Critical Analysis of Pradhan Mantri Jan Dhan Yojna on Its 6th Year Anniversary

Critical Analysis of Pradhan Mantri Jan Dhan Yojna on Its 6th Year Anniversary

Pradhan Mantri Jan Dhan Yojna which was launched on 15th August 2014 recently completed 6 years. And in these last six years, PMJDY managed to gain 40.35 crore new accounts with 55% account belonging to females.

The aim of launching the Jan Dhan scheme was to connect every citizen of India to financial institutions. It was to make them more able by providing them access to bank accounts, insurance facilities, and loan schemes.

Among the 40+ crore new accounts, the majority holding is from rural India at 63.6% of the total share. The rural Indian which was unaware of the concept of banking and funds was given a chance to set up his/her own bank account and get empowered.

The aggressive campaign, in its own way, forced a majority of these kinds of people to come out of their shell and register with a banking body.

Now, how exactly it managed to turn out such a big number? The answer is simple, it removed the scary-looking and hefty process of account registration made it simple, and educated the required section of society about how they can also be a part of the scheme.

PM Modi himself tweeted on the occasion 6th anniversary of PMJDY which goes something like this.

In an official release from the Ministry of Finance, it was said that “Ministry of Finance is committed to providing financial inclusiveness and support to the marginalized and hitherto socio-economically neglected classes. Financial Inclusion is a national priority of the Government as it is an enabler for inclusive growth.”

“It is important as it provides an avenue to the poor for bringing their savings into the formal financial system, an avenue to remit money to their families in villages besides taking them out of the clutches of the usurious money lenders.”

“A key initiative towards this commitment is the Pradhan Mantri Jan Dhan Yojna (PMJDY), which is one of the biggest financial inclusion initiatives in the world,”

Out of all the schemes we’ve seen in the Modi government, this is one of the most beneficial and undebatable ones in terms of success level.

Nirmala Sitharaman, Union Minister for Finance & Corporate Affairs also commented on the same “The Pradhan Mantri Jan Dhan Yojana has been the foundation stone for the Modi government’s people-centric economic initiatives.”

She added “Whether it is direct benefit transfers, COVID-19 financial assistance, PM-KISAN, increased wages under MGNREGA, life and health insurance cover, the first step was to provide every adult with a bank account, which PMJDY has nearly completed.”

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