The Pradhan Mantri Jan Dhan Yojna (PMJDY), a mega financial inclusion scheme, launched by government of India to cover those households who do not have bank accounts at present and belonging to poor section.
Special Benefits under PMJDY Scheme
The scheme ‘Pradhan Mantri Jan Dhan Yojana’ was originally known as the financial inclusion programme. The revised programme with a new name ‘Pradhan Mantri Jan Dhan Yojana’ symbolizes the rejuvenated effort of the present government to include the underprivileged section of our society to the financial products offered by the banks and insurance companies. Financial inclusion is the programme to include the underprivileged section of our society who is so far excluded from financial products. The financially excluded are the section of our society which lives in utter poverty. This section has been deprived of banking facilities due to lack of access to safe financial products suitable to their needs, as commercial banks in India stayed away from conventional small amounts of finance in interior rural areas. Financial illiteracy, non-suitability of financial products provided by banks, lack of correct advise on banking facilities are some of the reasons for their financial exclusion.
Hence, ‘Pradhan Mantri Jan Dhan Yojana’ is designed to include the underprivileged people of the society to mainstream financial activities and deliver affordable financial products to them. It is hoped that the launching of the new scheme would address the financial imbalance between different sections of the society, along with the launching of other poverty elevation programmes of the government. The following are the salient features of Pradhan Mantri Jan Dhan Yojana (PMJD Scheme) ;
The following 4 agencies in addition to government of India and RBI namely ( i ) Banks (ii) National Payment Corporation of India for issuing RuPay Debit card (iii) HDFC Aro for issuing accident policy and settlement of claims (iv) LIC for issuing life cover and settlement of claims will be responsible for successful implementation.
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