Pradhan Mantri Jan Dhan Yojana which was announced on 2014 has completed its seven years. It has various objectives too. It make sure that people can get access to different services related to finance like you will get access to the credit, insurance and also the pension to those who belongs to weaker section of the society or has low income. This Yojana also helps in using of technology to lower cost and hence wide area of people can get them.
Basically, it’s a national mission for financial inclusion. It will help that you all get access to different financial services like saving and deposit accounts, credit, insurance, pension, remittance too.
PMJDY accounts have grown three time from 14.72 crore in 2015 to 43.04 crore in 2021. If talk about who are getting benefits then it is observed that mostly the women who are enjoying it and it is also found that people are from rural and semi-urban areas too. Deposits under this account has increased upto 6.38 times till 2021. The use of Rupay card has much increased. There are various app too that are created for easy banking. About 5 crore accounts are getting Direct Benefit Transfer under various government schemes.
Impacts And Challenges
Through DBTs, there are very less chances of any leakages. Total security to the account is provided. This yojana has nearly completed its initiative to provide every adults with a bank account. It provides path to the poor so that they can bring their savings into the formal financial system.
But there is lack of physical and digital connectivity to the hilly areas. Sometimes there is technical issues too. Village people don’t want to deposit their money to a far located place. There is still a lack of awareness, knowledge and also skills. There are chances that people can make multiple accounts so that they can get much benefits.