{"id":345219,"date":"2025-08-27T16:28:31","date_gmt":"2025-08-27T10:58:31","guid":{"rendered":"https:\/\/forumias.com\/blog\/?p=345219"},"modified":"2025-08-27T16:28:31","modified_gmt":"2025-08-27T10:58:31","slug":"11-years-of-pradhan-mantri-jan-dhan-yojana-pmjdy-progress-impact-and-challenges-explained-pointwise","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/11-years-of-pradhan-mantri-jan-dhan-yojana-pmjdy-progress-impact-and-challenges-explained-pointwise\/","title":{"rendered":"11 years of Pradhan Mantri Jan Dhan Yojana (PMJDY)- Progress, Impact and Challenges- Explained Pointwise"},"content":{"rendered":"<p>The launch of the Pradhan Mantri Jan Dhan Yojana (PMJDY) on August 28, 2014 was a <span style=\"color: #ff0000;\">significant step by the government<\/span> in its concerted attempt to bring the <span style=\"color: #ff0000;\">unbanked sections of the population<\/span> into the <span style=\"color: #ff0000;\">ambit of the formal financial system<\/span>. The scheme this year has completed 11 years. The Prime Minister held that the scheme was paramount in <span style=\"color: #ff0000;\">boosting financial inclusion<\/span> and <span style=\"color: #ff0000;\">giving dignity to crores of people<\/span>, especially women, youth, and the marginalized communities.<\/p>\n<p>In this article, we will look at the features of the scheme, the achievements of the scheme, the challenges it faces and the way forward for achieving better financial inclusion through this scheme.<\/p>\n<table style=\"width: 100%; border-collapse: collapse; border-style: solid;\">\n<tbody>\n<tr>\n<td style=\"width: 100%; text-align: center;\"><strong>Table of Content<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 100%;\"><a href=\"#toc1\">What are the features of Pradhan Mantri Jan Dhan Yojana (PMJDY)?<\/a><br \/>\n<a href=\"#toc2\">What has been the progress of the Pradhan Mantri Jan Dhan Yojana (PMJDY)?<\/a><br \/>\n<a href=\"#toc3\">What is the impact and achievement of Pradhan Mantri Jan Dhan Yojana?<\/a><br \/>\n<a href=\"#toc4\">What are the Challenges with the scheme?<\/a><br \/>\n<a href=\"#toc5\">What Should be the Way Forward?<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><span style=\"text-decoration: underline;\"><span style=\"color: #000000; text-decoration: underline;\"><strong><a id=\"toc1\"><\/a>What are the features of Pradhan Mantri Jan Dhan Yojana (PMJDY)?<\/strong><\/span><\/span><\/h2>\n<ul>\n<li>Pradhan Mantri Jan Dhan Yojana (PMJDY) is <span style=\"color: #ff0000;\">National Mission for Financial Inclusion<\/span> to ensure access to financial services, such as a <span style=\"color: #ff0000;\">basic savings &amp; deposit accounts<\/span>, <span style=\"color: #ff0000;\">remittance<\/span>, <span style=\"color: #ff0000;\">credit<\/span>, <span style=\"color: #ff0000;\">insurance<\/span>, <span style=\"color: #ff0000;\">pension<\/span> in an affordable manner.<\/li>\n<li>The Pradhan Mantri Jan Dhan Yojana was launched on August 28, 2014 under <strong>National Mission on Financial Inclusion <\/strong>&amp; under the slogan, <em>&#8220;Mera Khata, Bhagya Vidhata&#8221; <\/em>(My Account, Fortune Maker). On the day of the launch of the scheme, banks <span style=\"color: #ff0000;\">organised 77,892 camps<\/span> around the country, and <span style=\"color: #ff0000;\">opened about 1.8 crore accounts<\/span>.<\/li>\n<li><strong><span style=\"color: #000000;\">Objective of the Scheme:<\/span>\u00a0<\/strong>The primary objective of this scheme is to <span style=\"color: #ff0000;\">provide accessible banking services to all citizens<\/span>, particularly the underprivileged sections of society. It sought to bring poor &amp; historically marginalised into the economic mainstream, enabling access to the formal banking system &amp; ensuring they become stakeholders &amp; beneficiaries of India&#8217;s growth story.<\/li>\n<\/ul>\n<p><span style=\"color: #000000;\"><strong>Key Features of the scheme:<\/strong><\/span><\/p>\n<table style=\"height: 300px; width: 100%; border-collapse: collapse; border-style: solid; background-color: #d6eb3d;\">\n<tbody>\n<tr style=\"height: 60px;\">\n<td style=\"width: 26.6064%; height: 60px;\"><strong>Account Accessibility<\/strong><\/td>\n<td style=\"width: 73.3936%; height: 60px;\">Pradhan Mantri Jan Dhan Yojana (PMJDY) aims to <span style=\"color: #ff0000;\">ensure that every household<\/span> has <span style=\"color: #ff0000;\">at least one bank account<\/span>.