Pradhan Mantri Jan Dhan Yojana (PMJDY), is financial inclusion program of Government of India open to Indian citizen (minor of age more than 10 can also open account with guardian to manage it) , that aims to expand and make affordable access to financial services such as bank accounts, remittances, credit, insurance and pensions. This financial inclusion campaign was launched by the Prime Minister of India Narendra Modi on 28 August 2014. He had announced this scheme on his first Independence Day speech on 15 August 2014.
The scheme was launched by PM Narendra Modi on 15 August 2014. Slogan of the Scheme is “Mera Khatha, Bhagya Vidhatha (meaning “My account brings me good fortune”) The scheme was launched after the failure of previous such schemes including Swabhimaan. Swabhimaan was a campaign of the Government of India which aims to bring banking services to large rural areas.
According to an analysis of various studies, “Beyond enabling account ownership and the use of financial services, the PMJDY also facilitated financial inclusion for a variety of demographics. While the programme has made significant headway towards genuine financial inclusion, it is clear that improving policy communication, widening and deepening progress in low-income states, and ironing out the kinks in the bank-agent model will be crucial if these hard-fought gains are to prove sustainable.
The scheme has been criticized by opposition as an effort to please voters that has created unnecessary work-burden on the public-sector banks.According to the experts, offers like zero balance, free insurance and overdraft facility would result in duplication. Many individuals who already have bank accounts may have had accounts created for themselves, lured by the insurance covers and overdraft facilities.