What is Pradhan Mantri Jan Dhan Yojana?

The Pradhan Mantri Jan Dhan Yojana is one of the Government Schemes in India that aims for Financial Inclusion to make sure access to financial services such as deposit accounts, insurance, credit, and pension in an affordable manner.

What is the main objective of Pradhan Mantri Jan Dhan Yojana?

The objective of PMJDY is to ensure that every household in India gets access to financial services like Remittance, Banking Savings & Deposit Accounts, Credit, Insurance, and Pension in an affordable manner. It mainly works for the weaker sections and low-income groups of society.

When PM Jan Dhan Yojana was launched?

PM Jan Dhan Yojana was launched on 28th August 2014 by Narendra Modi , Prime Minister of India . In August 2020, this mission completed its six successful years of implementation. in the country. It was one of the biggest financial inclusion initiatives in the world, and it was announced from the ramparts of Red Fort.

How to download PM Jan Dhan Yojana UPSC Notes?

Pradhan Mantri Jan Dhan Yojana is one of the topics that come under government schemes which makes it an important topic from the UPSC exam perspective. To prepare for this topic candidates can download the PM Jan Dhan Yojana UPSC Notes from Here .

What are the benefits of Pradhan Mantri Jan Dhan Yojana?

The benefits of Pradhan Mantri Jan Dhan Yojana are, one saving account opened for an unbanked person, interest will be given on deposit, a Rupay debit card will be provided to the people with a PMJDY account, there is no lower maintenance limit of the account. In this way, low-income groups will have access to bank accounts.

What are the six pillars of Pradhan Mantri Jan Dhan Yojana?

The six pillars of Pradhan Mantri Jan Dhan Yojana include providing pension, bank account insurance, financial literacy, and credit, and enhancing the penetration of banking agents . This initiative was to ensure that the lower section of society gets access to financial services easily.

What are the challenges faced in PMJDY?

One of the major challenges faced by Pradhan Mantri Jan Dhan Yojana is the lack of digital and physical connectivity. In addition, managing the costs of maintaining the infrastructure in rural areas, and the lack of knowledge of Digital India initiatives by the government among the masses, are the major challenges.

What all products are a part of Pradhan Mantri Jan Dhan Yojana?

Pradhan Mantri Jan Dhan Yojana is a national mission that ensures access to financial services like basic savings, credit, insurance, pension, deposit accounts, etc in an affordable manner. It provides universal access to banking facilities with just one basic bank accounting for each household. In addition, the beneficiaries would get a RuPay Debit card that has INR 1 lakh accident insurance cover.

Who is not covered under Pradhan Mantri Jan Dhan Yojana?

People whose income is taxable under the I.T. Act 1961 or whose case TDS is being deducted from income, or who fill the criteria for yearly income tax returns are not eligible under Pradhan Mantri Jan Dhan Yojana. IT Act 2000 Direct and Indirect Tax

Who can open Pradhan Mantri Jan Dhan Yojana account?

The Pradhan Mantri Jan Dhan Yojana account can be opened by Individuals having Indian Citizenship . Any person with a bank account can easily link or transfer their accounts to PMJDY. Minors above 10 years old are also eligible for a PMJDY account.

How to open Pradhan Mantri Jan Dhan Yojana account?

You can open a Pradhan Mantri Jan Dhan Yojana account in banks or transfer your existing bank account to a PMJDY account . The government website of PMJDY or bank websites has PDF forms available. You will have to deposit the required valid documents and fill up the form to open PMJDY account.

How to apply for Pradhan Mantri Jan Dhan Yojana?

To apply for Pradhan Mantri Jan Dhan Yojana candidates need to satisfy the eligibility criteria. If a person is eligible then he/she will have to apply for it with valid documents like an Aadhar card, or Pan Card. The application form is available on the official website of PMJDY and needs to be submitted at a local bank.

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Pradhan Mantri Jan Dhan Yojana (PMJDY) – PM Jan Dhan Yojana UPSC

By BYJU'S Exam Prep

Updated on: November 14th, 2023

Pradhan Mantri Jan Dhan Yojana (PMJDY) is a national mission launched with the aim to offer access to various financial services, including insurance, remittance, deposit accounts, pension, etc. in an affordable manner. Pradhan Mantri Jan Dhan Yojana was launched on 28th August 2014 by Prime Minister Narendra Modi. Financial inclusion is the equality and availability of opportunities to access financial services, and PM Jan Dhan Yojana focuses on it.

PM Jan Dhan Yojana focuses on ensuring that every household in India has at least one bank account. The scheme has been instrumental in increasing financial literacy and promoting digital transactions in the country. This article will delve deeper into PMJDY and cover PM Jan Dhan Yojana UPSC Notes comprehensively, which would be immensely helpful to UPSC aspirants.

Table of content

1. What is PM Jan Dhan Yojana?
2. Features Under PM Jan Dhan Yojana
3. Benefits of Pradhan Mantri Jan Dhan Yojana
4. Pradhan Mantri Jan Dhan Yojana Implementation
5. Achievements of Pradhan Mantri Jan Dhan Yojana
6. Pradhan Mantri Jan Dhan Yojana UPSC

What is PM Jan Dhan Yojana?

