Swachh Bharat Abhiyan is a nationwide cleanliness campaign launched by the Indian government. Read on to learn more about its objectives, achievements, challenges, and impact. Introduction: Swachh Bharat Abhiyan, also known as the Clean India Mission, is a flagship initiative of the Indian government to make India clean, green, and hygienic. Launched on October 2, 2014, on the occasion of Mahatma Gandhi's 150th birth anniversary, the mission aims to create awareness about cleanliness, hygiene, and sanitation among the citizens of India. The Swachh Bharat Abhiyan has two key components: the Swachh Bharat Mission (SBM) Urban, and the Swachh Bharat Mission (SBM) Gramin . While the former focuses on urban areas, the latter targets rural areas. In this article, we will delve deeper into the Swachh Bharat Abhiyan and its impact on India. Headings: Swachh Bharat Abhiyan Objectives Swachh Bharat Abhiyan Achievements Swachh Bharat Abhiyan Challenges Swachh Bharat Abhiyan Impact Swachh Bhar...
Introduction
Pradhan Mantri Jan Dhan Yojana (PMJDY) is a financial
inclusion scheme launched by the Government of India in August 2014. The main
objective of this scheme is to provide access to financial services such as
banking, savings accounts, remittances, credit, insurance, and pensions to the
unbanked population of India. The scheme has been successful in promoting
financial inclusion and providing banking services to the rural and urban poor.
Key features of PMJDY
The PMJDY scheme has several key features that make it an
important initiative in promoting financial inclusion in India. Some of the key
features are:
No minimum balance requirement
PMJDY accounts do not require a minimum balance, making it
accessible to everyone, especially the poor and marginalized sections of
society.
Overdraft facility
PMJDY accounts come with an overdraft facility of up to Rs.
10,000, which can be availed after satisfactory operation of the account for a
period of six months.
Rupay debit card
PMJDY account holders are issued a Rupay debit card, which
can be used for cash withdrawals and transactions at ATMs and merchant
establishments.
Insurance cover
PMJDY account holders are eligible for an insurance cover of
up to Rs. 2 lakh under the Pradhan Mantri Jeevan Jyoti Bima Yojana and Pradhan
Mantri Suraksha Bima Yojana.
Direct benefit transfer (DBT)
PMJDY accounts are linked to Aadhaar cards, making it easy
for the government to transfer subsidies and other welfare benefits directly
into the accounts of the beneficiaries.
Impact of PMJDY
PMJDY has had a significant impact on financial inclusion in
India. As of January 2022, over 45 crore bank accounts have been opened under
the scheme, with a total balance of over Rs. 1.5 lakh crore. The scheme has
also helped in reducing the number of unbanked households in India. According
to a survey conducted by the National Sample Survey Office (NSSO), the
percentage of unbanked households in India decreased from 58.7% in 2011 to
21.2% in 2018.
PMJDY has also been successful in promoting digital
transactions and reducing cash transactions. The Rupay debit card issued under
the scheme has enabled PMJDY account holders to access banking services and
make transactions digitally, reducing their dependence on cash.
Challenges faced by PMJDY
While PMJDY has been successful in promoting financial
inclusion in India, there are several challenges that the scheme faces. Some of
the key challenges are:
Lack of awareness
Many people, especially in rural areas, are not aware of the
benefits of PMJDY and the services it offers. This has led to a low uptake of
the scheme in some areas.
Lack of access to banking services
While PMJDY has helped in providing access to banking
services, there are still many areas in India where banking services are not
available or are not easily accessible.
Financial literacy
Many people, especially in rural areas, lack financial
literacy and are not aware of the various financial products and services
available to them.
Security concerns
As PMJDY accounts are linked to Aadhaar cards, there are
concerns regarding the security of personal information and the possibility of
fraud.
Conclusion
Pradhan Mantri Jan Dhan Yojana (PMJDY) has been a successful
initiative in promoting financial inclusion in India. The scheme has helped in
providing access to banking services, promoting digital transactions, and
reducing cash transactions. While there are challenges that the scheme faces while
there are challenges that the scheme faces, the government is taking steps to
address them. Efforts are being made to increase awareness about the scheme,
provide access to banking services in remote areas, and promote financial
literacy among the unbanked population.
PMJDY has been a game-changer in the financial inclusion
space in India. It has brought millions of unbanked individuals into the formal
banking system, providing them with access to banking services and financial
products. The scheme has also helped in reducing poverty, empowering women, and
promoting financial stability in the country.
FAQs
- What is the eligibility criteria for opening a PMJDY account?
Ans: Any
individual, above the age of 10, who does not have a bank account can open
a PMJDY account.
- Is there any fee for opening a PMJDY account?
Ans: No, there is no fee for
opening a PMJDY account.
- Can I avail of the overdraft facility immediately after opening a PMJDY account?
Ans: No, the overdraft facility can be availed only after
satisfactory operation of the account for a period of six months.
- Is it mandatory to link Aadhaar with PMJDY account?
Ans: Yes, it is mandatory
to link Aadhaar with PMJDY account.
- How has PMJDY helped in promoting digital transactions in India?
Ans: PMJDY
has provided Rupay debit cards to its account holders, which has enabled
them to access banking services and make transactions digitally, reducing
their dependence on cash.
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