Pradhan Mantri Jan Dhan Yojana (PMJDY), one of the largest financial inclusion schemes in the world, was announced by Prime Minister, Shri Narendra Modi on 15th August 2014 from the ramparts of the Red Fort. While launching the scheme on 28th August, the Prime Minister had referred to the occasion as a festival, celebrating the emancipation of the poor from a dehumanizing and miserable cycle. Shri Narendra Modi had also referred to the ancient Sanskrit verse: Sukhasya Moolam Dharma, Dharmasya Moolam Artha, Arthasya Moolam Rajyam. This makes it binding on the state to bring people into economic activity. “This Government has accepted this obligation”, said the Prime Minister and the Government has fulfilled its responsibility in record time.
Pradhan Mantri Jan Dhan Yojana is a National Mission on Financial Inclusion which has a holistic approach towards a comprehensive financial inclusion and provides banking services for all people in India. The scheme ensures all people have a range of financial services including but not limited to access to basic savings bank accounts, need based credit, remittance facility, insurance and pensions.
Guinness World Records has also acknowledged the achievements made by Pradhan Mantri Jan Dhan Yojana. It has certified that the “Most bank accounts opened in one week as part of the Financial Inclusion Campaign is 18,096,130 and was achieved by the Department of Financial Services, Government of India.”
Under this scheme, the financial literacy programme aims for financial literacy to reach the village level so that the whole mechanism is better understood. The Mission also envisages extending Direct Benefit Transfer (DBT) under the various Government Schemes through the bank accounts of the recipients. The Kisan Credit Cards (CC) are linked with the RuPay platform as well. Micro-insurance to the people and unorganised sector Pension schemes like Swavalamban through the Business Correspondents have also been included for the second phase of the programme. The Pradhan Mantri Jan Dhan Yojana has a structured monitoring framework from Central Level to District Level. At the Centre, the Finance Minister is the Mission head with a Steering Committee and a Mission Director. It is monitored at State level by a State Implementation Committee and at District level by a District Implementation Committee. Thus Pradhan Mantri Jan Dhan Yojana is not only a significant example of Governance in Mission Mode but also signifies what a Government can achieve if it is committed in the spirit of welfare of the people.
