Finance Minister Nirmala Sitharaman declared that the Pradhan Mantri Jan Dhan Yojana (PMJDY) scheme, launched by Prime Minister Narendra Modi in 2014, has revolutionized the banking and financial landscape of India. With over 53.14 crore beneficiaries and a deposit balance of Rs. 2.3 lakh crore, the PMJDY has successfully provided millions of unbanked adults with basic banking services and a free accident insurance cover. The Finance Minister also highlighted the scheme's focus on empowering women, with 55% of accounts opened by women.
Pradhan Mantri Jan Dhan Yojana: Revolutionizing India's Banking Landscape under Narendra Modi and Nirmala Sitharaman
Launched in 2014 by Prime Minister Narendra Modi, the Pradhan Mantri Jan Dhan Yojana (PMJDY) scheme has transformed India's banking and financial system, bringing unbanked adults into the formal banking fold and promoting financial inclusion.
Background:
Prior to PMJDY, a significant portion of India's population lacked access to basic banking services. This hindered their ability to save, borrow, and access credit for economic growth. Recognizing this need, the government introduced PMJDY as a financial inclusion initiative.
Scope and Impact:
As of today, PMJDY boasts over 53.14 crore beneficiaries, with a deposit balance of Rs. 2.3 lakh crore. The scheme has successfully provided millions of unbanked adults with the following services:
Women Empowerment:
One of the key features of PMJDY is its focus on empowering women. The scheme has been successful in encouraging women to open bank accounts, with 55% of accounts opened by females. This has empowered women and given them greater control over their finances.
Finance Minister Nirmala Sitharaman's Role:
Finance Minister Nirmala Sitharaman has been instrumental in the implementation and expansion of PMJDY. She has highlighted the scheme's transformative impact on India's banking sector and has announced several measures to strengthen its reach.
Top 5 FAQs (Frequently Asked Questions):
All unbanked adults in India are eligible to open a PMJDY account.
Aadhaar card is the primary document required. If not available, other government-issued IDs can be used.
No, PMJDY accounts are zero-balance accounts.
Beneficiaries are covered for accidental death or permanent disability up to Rs. 2 lakh.
You can check your balance by visiting your branch, calling the toll-free number 1800-110-001 or using the mobile banking app provided by your bank.
Conclusion:
The Pradhan Mantri Jan Dhan Yojana has played a pivotal role in revolutionizing India's banking sector. By providing millions of unbanked adults with access to basic financial services, the scheme has promoted financial inclusion and empowered women. The continued efforts of Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman have ensured the success and expansion of PMJDY, paving the way for a financially inclusive and prosperous India.
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