10 Years of PMJDY

India recently celebrated the 10th anniversary of Pradhan Mantri Jan Dhan Yojana (PMJDY), launched in September2014 to promote financial inclusion.

Financial Inclusion & Its Importance

  • World Bank Definition: Providing affordable financial services like banking, credit, insurance, and pensions to individuals and businesses.
  • Key Benefits:
    • Bridges the credit gap, especially for MSMEs.
    • Encourages savings & capital formation.
    • Ensures inclusive growth and poverty reduction.
  • Impact of Direct Benefit Transfer (DBT): Saved Rs. 63,000 crore in FY 2022-23, improving welfare efficiency.
  • Women’s Empowerment: 55.6% of PMJDY accounts belong to women.

Challenges to Financial Inclusion

  • Low awareness and digital divide.
  • Infrastructure gaps and stringent KYC norms.
  • Cybersecurity risks and dormant accounts (20% ....
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