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PRADHAN MANTRI JAN DHAN YOJANA (PMJDY)

PMJDY plays a crucial role in promoting equitable growth by facilitating Financial Inclusion (FI). This strategy ensures that affordable financial services are accessible to low-income and disadvantaged segments of the population, thereby contributing to inclusive economic development.

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PRADHAN MANTRI JAN DHAN YOJANA (PMJDY)

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  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 streamlines government benefit transfers. • Facilitates efficient, direct benefit transfers to citizens, eliminating intermediaries. Dhan–Aadhaar–Mobile (JAM) architecture

  6. Formalizing Savings and Empowering Women • Formalizing Savings • PMJDY disadvantaged individuals into the formal financial system. successfully integrates savings of economically • 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. Achievements of PMJDY • 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.

  8. Thank You! For More Information Call:- +91 84484-40231 Email:- Info@plutusias.com Visit us:- www.plutusias.com

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