Paper: GS – II, Subject: Governance, Topic: Government Policies, Issue: Role of PMJDY in empowerment.
Context:
Pradhan Mantri Jan Dhan Yojana (PMJDY) launched on 28th August 2014 with the aim of providing universal access to banking services and ensuring participation of marginalised groups in the formal financial system.
Key Highlights:
Financial inclusion: Financial inclusion empowers individuals, fosters growth, reduces poverty, and promotes social equality.
Status of PMJDY:
- World’s largest financial inclusion programme.
Key Features & Achievements of Financial Inclusion under PMJDY:
Impact on Rural & Remote Areas:
- 99.9% villages now have access to formal banking outlets (branch, CSP, or Post Office).
- Business correspondents deliver banking services within 5 km of habitations.
Technological Innovations:
- AI & natural language processing to enhance voice-based transactions.
- Reduces need for smartphones, improves financial accessibility.
- Boost to e-commerce, fintech, and startups.
Significance:
- PMJDY marks a successful financial inclusion model. It ensured empowerment by:
- Increasing banking access.
- Boosting digital transactions.
- Providing insurance & pensions.
- Extending benefits directly to citizens.
- Subsidy delivery without intermediaries.
Conclusion:
PMJDY has transformed India into a digitally empowered and financially included society. It serves as a global model for inclusive development and aims at sustainable growth through universal banking access, digital empowerment, and social security coverage.
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