Pradhan Mantri Jan-Dhan Yojana (PMJDY) was launched in 2014 as a national mission to promote financial inclusion across India. The scheme aimed to provide universal access to banking facilities, basic bank accounts with overdraft and debit cards, financial literacy programs, credit guarantees, and pension schemes. Within 20 months, over 220 million bank accounts were opened under PMJDY, depositing over Rs. 37,000 crore and providing banking access to over 15% of the previously unbanked population. However, the scheme also faced some criticism around issues like multiple accounts, money laundering, lack of proper identity proofs among poor citizens, and the impact of demonetization.

1. Pradhan Mantri Jan-
Dhan Yojana (PMJDY)
A step towards financial inclusion

2. Introduction
• Announced on 15th August 2014.
• Launched on 28th August 2014.
• National mission for financial inclusion “Sab Ka Sath Sab Ka Vikas.”
• Financial inclusion and bank accounts.
• According to census 2011, 58.7% household have access to banking services.
• 1.5 crore bank accounts were opened on the inaugural day.
• Branchless banking through Bank Mitra.

3. Objectives
6 pillars –
• Universal access to banking facilities.
• Providing basic banking accounts with overdraft facility and RuPay debit card to
all household.
• Financial Literacy Programme
• Creation of Credit Guarantee Fund.
• Micro-insurance by 14th August, 2018
• Un-organized sector Pension schemes by 14th August 2018

4. Impact on economy
• within 20 months of launch
• 22 crores bank have been opened
• Rs 37,000 crore have been deposited
• Provided banking services to more
than 15% of the unbanked
population.
• Direct benefit transfer in MGNREGS,
LPG, pensions, scholarships etc

5. Criticism
• Multiple accounts to get more insurance.
• Money laundering.
• Bank Mitra failure.
• Huge liability of banks to operate these accounts.
• Lack of identity proof (poor people – exclusion)
• Impact after demonetization

6. Conclusion
• At least one bank account to each household – bringing people into financial
mainstream.
• Culture of saving among large segment of rural population
• Sab ka Sath sab ka Vikas.
• Reduced dependency on money landers.