Union Minister of State for Corporate Affairs and Road, Transport and Highway recently stated that PM-Jan Dhan Yojna coupled with JAM Trinity has become the world's largest financial inclusion program.
It is the initiative to link Jan Dhan accounts, Mobile numbers and Aadhar cards of Indians to directly transfer subsidies to intended beneficiaries and eliminate intermediaries and leakages.
The JAM trinity was 1st proposed in the Economic Survey 2014-15.
Implemented in – 2016.
Ingredients of JAM
Identification - To identify beneficiaries creating Aadhar card of all the individuals was initiated.
Payment - Payment is eased by the Pradhan Mantri Jan Dhan Yojana opening zero balance accounts.
Beneficiary - To get the money into people’s hands, mobile payments were enhanced to transfer money quickly and securely.
Various Government schemes under JAM - Pratyaksh Hanstantarit Labh (PAHAL) Yojana - Under PAHAL Yojna, LPG subsidies are directly deposited into the bank accounts.
PAHAL Yojana, recently entered the Guinness Book of World Records for being the world’s largest direct cash transfer scheme.
Pradhan Mantri Suraksha Bima Yojna - Under this scheme, accident insurance worth Rs. 2 Lakh is being provided.
The premium is just Rs.12 p.a. for each member that means even the poorest of poor Indian can afford it.
Pradhan Mantri Jivan Jyoti Bima Yojna - This scheme provides life insurance at just Rs. 330 per year payable to the family of the member in case of his death due to any reason.
Atal Pension Yojana - Being a guaranteed pension scheme, it provides a pension of upto Rs. 5000 a month depending on the contribution.
