Pradhan Mantri Jan Dhan Yojana (PMJDY)].pptx.pdf
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PMJDY seeks to expand banking services by establishing branches and Banking Correspondents (BCs) to reach both urban and rural areas.
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![Pradhan Mantri Jan
Dhan Yojana (PMJDY)]
Launched: August 28, 2014
Aim: Extend affordable financial
services to vulnerable and
economically disadvantaged
sections of society.
Implementation: Ministry of Finance](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
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JAN DHAN YOJNA COMPLETE PROJECT(SUMEET SARASWATA)
Union Bank of India has played a proactive role in India's economic growth by providing credit to different sectors. It has over 4,200 branches across India. The Pradhan Mantri Jan Dhan Yojana (PMJDY) financial inclusion scheme aims to provide bank accounts to all households, and over 17.45 crore accounts were opened by August 2015, with Rs. 22,032.68 crore deposited. PMJDY has positively impacted banks like Union Bank by expanding customer base and increasing deposits.
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by inclusive all financial services to those groups who are excluded to access financial
system. The approach that was first used by the government for financial inclusion
was Swabhimaan. In Swabhimaan, the target area was rural with account opening
as the main focus ignoring the use of mobile banking. Pradhan Mantri Jan-Dhan
Yojana (PMJDY) is introduced to overcome the loopholes of Swabhimaan. It is an
urge of the hour to make the people understand that financial inclusion is the emerging
financial means which play major role to develop country by eradicating poverty.
The main objective of financial inclusion is a basic no frill account, credit availability
at appropriate rate, knowledge of secure savings and financial products, remittance,
pension and insurance etc. PMJDY is major financial plan with the objective of covering
all households in the country with banking facilities along with inbuilt insurance
coverage. The paper implies to study the need of financial inclusions in India with
special reference to PMJDY for the sustainable growth of economy.
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For any developing country like India, the sustainable growth of nation is only possible
by inclusive all financial services to those groups who are excluded to access financial
system. The approach that was first used by the government for financial inclusion
was Swabhimaan. In Swabhimaan, the target area was rural with account opening
as the main focus ignoring the use of mobile banking. Pradhan Mantri Jan-Dhan
Yojana (PMJDY) is introduced to overcome the loopholes of Swabhimaan. It is an
urge of the hour to make the people understand that financial inclusion is the emerging
financial means which play major role to develop country by eradicating poverty.
The main objective of financial inclusion is a basic no frill account, credit availability
at appropriate rate, knowledge of secure savings and financial products, remittance,
pension and insurance etc. PMJDY is major financial plan with the objective of covering
all households in the country with banking facilities along with inbuilt insurance
coverage. The paper implies to study the need of financial inclusions in India with
special reference to PMJDY for the sustainable growth of economy.
Keywords: Financial Exclusion, Financial Inclusion, PMJDY, Sustainable Growth.Financial inclusion from Poverty to Prosperity
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The Pradhan Mantri Jan Dhan Yojana (PMJDY) is a government scheme launched in 2014 with the goal of providing all Indian households access to at least one bank account. It aims to promote financial inclusion and provide banking services including deposits, credit, insurance, and pensions to lower income groups that previously lacked access. The scheme was launched in phases with an initial target of opening 7.5 crore accounts by January 2015, later revised to 10 crore accounts. It is a nationwide program backed by the National Mission for Financial Inclusion with the overall philosophy of inclusive development for all.
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JAN DHAN YOJNA COMPLETE PROJECT(SUMEET SARASWATA)
Union Bank of India has played a proactive role in India's economic growth by providing credit to different sectors. It has over 4,200 branches across India. The Pradhan Mantri Jan Dhan Yojana (PMJDY) financial inclusion scheme aims to provide bank accounts to all households, and over 17.45 crore accounts were opened by August 2015, with Rs. 22,032.68 crore deposited. PMJDY has positively impacted banks like Union Bank by expanding customer base and increasing deposits.
Financial inclusion for sustainable development
For any developing country like India, the sustainable growth of nation is only possible
by inclusive all financial services to those groups who are excluded to access financial
system. The approach that was first used by the government for financial inclusion
was Swabhimaan. In Swabhimaan, the target area was rural with account opening
as the main focus ignoring the use of mobile banking. Pradhan Mantri Jan-Dhan
Yojana (PMJDY) is introduced to overcome the loopholes of Swabhimaan. It is an
urge of the hour to make the people understand that financial inclusion is the emerging
financial means which play major role to develop country by eradicating poverty.
