Pradhan Mantri Jan Dhan Yojana 2024, Check Objectives, Achievements, Features

pmjdy.gov.in Pradhan Mantri Jan Dhan Yojana 2024, Check Objectives, Achievements, Features Pradhan Mantri Jan Dhan Yojana is a national mission to increase the savings of the people. It was launched by Prime Minister Shri Narendra Modi on 15th August 2014. It was launched through the development philosophy “Sabka Sath Sabka Vikas“. The main objective of this scheme is to provide easy access to financial services to all families.

All families will have RuPay debit cards as well as bank accounts. They will also get loans, insurance and pension for their social security. This financial inclusion will not only bring the deprived sections into the financial mainstream, but will also transfer the benefits of various government subsidy schemes more efficiently.

Pradhan Mantri Jan Dhan Yojana Objectives 2024

Financial inclusion is the priority of the Indian Government. This scheme will enable inclusive growth for all. The primary goal of PMJDY is to provide universal access to banking facilities. It also includes the main objectives given below:

• Opening accounts for all – unbanked families.
• Providing easy access to credit, insurance and pension schemes.
• Providing awareness through digital means.
• Providing financial literacy.
• Reducing leakages in subsidies through Direct Benefit Transferred (DBT) to bank accounts.
• Strengthening the financial system.
• Creating a national identity system.
• Creating a strong payment infrastructure using inter-mobile payment services.
• Creating a Credit Guarantee Fund to cover defaults in overdraft accounts.
• Providing micro-insurance to eligible account holders.
• Unorganized sector pension schemes like self reliance.

PMJDY Role of Technology in Financial Inclusion 2024

• By leveraging new technologies like e-KYC, IMPS, AEPS and Mobile Banking. It is cost effective and easily accessible.
• CBS is a step towards furthering banking services to the customer. It makes it easy to use products like RTGS, NEFT, Mobile Banking etc.
• A multi-channel branchless approach using handheld devices like mobile, micro-ATM etc.
• Stimulating e-KYC
• RuPay Debit through NCPI provides cost savings and efficiency. It also provides security of Indian customer information and customized product delivery.

Pradhan Mantri Jan Dhan Yojana Features 2024

• Technology plays a very essential role in expanding financial inclusion for PMJDY scheme.
• We can open zero-balance account.
• Overdraft benefit of Rs.10000/- for eligible account holders linked with Aadhaar. Age limit for overdraft benefit is 18-65 years.
• You can open RuPay Debit Card after 28.08.2018 with personal accident insurance cover of Rs.2 lakh.
• A minor above 10 years of age is also eligible to open the account.
• This account is eligible for Direct Benefit Transfer (DBT), Pradhan Mantri Jeevan Bima Yojana (PMJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY), Micro Units Development and Refinance Agency Bank (MUDRA).
• This scheme enhances financial literacy regarding access to credit and insurance.
• Pension scheme has also been introduced, and remittance facilities are also provided.

Pradhan Mantri Jan Dhan Scheme Challenges 2024

• Telecom connectivity
• Keeping accounts operative
• Awareness of the benefits
• Commission on direct benefit transfer (DBT)
• Coverage on hill and rural areas

Pradhan Mantri Jan Dhan Scheme Achievements 2024

• PMJDY Account: There has been a notable increase in the number of account openings since the day of launch and it has increased to 51.04 crores.
• Promoting the benefits of RuPay Card
• Jan Dhan Darshan App
• Easy transactions Direct Benefit Transfer
• Enhancing digital transactions
• Improving access to micro-credit like micro-investment and flexi recurring deposit
• Between 23 and 29 August, 18,096,130 new bank accounts were opened, which is the highest number in 2014. For this achievement, the scheme has received a Guinness World Record.
• The scheme has received international recognition for its efforts towards financial inclusion and poverty alleviation.