Expressing his joy at the end of the seven years of the flagship Prime Minister of his government, Jan Dhan Yojana, Prime Minister Narendra Modi on Saturday called the initiative “an initiative that has forever transformed India’s development trajectory” .
The program was launched that day in 2014 with the aim of providing universal access to banking services to people across the country. Under this program, bank accounts are opened with minimal paperwork and zero balance.
In a series of tweets, the Prime Minister said: “Today we celebrate seven years of #PMJanDhan, an initiative that has forever transformed India’s development trajectory. It has ensured financial inclusion and a life of dignity as well as the empowerment of countless Indians. Jan Dhan Yojana also helped to increase transparency. ‘
“I want to salute the tireless efforts of everyone who worked to make #PMJanDhan a success. Their efforts have enabled the Indian people to live a better quality of life, ”Modi added on Twitter.
As part of the PMJDY, native debit cards are issued for cash withdrawal and payment at merchants with free accident insurance coverage of two lakh rupees. Other financial facilities such as microinsurance, overdraft for consumption and micro-retirement are also offered.
Considered one of the largest financial inclusion programs in the world, Pradhan Mantri Jan Dhan Yojna has made remarkable strides in providing banking and other financial services to marginalized and poor segments of society.
The program aims not only to help the poor bring their savings into the formal financial system, but also to provide a way to remit money to their families in the villages in addition to getting them out of the clutches of local lenders.
Over 43 crore four lakh bank accounts have been opened with over 1 lakh 46 thousand crore rupees balance in beneficiary accounts. Over 31 crore of Rupay debit cards have been issued to beneficiaries. A large number of Pradhan Mantri Jan Dhan Yojana account holders also receive direct benefit transfers from the government under various social protection schemes, according to a government note.