Pradhan Mantri Jan Dhan Yojana makes sure complete financial inclusion of all households in India by ensuring that every household gets access to a bank account, credit access, insurance, universal banking services, and financial literacy.

PM Jan Dhan Yojana UPSC Notes

In August 2020, PM Jan Dhan Yojana successfully completed its six years of implementation. Financial Inclusion is also the delivery of financial services at an affordable price to low-income groups and providing them with enough access to financial services and products.

Features Under PM Jan Dhan Yojana

Pradhan Mantri Jan Dhan Yojana focused on providing unbanked people with easy and simple access to financial services and information about banking services through financial literacy programs.

PMJDY also offers access to an overdraft facility after six months of good credit history and account operation.
Eligible bank account holders can access personal accident insurance coverage through their bank accounts through various government schemes.
There is no minimum balance requirement in Pradhan Mantri Jan Dhan Yojana accounts.
The government would provide interest on the deposit in PM Jan Dhan Yojana accounts.

Benefits of Pradhan Mantri Jan Dhan Yojana

The main motive of PMJDY was to the opening of bank accounts for around 7.5 crores of uncovered households by 26th Jan 2015. PMJDY was successful as it opened around 12.54 crore accounts by 31st January 2015. Due to this, PM Jan Dhan Yojana is also certified by the Guinness World Records for its excellent achievements, which states that most bank accounts opened in one week as a part of the Financial Inclusion Campaign.

The number of bank accounts opened in a week by the Department of Financial Services, Government of India, was 18,096,130.
Pradhan Mantri Jan Dhan Yojana covers both rural and urban areas. It also ensures to provide Core Banking System (CBS) along with mobile banking using USSD facilities.
Another attraction of Pradhan Mantri Jan Dhan Yojana is it provides basic baking accounts with inbuilt accident insurance and debit card to every beneficiary.
For Those accounts that are opened between 15th August and 26th January 2015, a 30,000 life insurance cover will be provided to the eligible beneficiaries.

Pradhan Mantri Jan Dhan Yojana Implementation

There were three phases in the implementation of the Pradhan Mantri Jan Dhan Yojana.

Phase I: 15 August 2014- 15 August 2015

PM Jan Dhan Yojana was launched on 28th August 2014 with the aim of bringing universal access to banking services to all households in India. It also organized many financial literacy programs to educate citizens on various financial topics.

Phase II: 15 August 2015 – 14 August 2018

In this phase, the aim was to provide microinsurance to eligible beneficiaries with the help of pension schemes.

Phase III: after 14 August 2018

During Phase III, the prime focus of Pradhan Mantri Jan Dhan Yojana was to open accounts for every household in the country with an existing overdraft limit of Rs 5,000 to be raised to Rs 10,000. Only people between the age of 18 to 65 years were eligible for this facility. The insurance cover of new RuPay cards was raised to 2 lakhs for the accounts opened after 28 August 2018.

Achievements of Pradhan Mantri Jan Dhan Yojana

PMJDY was a successful mission, and since August 28, 2014, it opened 46 crore bank accounts in the country, and the deposit amount is Rs. 1.74 Lakh crore.

PM Jan Dhan Yojana expanded its reach to 67% of semi-urban and rural areas. In addition, 56% of women have Jan Dhan accounts which is a great achievement.
The total amount of deposits under the Pradhan Mantri Jan Dhan Yojana is Rs. 1.31 lakh crore. Between 2015 to 2020, the deposits have increased 5.7 times, with 2.3 ties accounts increase.
To make things easier and more feasible, Jan Dhan Darshak App was launched. It helped the users to locate bank branches, post offices, ATMs, etc.

Pradhan Mantri Jan Dhan Yojana UPSC

Pradhan Mantri Jan Dhan Yojana finds its mention in the government policies & interventions for the UPSC Syllabus. This topic is crucial for the UPSC exam as it is an important government scheme launched under the financial inclusion program. UPSC aspirants should have a clear understanding of the scheme’s objectives, implementation, and impact on society. The scheme’s success in achieving its goals can be a potential question in the Civil Services Exam. In addition, having adequate knowledge on this particular topic would help the aspirants to answer related questions.

PM Jan Dhan Yojana UPSC Questions

Question 1: When was the Pradhan Mantri Jan Dhan Yojana launched? a) 2012 b) 2013 c) 2014 d) 2015

Answer: c) 2014

Question 2: Which ministry is responsible for the implementation of the Pradhan Mantri Jan Dhan Yojana? a) Ministry of Finance b) Ministry of Commerce and Industry c) Ministry of Home Affairs d) Ministry of External Affairs

Answer: a) Ministry of Finance

Question 3:What is the main objective of the Pradhan Mantri Jan Dhan Yojana? A) To provide free food to the poor B) To provide employment to the poor C) To provide financial services to the poor D) To provide healthcare facilities to the poor

Answer: C) To provide financial services to the poor

UPSC Notes
Regionalism	Minimum Support Price
Indus River System	Israel Palestine Conflict
TRIPS Agreement	Paris Agreement
National Disaster Management Authority	National Agriculture Market Scheme
Ujjwala Scheme	Kyoto Protocol
IPCC Report	PM Cares Fund
Non-Governmental Organization	National Health Mission
North Atlantic Treaty Organization	Purchasing Power Parity