The main objective of financial inclusion is a basic no frill account, credit availability
at appropriate rate, knowledge of secure savings and financial products, remittance,
pension and insurance etc. PMJDY is major financial plan with the objective of covering
all households in the country with banking facilities along with inbuilt insurance
coverage. The paper implies to study the need of financial inclusions in India with
special reference to PMJDY for the sustainable growth of economy.
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For any developing country like India, the sustainable growth of nation is only possible
by inclusive all financial services to those groups who are excluded to access financial
system. The approach that was first used by the government for financial inclusion
was Swabhimaan. In Swabhimaan, the target area was rural with account opening
as the main focus ignoring the use of mobile banking. Pradhan Mantri Jan-Dhan
Yojana (PMJDY) is introduced to overcome the loopholes of Swabhimaan. It is an
urge of the hour to make the people understand that financial inclusion is the emerging
financial means which play major role to develop country by eradicating poverty.
The main objective of financial inclusion is a basic no frill account, credit availability
at appropriate rate, knowledge of secure savings and financial products, remittance,
pension and insurance etc. PMJDY is major financial plan with the objective of covering
all households in the country with banking facilities along with inbuilt insurance
coverage. The paper implies to study the need of financial inclusions in India with
special reference to PMJDY for the sustainable growth of economy.
Keywords: Financial Exclusion, Financial Inclusion, PMJDY, Sustainable Growth.Financial inclusion from Poverty to Prosperity
The document discusses financial inclusion in India. It provides background on India's economic growth and sectors. It then discusses the large portion of the population that lives in poverty and are financially excluded. Several government programs and initiatives are outlined to promote financial inclusion, such as no-frills bank accounts, expanding branch networks, and initiatives like Jan Dhan Yojana that aim to provide every family access to a bank account. Challenges to financial inclusion include limited financial literacy and the large number of people still needing access to financial services. The role of organizations like NABARD in promoting financial inclusion through microfinance and other programs is also mentioned.
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The Pradhan Mantri Jan Dhan Yojana (PMJDY) is a government scheme launched in 2014 with the goal of providing all Indian households access to at least one bank account. It aims to promote financial inclusion and provide banking services including deposits, credit, insurance, and pensions to lower income groups that previously lacked access. The scheme was launched in phases with an initial target of opening 7.5 crore accounts by January 2015, later revised to 10 crore accounts. It is a nationwide program backed by the National Mission for Financial Inclusion with the overall philosophy of inclusive development for all.
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corruption,budget
Cash transfers are programs that transfer cash to poor households on the condition that they invest in their children's education and health. Many developing countries have implemented conditional and unconditional cash transfer programs to help reduce poverty and achieve the Millennium Development Goals. India has introduced a direct cash transfer program that faces challenges in ensuring all eligible households have bank accounts and access to make withdrawals given limited bank branch coverage in rural areas. Effective implementation will also require issuing Aadhaar numbers to all and developing an evaluation system to assess the program's impacts.
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Hon'ble Prime Minister, Sh. Narendra Modi launched the Pradhan Mantri Jan-Dhan Yojana (PMJDY) scheme as a national mission for Financial Inclusion on 28th August, 2014.
The State of Financial Inclusion – An Overview and Advancement
Financial Inclusion is delivery of banking services at an affordable cost to the vast sections of disadvantaged and low income groups. The main focus of financial inclusion in India is to promote sustainable development and generating employment in rural areas for the rural population. In India, few households have access to banking services. There are many factors affecting access to financial services by weaker section of society in India. Several steps have been taken by the Reserve Bank of India and the Government to bring the financially excluded people to the fold of the formal banking services. Financial Access Survey for 2016 released by International Monetary Fund (IMF) shows that in India there only 13 commercial bank branches per 1,00,000 individuals. PM Jan Dhan Yojna (PMJDY) was highly successful in opening bank accounts in which more than 97% of the accounts were opened with the public banks, but around 72% of these accounts show 'zero balances'. More than 1 crore bank accounts have been opened under PMJDY. However, despite the opening of such accounts, access has been lower. Access to banking is an important indicator of the level of financial inclusion in the country. India's urban and semi-urban region performs fairly well, however rural region is still underdeveloped in banking. Digital India campaign recently launched schemes like MUDRA, startup India, PMJDY, initiation of new banks like payment banks, PSL certificates trading etc. are in the right direction. With government moving towards DBT for subsidies financial inclusion becomes very critical. Focus should shift to increase coverage, reach of services and ease of availing credit.
