CURRENT AFFAIRS
CURRENT AFFAIRS
Description
The Pradhan Mantri Jan Dhan Yojana (PMJDY) remains a cornerstone of India's financial inclusion efforts in the 2024-25 financial year. The initiative recently marked a significant achievement by reaching 55 crore beneficiaries and amassing a total account balance of Rupees 2.5 lakh crore. Launched on August 15, 2014, the scheme is aimed at providing banking services to those who previously lacked access to formal financial institutions.
Overview Of Scheme
PMJDY is designed to bring the unbanked population into the formal financial system by offering zero-balance savings accounts. The initiative also provides additional services such as insurance, credit facilities, and direct benefit transfers (DBT) to improve financial stability among account holders.
Demographic Insights
As of March 2025, the total number of PMJDY account holders stands at 55.14 crore, with a majority (67%) residing in rural and semi-urban regions. Women account for a significant proportion of beneficiaries, with 30.71 crore female account holders, making up 56% of the total.
Financial Impact And Growth
The scheme has played a crucial role in encouraging savings and financial discipline. The average account balance stands at Rupees 4,726, demonstrating increased financial stability among the underprivileged. Additionally, the liquidity provided to banks has strengthened the overall financial sector, while direct benefit transfers (DBT) have streamlined welfare distribution.
Integration Of Digital Banking
PMJDY has accelerated the adoption of digital transactions by issuing RuPay debit cards to account holders. By March 2025, a total of 37.77 crore RuPay cards had been distributed, further facilitating cashless transactions and enhancing digital financial inclusion.
Economic Contributions
The impact of PMJDY is reflected in India's Financial Inclusion Index, which improved from 43.4 in 2017 to 64.2 in 2024. The scheme has helped expand access to financial services such as micro-insurance, pension schemes, and investment opportunities. By empowering individuals financially, it has contributed to key sectors like education and healthcare.
Challenges And Future Prospects
Despite its success, PMJDY faces certain hurdles. Around 11.3 crore accounts remain dormant, highlighting the need for re-engagement strategies. Introducing innovative credit products and formal credit scoring mechanisms can further enhance financial participation. Additionally, the involvement of private banks in the initiative needs to be strengthened to maximize outreach.
Advancing Women's Financial Empowerment
A key highlight of PMJDY is its role in enhancing women's financial independence. With a high percentage of female account holders, the initiative has enabled greater financial autonomy for women, fostering long-term economic empowerment.
The Pradhan Mantri Jan Dhan Yojana continues to be a transformative initiative, ensuring that financial services are accessible to all sections of society and driving India towards a more inclusive economic future.
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