<\/td>\n<\/tr>\n<tr style=\"height: 90px;\">\n<td style=\"width: 26.6064%; height: 90px;\"><strong>Zero Balance Accounts<\/strong><\/td>\n<td style=\"width: 73.3936%; height: 90px;\">The accounts under PMJDY <span style=\"color: #ff0000;\">can be opened<\/span> without the <span style=\"color: #ff0000;\">need for a minimum balance<\/span>. This makes it easier for low-income individuals to access banking services. These accounts earn interest on deposits like a regular account.<\/td>\n<\/tr>\n<tr style=\"height: 30px;\">\n<td style=\"width: 26.6064%; height: 30px;\"><strong>Overdraft Facility<\/strong><\/td>\n<td style=\"width: 73.3936%; height: 30px;\">The account holders are eligible for an <span style=\"color: #ff0000;\">overdraft facility of up to Rs.10,000<\/span>. It is specifically aimed at women account holders.<\/td>\n<\/tr>\n<tr style=\"height: 30px;\">\n<td style=\"width: 26.6064%; height: 30px;\"><strong>Accident Insurance Cover<\/strong><\/td>\n<td style=\"width: 73.3936%; height: 30px;\">Accident Insurance Cover of <span style=\"color: #ff0000;\">Rs.1 lakh<\/span> is available with Ru Pay card issued to the <span style=\"color: #ff0000;\">PMJDY account holders<\/span>. It has been <span style=\"color: #ff0000;\">enhanced to Rs. 2 lakh<\/span> to new PMJDY accounts opened after 28.8.2018.<\/td>\n<\/tr>\n<tr style=\"height: 30px;\">\n<td style=\"width: 26.6064%; height: 30px;\"><strong>Direct Benefit Transfers<\/strong><\/td>\n<td style=\"width: 73.3936%; height: 30px;\">PMJDY accounts are also eligible for <span style=\"color: #ff0000;\">Direct Benefit Transfers<\/span> (DBT), <span style=\"color: #ff0000;\">Pradhan Mantri Jeevan Jyoti Bima Yojana<\/span> (PMJJBY), <span style=\"color: #ff0000;\">Pradhan Mantri Suraksha Bima Yojana<\/span> (PMSBY), <span style=\"color: #ff0000;\">Atal Pension Yojana<\/span> (APY), and the <span style=\"color: #ff0000;\">Micro Units Development &amp; Refinance Agency Bank<\/span> (MUDRA) scheme.<\/td>\n<\/tr>\n<tr style=\"height: 30px;\">\n<td style=\"width: 26.6064%; height: 30px;\"><strong>Financial Literacy<\/strong><\/td>\n<td style=\"width: 73.3936%; height: 30px;\">The scheme focuses on <span style=\"color: #ff0000;\">promoting financial literacy<\/span> among account holders.<\/td>\n<\/tr>\n<tr style=\"height: 30px;\">\n<td style=\"width: 26.6064%; height: 30px;\"><strong>Bank Mitras<\/strong><\/td>\n<td style=\"width: 73.3936%; height: 30px;\">The scheme <span style=\"color: #ff0000;\">employs Bank Mitras<\/span> (bank representatives) to <span style=\"color: #ff0000;\">enhance accessibility of the scheme<\/span>. These Bank Mitras <span style=\"color: #ff0000;\">provide branchless banking services across the country<\/span>, especially in rural and remote areas.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><span style=\"text-decoration: underline;\"><strong><a id=\"toc2\"><\/a>What has been the progress of the Pradhan Mantri Jan Dhan Yojana (PMJDY)?<\/strong><\/span><\/h2>\n<p><strong>1. Large number of new bank accounts:<\/strong>\u00a0As per the latest data, a staggering <span style=\"color: #ff0000;\">53.1 crore accounts<\/span> have been opened under the scheme. This includes <span style=\"color: #ff0000;\">29.56 crore women<\/span> beneficiaries account.<br \/>\nThe <span style=\"color: #ff0000;\">number of bank accounts opened in the PMJDY<\/span> is <span style=\"color: #ff0000;\">more than<\/span> the <span style=\"color: #ff0000;\">population of the European Union<\/span>, and almost the same as the population of the United States.