals of financial inclusion and poverty reduction, it will be imperative to address these issues.

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