Hon’ble august 28th, 2014, the day of


Hon’ble Prime Minister, Sh. Narendra
Modi on 15th August, 2014 announced “Pradhan Mantri Jan-Dhan
Yojana (PMJDY)” which is a National Mission for Financial Inclusion
and this scheme is controlled by Ministry of Finance. It plans to provide all
the citizens of India particularly the poor – a bank account, credit facility,
insurance cover and debit card. The purpose of scheme is highlighted by using its
slogan “mera khata- bhagya vidhaata”. Ultimately the scheme can
even allow poorer sections to avail themselves of subsidies and overdraft
facilities through their bank accounts, which can be intended to do away with money
lenders and corruptions.

Around 45% of the population do not have
access even basic banking services. This population relies on the local money
lenders for loans which are often given high rate of interest and unfair terms.
Without access a basic bank account, facilitates such as insurance cover and
debit card remain a far cry to this section of the population. The PMJDY is set
to change this situation. In this long term, this plan additionally gives the
background to a cashless economy.

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The main objective of “Pradhan Mantri
Jan Dhan Yojana” is ensuring access to various financial services like
availability of basic savings bank account, access to require based credit,
remittances facility, insurance and pension to the excluded sections i.e. weaker
sections and low income groups. It is possible at affordable cost only with
effective use of technology.

mode objectives (6 pillars):-

1.      Universal
access to banking facilities.

2.      Providing
basic banking accounts with overdraft facility and Rupay debit card to all
house holds.

3.      Financial
literacy programme.

4.      Creation
of credit guarantee fund.

5.      Micro

6.      Unorganised
sector pension schemes like Swavalamban.


On august 28th, 2014, the day of the scheme’s launch,
over 1.5 crore bank accounts were opened across India. This is certifiably the
largest exercise of this nature on a single day across the globe.


Guinness Book of World Records acknowledges the achievements made
under PMJDY. It writes – “The most bank accounts opened in 1 week as a
part of financial inclusion campaign is 18,096,130 and was achieved by Banks in
India from 23 to 29 August 2014”.

Pinpoints making PMJDY
more attractive

This scheme covers not only
rural areas but also urban areas of India with special concentrate on the
weaker segments of society.

A bank account can be open in
any bank with zero balance and will be provided Rupay debit card with
accidental cover of Rs.1 lakh under this scheme.

Life cover of Rs.30, 000/-
under PMJDY will give a life insurance cover on death of the life assured due
to any reason, for all those who subscribe to a bank account during the period
15th August 2014- on or before January 2015 (earlier it was 26th
January 2015.

National Unified USSD Platform
(NUUP) through USSD mobile banking services like balance enquiry, mini
statement and fund transfer will be provided. NPCI to provide gateway for all
the banks with single short code(*99#)

The special online portal was
launched to study the progress of the scheme.



The main underlying principle for launching PMJDY is that according
to the census only 3/5 of the households had access to basic banking services.
2/5 of the households do not have access even to basic banking services. So the
scheme aims to provide bank account, credit facility, insurance, debit card to
all the citizens of India.

Keeping this in mind, in the present study, we focus on notion of the public response towards the PMJDY and
also at what percent this scheme is growing year to year. We also study the
kind of era (technology) used for enforcing the scheme from the data collected
from various sources.

We also focus on the number of beneficiaries in PMJDY
at rural/semi urban and urban/metro centers and deposits in
accounts in different types of banks.


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