Essay – Pradhan Mantri Jan Dhan Yojana
Pradhan Mantri Jan Dhan Yojana Essay: Pradhan Mantri Jan Dhan Yojana is a national mission that integrates people belonging to low-income groups and the marginalised section to a wide variety of financial services such as savings bank accounts, remittance facilities, need-based credit, insurance and pension. This program was launched on 28th August 2014 to address the financial needs of each and every citizen. As per this scheme,60,000 enrollment camps were organised in rural areas to attract the people’s attention and explain to them the benefits of having a bank account. The main aim of our Prime Minister Narendra Modi was to help the poor people and inculcate in them the value of saving money, which is possible only by opening a bank account.
Discussion
Pradhan Mantri Jan Dhan Yojana has the objective of financial inclusion for the economically weaker sections by providing them with banking accounts along with accident insurance and debit card. The main characteristics comprise a Rs 5,000 overdraft facility for Adhaar-linked accounts and a Rupay debit card with an accident coverage scheme of Rs 1 lakhs. Another important feature of this scheme is that a member, after remaining active for 6 months, the account holder will become eligible for an overdraft of Rs 5000. Moreover, the financial literacy program under this scheme aims to increase financial literacy and give them an understanding of the entire mechanism. In the second phase of the program, the micro-insurance scheme and pension scheme such as the Swavalamban by means of the business correspondents is also included. This implies that the PMJDY not only served as an important epitome of governance but also reflected that a government is able to achieve if it is committed to the welfare of the countrymen.
Under the PMJDY scheme, a person who is 10 years of age and does not have a bank account can open a zero-balance bank account with any registered bank. There are various advantages of PMJDY which was launched to bring the scope of banking to all the rural citizens of the country, regardless of their financial status. Mobile banking facilities can be enjoyed by account holders to enjoy quick and convenient banking options. In addition, this lucrative scheme also brings the purview of insurance to the people. A life coverage scheme of Rs 30,000 to Rs 2,00,000 is offered to the customers in the event of death due to an accident.
Conclusion
To conclude it can be said that PMJDY, facilitates easy transfer of money and offers lucrative insurance schemes to the customers. Also, the account holders will get the added benefit of opening an account with zero balance. People are also able to get access to overdraft facilities and a wide variety of loans by enjoying the benefits of Adhar as well. Although the scheme faced a number of issues yet it has proven to be a blessing for many.
FAQs related to Pradhan Mantri Jan Dhan Yojana essay
Q1. What is the significance of the Pradhan Mantri Jan Dhan Yojana?
Ans: Pradhan Mantri Jan Dhan Yojana has the aim of financial inclusion for the economically weaker sections by providing them with banking accounts with zero deposit, accident coverage and loans.
Q2. State the accident coverage scheme of PMJDY.
Ans: It offers an accident coverage scheme of Rs 1 lakhs.
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