Pradhan Mantri Jan-Dhan Yojana(PMJDY): PMJDY is a major policy initiative of the government of India in the realm of financial inclusion, which was announced by our Hon'ble prime minister on August 28, 2014.The scheme
Prime Minister on A offers incentives such as insurance coverage, RuPay cards, and over draft (OD) facility apart from Direct Benefit Transfers (DBTs). The six pillars of the PMJDY are:
- Universal access to banking services.
- Providing basic banking accounts with OD facilities and a RuPay debit card.
- Financial literacy.
- Creation of a Credit Guarantee Fund.
- Providingmicro insurance. Providing unorganised sector pension scheme.
Financial inclusion initiative was successful with a record of 8.76 crore savings bank accounts opening within 100 days from the launch of PMJDY. However, mere opening of account is not financial inclusion. There should be a continuity and consistency in use of banking services at a reasonable cost to every citizen of the nation.
Besides PMJDY, there are three social security schemes namely Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY) targeted especially for the poor and the underprivileged. PMJJBY covers life insurance worth Rs.2 lakh at just Rs.330 per annum for any citizen of India in the age category of 18 -50.PMSBY cover accident insurance worth Rs.2 lakh at just Rs.12 per annum per head.
In addition to the above, the Government o
India launched Make in India, Skill India, Startup India and Stand-up India with a view to building an ecosystem for sustainable economic growth, promotion of entrepreneurial opportunities, and generates large scale employment opportunities especially for the youth. The Stand-Up India provides a digital platform based on 3 pillars to support
enterprises among entrepreneurs
from Scheduled Caste (SC),Scheduled Tribe (ST) and Women category through:
- Handholding support.
- ProvidingInformation on financing.
- CreditGuarantee.
