Essay on Pradhan Mantri Jan Dhan Yojna (PMJDY)

Free 780 words essay on pradhan mantri jan dhan yojna (PMJDY) for school and college students.

1. Introduction

1.1 Crux of Pradhan Mantri Jan Dhan Yojna (PMJDY)

India, under the aegies of Mr. Narendra Modi, the honorable Indian Prime Minister (Pradhan Mantri in Hindi) is witnessing dynamic transformation in recent times. Majority of the reforms and policies coming out of our Pradhan Mantri’s desk are pro-growth or rather revolutionary. They are formulated and implemented in such manner that they can benefit optimally the common masses of India at large. One such holistic policy that is preordained to strengthen the grass root level of the Indian society is the Pradhan Mantri Jan Dhan Yojna (PMJDY). As the name suggests, PMJDY in essence is a policy that has been rolled out with the objective of guaranteeing seamless financial access to the economically weaker and lower income groups of the Indian society.

free essay on Pradhan Mantri Jan Dhan Yojna

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1.2 Underlying Rationale-Universal Financial Inclusion

While the crux of PMJDY resides on the premise of providing seamless financial access to the people, the underlying rationale or the base parameter of the policy is universal financial inclusion in India. To be precise, the razor focus of PMJDY is to bring all households in India under the Central banking radar. Banking forms the backbone of any nation’s financial resilience. As a direct corollary, PMJDY can be an excellent policy to calibrate the Indian financial system as well as the banking system.

Let us have a sneak peek to PMJDY’s nitty-gritties to the extent possible.

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2. Financial Literacy through PMJDY


The world is at the cusp of digital revolution and financial sector is a very prominent arena where the degree of digital revolution is quite robust. India too is moving aggressively in the same lines. With population outburst, the lack of financial literacy among a sizeable portion of Indian population is barefaced. This is indeed an unfortunate fact.

However, under PMJDY, the dearth of financial literacy is poised to be neutralized once and for all. Just like the move of demonetization that clamped down the black money mobility in the economy from the root, PMJDY has rightly targeted to grant at least one bank account to every household, free debit card that would come with a facility of accident insurance of Rs. 1 lakh, mobile banking, internet banking and channeling all possible benefits of the Central Government to the account beneficiaries. In this forced endeavor of PMJDY, the people will be largely exposed to the ways banking is done in contemporary India and will get accustomed to fundamental mechanics. The country’s youth is being largely encouraged to volunteer in the Mission Mode Program for reaching out to the maximum people possible and educate them.

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3. Lucrative Incentives to the PMJDY Beneficiaries


The PMJDY beneficiaries would not only come under the modern central banking umbrella at no cost, they would also get lucrative benefits of being a PMJDY beneficiary. As the beneficiaries deposit amount in the banks, they will earn interest on the amount greater in PMJDY than under ordinary financial accounts that is out of the PMJDY purview. There is no threshold limit of deposits. The PMDY account will be a zero balance account. On the death of the beneficiary, a life-cover of Rs.30,000/- would be granted to the beneficiary’s family.

The transfer of money is very easy across any corner of India and PMJDY beneficiaries would get Direct Benefit Transfer in their accounts. The accident coverage is applicable with only successful transaction by the beneficiary through the RuPay Debit card. After 6 months, the PMJDY beneficiary would be eligible for overdraft facilities. The overdraft facilities upto Rs. 5000/- would be available to one person per household. If the PMJDY beneficiary is a female, then she will receive extra relaxations and would enjoy more scheme benefits.

  1. Conclusion

          Details encompassing PMJDY and benefits associated with the scheme are much more exhaustive. However, due to elaboration constraints, the scope of discussion has been limited here. In short, PMJDY is really an eye-opening, all-inclusive and integrated policy undertaken by the Government of India especially nurtured and pushed by our honorable Prime Minister that would literally unite the nation financially. It is very imperative to bring every household under the banking system as this would not only help the masses but it would also in turn trigger the government to accurately attune its exchequer. At the same time, PMJDY policy is also an astounding example in front of all developing economy in the global podium which would teach and inspire them to move in the same lines as well. PMJDY is fully operational in India. The milestone of achieving universal financial inclusion is still to attain but by implementing it, India has made a courageous move and raised the game of unfettered democracy.

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