All you need to know about the Pradhan Mantri Jan Dhan Yojana!

When was it implemented:-

The government scheme Pradhan Mantri Jan Dhan Yojana was launched by the ruling government Bharatiya Janta Party which was announced by the current Prime Minister Shree Narendra Modi on 15^th August, 2014 from the Red Forts. This scheme was launched by Ministry of Finance and start to implement from 28^th August 2014.

Campaign and awareness:-

 While announcing about the scheme implementation, prime minister talked about a Sanskrit verse which says, Sukhasya Moolam Dhama, Dharmasya Moolam Arth, Arthasya Moolam Rajyam, which basically describes how important is for a kingdom to involve every individuals in the economic activity. Prime Minister contacted many bank employees and asked them to reach a target of opening many bank accounts.

The slogans raised by the party to make people aware of this scheme was “Mera Khata, Bhagya Vidhata”. These slogans raised a sense of importance in the mind of common people. This was successful mission with the creation of many bank accounts and involving rural area to into this banking system

Eligibility to take advantage:-

Every citizen have a right to take use of this scheme and open a bank account for their financial transparency and inclusion except minors. Minors can do it under the backup and supervision of their parents or guardians.

1. Must be 10 years to take it’s advantage.
2. He or she should be an indian citizen.
3. He or she should have an identity documents like an Adhaar.
4. They should not have any bank account made earlier.

Success:- This scheme was successful as a lot many bank accounts were created estimated 15 million on the inauguration day itself and this was recognized by the Guinness world record.

Aims and Objectives:-

You might be unaware about the reasons of implementing scheme like Pradhan Mantri Jan Dhan Yojana with an urgence.  Here are written below some of the objectives of this scheme:-

1. This scheme helps all common citizens with no discrimination in the country to make an account and have an access to banking.
2. The section of society who is economically weaker, this scheme gives them some benefits like of insurances, banking and savings, credit and pensions.
3. The scheme helped people to have a bank account and was advantageous on the later technology of UPI payments, which is a revolution in field of financial and technological ease.
4. The creation of bank accounts under this scheme for the common people helped in enabling them to take an advantage of government welfare schemes and subsidies which will get credited directly into their bank accounts.

Work progress and statistics:-

According to research it have been found how well the scheme was implemented. This can be figured out seeing the gap of the number of Bank accounts in year 2015 and the year 2022. The biggest advantage of scheme is there is more transparency and this is the only reason why the digital payments increased.

Years	Bank accounts (IN CRORES)
2015	17.9
2016	24.1
2017	30.09
2018	32.54
2019	36.79
2020	40.41
2021	43.04
2022	46.25

Present Status:-

According to the official website of Pradhan Mantri Jan Dhan Yojana, the number of bank accounts created till now through this scheme are 51.95 crores with the total balance of 234,996.52 in the beneficiary accounts. According the reports this scheme will be continued to year 2018 with little modifications.

This scheme was implemented in three phases. Each phase have a specific unique set of goals. The phase 1 was of time period between 15 August, 2014 and 14 August, 2015. The phase 2 was between 15 August 2015 and 14 August, 2018. The phase 3 was decided to be after 14 August 2018.

Features of Pradhan Mantri Jan Dhan Yojana:-

1. This scheme helped people to open their bank accounts in a far more easy way with minimal paperwork, zero charges, relaxed KYC requirement or e KYC and zero balance.
2. This scheme helped them to take an advantage of various other financial support systems like micro-insurance, micro pension and micro credit.
3. This helped in making every household have a saving bank account which will give everyone a kind of financial liberty and give them an access to bank facilities.
4. The phase one of the scheme have an objective of running financial literacy programs which is so important in today’s time to make people aware of technological advancement which makes the system of banking easy and more convenient.
5. This scheme was a game changer and made people aware of the pension schemes for people belonging in the unorganized sector. 

Achievement of the scheme Pradhan Mantri Jan Dhan Yojana:-

1. Financial inclusion for all the citizens of the country and many bank accounts were created under this scheme.
2. This scheme targeted people from rural areas, marginalized people and those who are poor which helped them to take advantages of government schemes.
3. According to the study by World Bank, it have been found that step helped in reducing poverty and helping people shifting from the below poverty line.
4. This scheme helped in reducing gender gaps as a lot many number of women also took a part in this scheme and have created their independent bank accounts.
5. This scheme helped in making individuals more financially literate and aware which someway help in making good decision in finance. Even the young people of schools and colleges got aware about this scheme and finance.
6. Just because there are many bank accounts created earlier, the launch of digital payment and UPI got successful as most of the people were having their bank accounts. This helped in making the financial transaction easy and time saving.

Way Forward:-

1. There should be more and more financial literacy programs organized for young people who are in age groups of 15 to 25 which will help them in taking more efficient decisions in finance.
2. The encouragement of using digital payment or banking methods should be done by government so that more and more people can get it’s advantage and shift in a technological updated digital world.
3. There should be more financial products for people and government can take help of fin-tech companies.
4. There should be more people in rural areas using the current systems of banking and making it accessible to each one of them.
5. Making some financial support systems to a particular set of people like who are disable or women which will encourage them to use it.
6. There should be more collaboration with the people who are involved in this industry and building a strategy for widespread implementation.