Prime Minister Modi Celebrates 10 Years of Pradhanmantri Jan Dhan Yojana
New Delhi [India], August 28: Prime Minister Narendra Modi highlighted the success of the Pradhanmantri Jan Dhan Yojana (PMJDY) as it completed 10 years. He emphasized that the scheme was not just a policy but an effort to ensure every Indian has access to formal banking.
Banking Access in 2014
When PM Modi took office in 2014, nearly half of India’s households lacked access to banking. Savings were often kept at home, vulnerable to loss and theft, and access to credit was limited to predatory lenders.
Challenges and Success
Despite skepticism, the Jan Dhan Yojana successfully brought over 53 crore people into the banking system, with deposits totaling over Rs. 2.3 lakh crore. More than 65% of these accounts are in rural or semi-urban areas, facilitating financial inclusion beyond metropolitan cities.
Empowering Women and Marginalized Communities
PM Modi termed the PMJDY a ‘game-changer’ for women’s empowerment, with almost 30 crore women now having bank accounts. The scheme has also positively impacted SC, ST, and OBC families.
Foundation for Other Schemes
The Jan Dhan Yojana laid the groundwork for other government schemes like the MUDRA Yojana and various social security schemes. It also became a crucial part of the JAM Trinity (Jan Dhan, Aadhaar, and Mobile), eliminating middlemen and boosting digital payments in India.
Future Goals
PM Modi stressed that while the foundations laid by the Jan Dhan Yojana are strong, there is more work to be done to build a developed India (Viksit Bharat). He also praised the banking staff for their dedication to financial inclusion.
Doubts Revealed
Prime Minister Modi -: Prime Minister Modi is the leader of India. He makes important decisions for the country.
Pradhanmantri Jan Dhan Yojana -: Pradhanmantri Jan Dhan Yojana is a government program started to help people open bank accounts easily, especially those who didn’t have one before.
10th anniversary -: The 10th anniversary means it has been 10 years since the Pradhanmantri Jan Dhan Yojana started.
53 crore people -: 53 crore people means 530 million people. It’s a way to count a large number of people in India.
banking system -: The banking system is how banks work to keep people’s money safe and help them manage it.
empowering women and marginalized communities -: Empowering women and marginalized communities means helping women and people who are often left out to have more opportunities and support.
foundational impact -: Foundational impact means it has created a strong base for other important government programs to build on.
government initiatives -: Government initiatives are special programs started by the government to help people and improve the country.
banking staff -: Banking staff are the people who work in banks and help customers with their money and accounts.
developed India -: A developed India means a country that is advanced in terms of economy, infrastructure, and the well-being of its people.