<\/p>\n<table style=\"width: 85.5409%; border-collapse: collapse; border-style: solid;\">\n<tbody>\n<tr>\n<td style=\"width: 50%;\">\n<p><figure id=\"attachment_308735\" aria-describedby=\"caption-attachment-308735\" style=\"width: 500px\" class=\"wp-caption alignnone\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-308735\" src=\"https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2024\/08\/Jan-Dhan-Yojana.png?resize=500%2C271&#038;ssl=1\" alt=\"Pradhan Mantri Jan Dhan Yojana\" width=\"500\" height=\"271\" srcset=\"https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2024\/08\/Jan-Dhan-Yojana.png?w=771&amp;ssl=1 771w, https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2024\/08\/Jan-Dhan-Yojana.png?resize=300%2C163&amp;ssl=1 300w, https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2024\/08\/Jan-Dhan-Yojana.png?resize=768%2C416&amp;ssl=1 768w\" sizes=\"auto, (max-width: 500px) 100vw, 500px\" \/><figcaption id=\"caption-attachment-308735\" class=\"wp-caption-text\">Source- The Indian Express<\/figcaption><\/figure><\/td>\n<td style=\"width: 35.0491%;\">\n<p><figure id=\"attachment_308736\" aria-describedby=\"caption-attachment-308736\" style=\"width: 270px\" class=\"wp-caption alignnone\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-308736\" src=\"https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2024\/08\/Deposits-in-PMJDY.png?resize=270%2C300&#038;ssl=1\" alt=\"Deposits in PMJDY\" width=\"270\" height=\"300\" srcset=\"https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2024\/08\/Deposits-in-PMJDY.png?resize=270%2C300&amp;ssl=1 270w, https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2024\/08\/Deposits-in-PMJDY.png?w=743&amp;ssl=1 743w\" sizes=\"auto, (max-width: 270px) 100vw, 270px\" \/><figcaption id=\"caption-attachment-308736\" class=\"wp-caption-text\">Source- The Indian Express<\/figcaption><\/figure><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>2. <strong>Bank accounts bank wise: <\/strong>The largest share of PMJDY accounts is with public sector banks.<\/p>\n<ul>\n<li>Public Sector Banks- <span style=\"color: #ff0000;\">41.42<\/span> crore accounts<\/li>\n<li>Regional Rural Banks- <span style=\"color: #ff0000;\">9.89<\/span> crore accounts<\/li>\n<li>Private sector banks- <span style=\"color: #ff0000;\">1.64<\/span> crore accounts<\/li>\n<li>Rural Cooperative Banks- <span style=\"color: #ff0000;\">0.19<\/span> crore accounts<\/li>\n<\/ul>\n<p><strong>3. State wise analysis of accounts under PMJDY:<\/strong><\/p>\n<ul style=\"list-style-type: circle;\">\n<li>Most of the accounts have been opened in <span style=\"color: #ff0000;\">Uttar Pradesh<\/span> (<span style=\"color: #ff0000;\">9.45 crores<\/span>) and the least has been opened in <span style=\"color: #ff0000;\">Lakshadweep<\/span> (<span style=\"color: #ff0000;\">only 9,256 accounts<\/span>).<\/li>\n<li><span style=\"color: #ff0000;\">15 states apart from UP have more than 1 crore PMJDY bank accounts<span style=\"color: #333333;\">&#8211;<\/span><\/span> Bihar, West Bengal, Madhya Pradesh, Rajasthan, Maharashtra, Assam, Odisha, Karnataka, Jharkhand, Gujarat, Chhattisgarh, Tamil Nadu, Andhra Pradesh, Telangana, and Haryana.<\/li>\n<\/ul>\n<h2><span style=\"text-decoration: underline;\"><span style=\"color: #000000; text-decoration: underline;\"><strong><a id=\"toc3\"><\/a>What is the impact and achievement of Pradhan Mantri Jan Dhan Yojana?<\/strong><\/span><\/span><\/h2>\n<p>1. <strong>Banking to the unbanked: <\/strong>The opening of <span style=\"color: #ff0000;\">staggering 53.1 crore bank accounts<\/span> has promoted financial inclusion in the country. As per the World Bank\u2019s Findex database, <span style=\"color: #ff0000;\">78% of Indian adults<\/span> (population with 15 years or more of age) had a bank account in 2021 as compared to 53% in 2014. According to EPW (2024), India&#8217;s account ownership marked a historical growth rate of 26% between 2014 &amp; 2017 &#8211; which can be attributed to the world&#8217;s largest financial inclusion drive. This growth rate is 4 times more than the global account growth rate &amp; 3 times more than the developing countries account growth rate in the same period.<\/p>\n<p>2.<strong> Narrowing of the Rural-Urban Financial access Gap:<\/strong>\u00a0Out of the total bank accounts opened under the PMJDY, <span style=\"color: #ff0000;\">67% have been opened in rural\/semi-urban areas<\/span>. This has helped in narrowing the gap in access to the formal banking system between rural and urban areas.