Pradhan Mantri Jan Dhan Yojana
The Pradhan Mantri Jan Dhan Yojana is implemented by the ministry of finance. The scheme is come up with the main objective of financial inclusion. The main purpose is financial inclusion only. The scheme is launched in august 2014. Pradhan Mantri Jan Dhan Yojana primarily focuses on the services like saving accounts, banking habits of people, remittances, pensions, insurance, credit, etc.
The objective of Pradhan Mantri Jan Dhan Yojana
1. The main purpose of the scheme is to financial inclusion in every area of the country.
2. Use technology at minimum cost and maximum reach to people.
The main six pillars of the scheme
1. Maximum reach of the banking service: The main purpose of the scheme is to provide financial services in the unreached area of the country.
2. Overdraft Facility: Those who are eligible for this scheme will get Rs 10000/-overdraft facility.
3. Financial Literacy: The scheme will help you to create financial literacy in an unreached area with the help of using ATMs, online banking tool, etc.
4. Credit guarantee fund: it will facilitate guarantee behand the defaulter.
5. Insurance: it will allow the insurance facility.
6. Pension Facility: The scheme is provide pension facilities to the unorganized sector.
Principle of the Pradhan Mantri Jan Dhan Yojana scheme
1. Banking the Unbanked: Under this scheme, you can open a saving account with minimum paperwork, an e- KYC facility available, and zero balance deposited account opening.
2. Securing the Unsecured: It provides free accidental insurance coverage up to 2lakh.
3. Funding the Unfunded: financial services are included in this scheme like micro insurance, micro pension, and micro-credit.
Significance of the Pradhan Mantri Jan Dhan Yojana scheme
1. End of informal transaction: The scheme is important for the end of the informal financial activity of the people. It will help to do a safe transaction.
2. Pradhan Mantri Jan Dhan Yojana scheme and people initiative: people are now connected with formal financial transactions using various financial activities such as DBT, MGNREGA, covide-19 pandemic assistance, life, and health insurance, etc.
3. Focus on financial inclusion: The scheme is mainly focused on financial inclusion.
Challenges faced by the Pradhan Mantri Jan Dhan Yojana scheme
1. The main problem is to zero-balanced account.
2. poor infrastructure facility, network problem.
conclusion
The scheme allowed to creation of a financial banking facility with help of a mobile app like the Jan Dhan darshk app. it will help people to aware of the banking facility in the rural area.
