23/08/2022 - Government Policies

KEY POINTS

·        According to Census 2011, around 42 per cent of households in all, and a little less than half of the households in rural India, did not have access to banking/financial facilities (PMJDY 2014).

·        The major objective of the scheme is to provide universal access to banking facilities to every household, and access to credit, insurance and pension facilities to every adult individual.

·        JAM trinity (linking of Jan Dhan Yojana, Aadhaar and mobile numbers) was initiated to transfer government subsidies and benefitsdirectly into accounts of the intended beneficiary.

·        It is interesting to note that out of 43.04 crore Jan Dhan accounts, 55.47 per cent (23.87 crore) account-holders are women and 66.9 per cent (28.70 crore) of such accounts are in rural and semi-urban areas.

·        The JAM trinity was further leveraged by the government to mitigate the impact of the Covid pandemic through immediate Direct Benefit Transfer (DBT) to rural households under Gareeb Kalyan Yojana, stimulus package under the AtmaNirbhar package, loans to MSMEs, etc.

·        The UPI system has played crucial role in bringing large excluded sections within the ambit of financial services, lowering overall infrastructure cost of banking services in remote areas.

·        To achieve the cherished goal of providing access to financial services to each adult, emphasis should be given on quality rather than quantity.

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