<\/p>\n<p>3.<strong> Bridging the Gender Gap between financial access:<\/strong>\u00a0Out of the new accounts opened, roughly <span style=\"color: #ff0000;\">56% of the new account holders are women<\/span>. This has helped bridge the gender gap in access to financial services.<\/p>\n<p>4.<strong> Expansion of Commercial Bank Infrastructure:<\/strong> The opening of more than half a billion bank accounts has fueled demand for banking services. This has encouraged commercial banks to expand their infrastructure in recent years. <strong>For Ex-<\/strong><\/p>\n<table style=\"width: 88.8479%; border-collapse: collapse; border-style: solid; background-color: #cef4f5;\">\n<tbody>\n<tr>\n<td style=\"width: 42.0145%;\"><strong>Financial Infrastructure<\/strong><\/td>\n<td style=\"width: 19.2129%;\"><strong>2013<\/strong><\/td>\n<td style=\"width: 14.7098%;\"><strong>2023<\/strong><\/td>\n<td style=\"width: 53.1817%;\"><strong>%increase<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 42.0145%;\">Scheduled commercial banks Branches<\/td>\n<td style=\"width: 19.2129%;\">1,05,992<\/td>\n<td style=\"width: 14.7098%;\">1,54,983<\/td>\n<td style=\"width: 53.1817%;\">46%<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 42.0145%;\">Number of ATMs<\/td>\n<td style=\"width: 19.2129%;\">1,66,894<\/td>\n<td style=\"width: 14.7098%;\">2,16,914<\/td>\n<td style=\"width: 53.1817%;\">30%<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 42.0145%;\">Number of Points of Sale (POS) machines<\/td>\n<td style=\"width: 19.2129%;\">10.88 lakh<\/td>\n<td style=\"width: 14.7098%;\">89.67 lakh<\/td>\n<td style=\"width: 53.1817%;\">82%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>5. <strong>Promotion of Direct Benefit Transfer (DBT):<\/strong>\u00a0The Jan Dhan Yojana as an integral component of the JAM trinity (Jan Dhan, Aadhaar and mobile), has <span style=\"color: #ff0000;\">enabled the government to shift to a more efficient system for transferring benefits directly to beneficiaries<\/span>. As per government data, the <span style=\"color: #ff0000;\">JAM trinity<\/span> has helped in <span style=\"color: #ff0000;\">total cumulative transfers<\/span> of Rs <span style=\"color: #ff0000;\">38.5 lakh crore<\/span>.<\/p>\n<p>6. <strong>Prevention of financial leakages:<\/strong>\u00a0The direct benefit transfer through the Jan Dhan accounts, has helped in prevention of financial leakages by weeding out ineligible or fake beneficiaries. <strong>For ex-<\/strong> According to RBI report, the DBT through Jan Dhan account as <span style=\"color: #ff0000;\">resulted in a gain of Rs 3.48 lakh crore in the implementation of government schemes<\/span> including MG-NREGS and PM-Kisan.<\/p>\n<p>7. <strong>Support to citizens in times of distress:<\/strong>\u00a0The JAM architecture has been used by the government to provide support to citizens during times of distress. <strong>For ex-<\/strong> The <span style=\"color: #ff0000;\">transfer of Rs 500 to 20 crore women Jan Dhan account holders<\/span> during the initial days of the pandemic.<\/p>\n<p>8. <strong>Promotion of Digital payments and Digital economy:<\/strong>\u00a0JAM framework forms an <span style=\"color: #ff0000;\">integral part<\/span> of the <span style=\"color: #ff0000;\">Unified Payments Interface<\/span> (UPI), which has transformed the payment systems in the country. This has eased and increased banking transactions in the economy, leading to significant economic gains. <strong>For ex-<\/strong> Large share of low value transactions as part of the UPI, shows the ease of the ability of low income households, to engage in formal financial transactions in their daily lives.<\/p>\n<p>9. <strong>Significant positive externalities<\/strong>: The impact of PMJDY has gone beyond just financial access, generating significant positive externalities. A 2022 study, &#8216;Access to Banking, Savings &amp; Consumption Smoothening in Rural India&#8217;, found that access to banking improves consumption smoothening by alleviating savings constraints. A 2021 SBI Research report observed that higher PMJDY balances were associated with declines in crime rates, and that States with higher account penetration reported significant reductions in the consumption of intoxicants such as alcohol &amp; tobacco.