Question

Jan Dhan Yojana is meant for -

• A. providing financial assistance for employment
• B. financial inclusion of the poor
• C. providing loans to the poor
• D. tracking population growth as a human resource

Hint:

Remember the "JAM" Trinity of economic reforms in India: J = Jan Dhan Yojana (Financial Inclusion), A = Aadhaar (Biometric Identity), and M = Mobile number (Direct Benefit Transfer).

Answer 1

The Correct Option is B

Step 1: Understanding the Concept:
Pradhan Mantri Jan Dhan Yojana (PMJDY) is a flagship national mission launched by the Government of India in August 20
The primary objective of this scheme is to ensure affordable access to financial services, including banking, savings accounts, remittance, credit, insurance, and pensions, for the weaker and low-income sections of society.

Step 2: Detailed Explanation:
Financial inclusion is a critical component of sustainable rural development and poverty alleviation.
Before the launch of PMJDY, a large percentage of India's rural and urban poor did not have access to formal banking systems, making them reliant on informal moneylenders.
PMJDY addressed this issue by offering zero-balance savings accounts (Basic Saving Bank Deposit Accounts) with simplified Know Your Customer (KYC) requirements.
The scheme also provides benefits such as an inbuilt accident insurance cover of \(\text{Rs. } 2\text{ lakh}\) via the RuPay debit card, an overdraft facility of up to \(\text{Rs. } 10,000\) for eligible account holders, and direct linkage to social security schemes like the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Atal Pension Yojana (APY).
Furthermore, these bank accounts serve as the foundation for Direct Benefit Transfer (DBT), ensuring that government subsidies and welfare payments reach the beneficiaries' accounts directly, reducing leakages and corruption.
While the scheme helps users access loans and financial support indirectly, its primary policy goal is comprehensive financial inclusion.

Step 3: Final Answer:
Therefore, Jan Dhan Yojana is meant for the financial inclusion of the poor.