INTRODUCTION
August 28, 2024, marks a significant milestone - the 10th anniversary of the Pradhan mantri Jan Dhan Yojana scheme. Launched in 2014, this ambitious initiative aimed to provide universal access to banking facilities, especially for the marginalized and underprivileged sections of society. On the day of the launch of the schemes, bank organised 77,892 camps around the country, and opened about 1.8 crore accounts
THE JOURNEY BEGINS
Jan Dhan Yojana was launched with a vision to provide at least one basic banking account for every household. The scheme aimed to:
- Provide universal access to banking facilities
- Promote financial literacy
- Facilitate direct benefit Transfers
- Empower marginalized communities
IMPACT
Over the past decade, Jan Dhan Yojana has achieved remarkable milestones:
- Over 53 crore accounts opened
- ₹1.5 lakh crore deposited in Jan Dhan accounts
- 1.5 crore Rupay debit cards issued
- ₹5,000 crore disbursed through overdraft facility
- Most of the accounts have been opened (9.45 crores )in Uttar Pradesh and the least has been opened in Lakshadweep (only 9,256).
Empowering Women:-
Jan Dhan Yojana has played a significant role in empowering women, enabling them to manage their finances independently. Women account holders have increased from 51% to 55% since the scheme's inception.
Digital Payments:-
The scheme has promoted digital payments, reducing reliance on cash transactions. UPI transactions have increased significantly, making India a leader in digital payments.
Challenges and Future Directions:-
Despite significant progress, challenges persist:
- Low account usage
- Limited financial literacy
- Need for more banking infrastructure
To address these challenges, the government must:
- Enhance financial literacy programs
- Increase banking infrastructure
- Promote digital payments
CONCLUSION
Jan Dhan Yojana has revolutionized India's financial landscape, promoting financial inclusion and empowering marginalized communities. As we celebrate this milestone, we must continue to work towards a more inclusive and digitally enabled financial ecosystem.
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