<\/p>\n<h2><span style=\"text-decoration: underline;\"><span style=\"color: #000000; text-decoration: underline;\"><strong><a id=\"toc4\"><\/a>What are the Challenges with the scheme?<\/strong><\/span><\/span><\/h2>\n<p>The Pradhan Mantri Jan Dhan Yojana (PMJDY) has made significant strides in promoting financial inclusion in India since its launch in 2014. However, several challenges continue to impede its effectiveness.<\/p>\n<p>1. <strong>Account Dormancy and inactivity: <\/strong>Despite the high number of accounts opened (over 53 crore by 2023), many accounts remain dormant and inactive. <strong>For ex-<\/strong> According to a report, ~86.3% of PMJDY accounts are operational. This suggests that a significant portion of accounts opened remain dormant.<\/p>\n<p>2. <strong>Use as mule accounts:<\/strong> There are concerns regarding the use of PMJDY accounts as mule accounts in fraudulent activities, such as <span style=\"color: #ff0000;\">money laundering<\/span> or <span style=\"color: #ff0000;\">storage of black money<\/span>. <strong>For ex-<\/strong> Reports of <span style=\"color: #ff0000;\">large sums of money being deposited in dormant PMJDY accounts<\/span> raised concerns about the misuse <span style=\"color: #ff0000;\">post-demonetization<\/span> in 2016.<\/p>\n<p>3.<strong> Infrastructural Issues:<\/strong>\u00a0According to <span style=\"color: #ff0000;\">KPMG report<\/span>, the<span style=\"color: #ff0000;\"> inadequacy of physical<\/span> and <span style=\"color: #ff0000;\">digital infrastructure<\/span>, particularly in rural areas, has hindered the ability of account holders to perform transactions. <strong>For ex-<\/strong> Lack of bank branches or functional ATM in villages of states like Bihar and Uttar Pradesh.<\/p>\n<p>4. <strong>Technological Barriers:<\/strong>\u00a0<span style=\"color: #ff0000;\">Poor internet connectivity<\/span> and <span style=\"color: #ff0000;\">inadequate banking technology<\/span> has affected the effective management of banking services for remote Jan Dhan account holders.<\/p>\n<p>5. <strong>Lack of Financial literacy:<\/strong>\u00a0The lack of financial literacy among beneficiaries is a critical barrier in the effective implementation of Pradhan Mantri Jan Dhan Yojana (PMJDY). <strong>For ex-<\/strong> <span style=\"color: #ff0000;\">Unawareness<\/span> about <span style=\"color: #ff0000;\">overdraft facilities<\/span> and <span style=\"color: #ff0000;\">insurance cover<\/span> provided for beneficiaries under PMJDY.<\/p>\n<p>6. <strong>Duplication of Accounts:<\/strong>\u00a0The opening of multiple Jan Dhan accounts under different schemes <span style=\"color: #ff0000;\">complicates data management<\/span> and <span style=\"color: #ff0000;\">skews the understanding of the actual number of beneficiaries<\/span>.<\/p>\n<p>7. <strong>Exclusion of Certain Populations:<\/strong> Certain marginalized groups, including tribal populations and people living in extremely remote areas, remain excluded from the scheme due to social and geographical barriers.<strong> For ex-<\/strong> <span style=\"color: #ff0000;\">Low Banking penetration<\/span> in the <span style=\"color: #ff0000;\">tribal regions<\/span> of <span style=\"color: #ff0000;\">Chhattisgarh<\/span> and <span style=\"color: #ff0000;\">Jharkhand<\/span>.<\/p>\n<p>8. <strong>Gender Disparity:<\/strong>\u00a0Women in some conservative rural areas are <span style=\"color: #ff0000;\">less likely<\/span> to use <span style=\"color: #ff0000;\">PMJDY accounts independently due to social norms<\/span>. This restricts their mobility and financial autonomy.<\/p>\n<h2><span style=\"text-decoration: underline;\"><span style=\"color: #000000; text-decoration: underline;\"><strong><a id=\"toc5\"><\/a>What Should be the Way Forward?<\/strong><\/span><\/span><\/h2>\n<p>1. <strong>Enhancement of Financial Literacy:<\/strong>\u00a0Implementation of widespread financial literacy campaigns, in <span style=\"color: #ff0000;\">partnership with local community leaders<\/span>, <span style=\"color: #ff0000;\">NGOs<\/span>, and <span style=\"color: #ff0000;\">educational institutions<\/span> will promote financial literacy and better use of Jan Dhan Accounts.