Figure 4: No Copyright Infringement Intended

Context:

• According to data from the finance ministry, deposits under the PMJDY have surpassed Rs 1.5 lakh crore. PMJDY recently celebrated its seventh anniversary.

Objectives:

• Access to financial products and services, as well as financial inclusion.
• Technology is being used to reduce costs and expand reach.

The following are the main pillars:

• Banking services are available to everyone.
• Savings for the Basics Accounts with Overdraft (OD)
• Capacity Program on Financial Literacy
• The establishment of a Credit Guarantee Fund Insurance For the unorganised sector, there is a pension programme.
• PMJDY has been enhanced with new functionality (beyond 28.8.2018) From 'Every Household' to 'Every Unbanked Adult,' the focus has shifted.
• The amount of free accidental insurance on RuPay cards has increased from Rs. 1 lakh to Rs. 2 lakh.
• The OD limit has been increased from Rs 5,000 to Rs 10,000.
• The total amount of PMJDY accounts is more than 44 crores.

Impacts and Changes:

• Enhanced Financial Inclusion: Economic Initiatives that Focus on People (DBT, PM KISAN, MGNREGA, UJJAWALA YOJANA, COVID-19 ASSISTANCE etc)
• Increased Good Governance through JAM Trinity prevents leakages.
• Bringing the impoverished out of the clutches of money lenders is the goal of the formal financial system.
• Citizen-centric platform for locating financial touchpoints through Jan Dhan Darshak App.

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