Financial inclusion in india an over view
Financial inclusion is a buzzword now and has attracted the global attention in the recent past. As the approach of 12th five year plan (2012-2017) is faster, sustainable and more inclusive growth, the issue of financial inclusion is emerging as the new paradigm of economic growth. Financial inclusion plays a major role in driving a way the poverty from the country. The main focus of financial inclusion in India is to promote sustainable development and generating employment in rural areas for the rural population. C.Rangarajan Committee (2008) defined financial inclusion as, “The process of access to financial services, and timely and adequate credit needed by vulnerable groups such as weaker sections and low income groups at an affordable cost.” The purpose of financial inclusion is to provide equitable opportunities to every individual to avail the facility of formal financial channels for better life, better living and better income. It can be described as the provision of affordable financial services, viz., access to payments and remittance facilities, savings, loans and insurance services by the formal financial system to those who are excluded. Though there are few people who are enjoying all kinds of services from savings to net banking, but still in our country around 40% of people lack access to even basic financial services like savings, credit and insurance facilities. Financial inclusion is the road that India needs to travel towards becoming a global player. This paper attempts to study the overview of financial inclusion in India.
Government Initiatives
The document summarizes key initiatives under the Indian government's Digital India and Startup India programs. Digital India aims to transform India into a digitally empowered society through initiatives like high speed internet access, digital identity and authentication, universal mobile connectivity, and online services. Startup India aims to boost entrepreneurship and startup growth in India through measures like self-certification, patent protection, tax exemptions, and funding support. Both programs seek to promote digital technology, drive economic growth, and create jobs.
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Pradhan Mantri Jan Dhan Yojana (PMJDY)].pptx.pdf
- 1. Topic: Pradhan Mantri Jan Dhan Yojana
- 2. Pradhan Mantri Jan Dhan Yojana (PMJDY)] Launched: August 28, 2014 Aim: Extend affordable financial services to vulnerable and economically disadvantaged sections of society. Implementation: Ministry of Finance
- 3. Key Objectives • Universal access to banking services. • At least one basic banking account per household. • Promote financial literacy. • Provide access to credit, insurance, and pension facilities.
- 4. Key Features of PMJDY • Expanding Banking Services • Establishment of branches and Banking Correspondents (BCs) for urban and rural outreach. • RuPay Debit Card • Indigenous Debit Card (RuPay card) issued to PMJDY account holders. • No Minimum Balance Requirement • No obligation to maintain a minimum balance in PMJDY accounts. • Accident Insurance Cover • Rs. 1 lakh accident insurance coverage (Rs. 2 lakh for new accounts after Aug 28, 2018). • Coverage provided through the RuPay card issued with the account. • Access to Government Schemes • Eligibility for government schemes like Direct Benefit Transfer (DBT), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), and Atal Pension Yojana (APY).
- 5. Significance of PMJDY • Promoting Inclusive Growth • PMJDY plays a pivotal role in fostering equitable growth by promoting Financial Inclusion (FI). • Ensures affordable financial services are accessible to low-income and disadvantaged segments, contributing to inclusive economic development. • JAM Architecture Benefits • The Jan Dhan–Aadhaar–Mobile (JAM) architecture streamlines government benefit transfers. • Facilitates efficient, direct benefit transfers to citizens, eliminating intermediaries.
- 6. Formalizing Savings and Empowering Women • Formalizing Savings • PMJDY successfully integrates savings of economically disadvantaged individuals into the formal financial system. • Women's Empowerment • Approximately 55.5% of Jan Dhan accounts are held by women. • Overdraft Accessibility • PMJDY permits overdraft facilities, limited to one account per household.
- 7. • Massive Financial Inclusion • Integrated over 50 crore people into the formal banking system. • Rural and Semi-Urban Reach • Approximately 67% of accounts opened in rural and semi-urban areas. • Widespread RuPay Card Issuance • Issued around 34 crore RuPay cards. • Guinness World Records Recognition • Record for "Most bank accounts opened in one week" with 18,096,130 accounts opened under the Department of Financial Services, Government of India. Achievements of PMJDY
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