<\/p>\n<p>2. <strong>Encouragement of active use of accounts:<\/strong>\u00a0The active use of PMJDY accounts should be incentivized by linking them with various government schemes, subsidies, and benefits.<strong> For ex-<\/strong> Introduction of schemes where <span style=\"color: #ff0000;\">account holders receive benefits<\/span> like <span style=\"color: #ff0000;\">interest on savings<\/span>, <span style=\"color: #ff0000;\">overdraft facilities<\/span>, or <span style=\"color: #ff0000;\">cashback for digital transactions<\/span>.<\/p>\n<p>3. <strong>Greater Integration of Financial Services:<\/strong>\u00a0The integration of financial services like <span style=\"color: #ff0000;\">microcredit<\/span>, <span style=\"color: #ff0000;\">pension<\/span>, <span style=\"color: #ff0000;\">insurance products<\/span> with the Jan Dhan accounts will help in encouraging the active use of Jan Dhan accounts.<\/p>\n<p>4. <strong>Improvement of Banking Infrastructure:<\/strong>\u00a0Expansion of the banking network, particularly in underserved rural and remote areas, by <span style=\"color: #ff0000;\">setting up more branches<\/span>, <span style=\"color: #ff0000;\">ATMs<\/span>, and <span style=\"color: #ff0000;\">digital banking touchpoints<\/span>. Encouragement of the use of Business Correspondents (BCs) and mobile banking units to reach remote areas, will further deepen the process of financial inclusion.<\/p>\n<p>5. <strong>Regular Monitoring and Feedback Mechanism:<\/strong>\u00a0Establishment of a <span style=\"color: #ff0000;\">system for regular monitoring and evaluation of the PMJDY\u2019s progress<\/span>, and <span style=\"color: #ff0000;\">collection of feedback from beneficiaries<\/span> to identify areas for improvement will ensure that the scheme adapts to changing needs.<\/p>\n<p><strong>Conclusion:<\/strong><br \/>\nPMJDY has been a significant step towards financial inclusion that has democratized the access to payments &amp; enabled millions to enter the digital economy. However, it should not be seen as a one-time achievement, rather, it should be used as a stepping-tone towards deepening the financial inclusion &amp; unlocking the second-order effects that can truly transform the lives, livelihoods, and the pathways to shared prosperity.<\/p>\n<table style=\"width: 100%; border-collapse: collapse; border-style: solid;\">\n<tbody>\n<tr>\n<td style=\"width: 100%;\"><strong>Source: <a href=\"https:\/\/www.thehindubusinessline.com\/opinion\/massive-pay-offs-from-jan-dhan-yojana\/article69980407.ece\" target=\"_blank\" rel=\"noopener\">The Hindu Business Line<\/a><\/strong><br \/>\n<strong>UPSC Syllabus- GS 3- Indian Economy (Financial Inclusion)<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>The launch of the Pradhan Mantri Jan Dhan Yojana (PMJDY) on August 28, 2014 was a significant step by the government in its concerted attempt to bring the unbanked sections of the population into the ambit of the formal financial system. The scheme this year has completed 11 years. The Prime Minister held that the&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/11-years-of-pradhan-mantri-jan-dhan-yojana-pmjdy-progress-impact-and-challenges-explained-pointwise\/\">Continue reading <span class=\"screen-reader-text\">11 years of Pradhan Mantri Jan Dhan Yojana (PMJDY)- Progress, Impact and Challenges- Explained Pointwise<\/span><\/a><\/p>\n","protected":false},"author":10391,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[130],"tags":[],"class_list":["post-345219","post","type-post","status-publish","format-standard","hentry","category-7-pm","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/345219","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10391"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=345219"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/345219\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=345219"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=345219"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=345219"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}