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What are the benefits of Pradhan Mantri Jan Dhan Yojana (PMJDY)?

I am writing to inquire about the benefits of the Pradhan Mantri Jan-Dhan Yojana (PMJDY). As someone who is interested in the financial inclusion initiatives of the Government of India, I have come across the PMJDY, which was launched in August 2014. However, I would like to gain a better understanding of the various advantages and positive impacts that this scheme has brought about.

Answer -

I understand that the main objective of PMJDY is to provide access to financial services for the unbanked and underbanked population in India. Beyond that, I am particularly interested in knowing more

The scheme has been very successful in reaching its target audience. As of March 2023, over 400 million accounts have been opened under PMJDY. The scheme has also helped to increase financial literacy and financial awareness among the poor.

The benefits of PMJDY include:

  • Access to savings accounts: PMJDY accounts offer a safe and secure place to save money. This can help people to build up their savings and prepare for emergencies.

  • Access to loans: PMJDY accounts can be used to access loans for a variety of purposes, such as starting a business, buying a home, or paying for education.

  • Access to insurance: PMJDY accounts offer insurance coverage against death, disability, and other unforeseen events. This can help to protect families from financial hardship in the event of a crisis.

  • Access to pensions: PMJDY accounts can be used to save for retirement. This can help people to have a secure income in their old age.


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