Answer the question in maximum 200 words. This question carries 11 marks. [MPPSC 2020]
What is Financial Inclusion? What are its objectives? In this context, discuss the role of Pradhan Mantri Jan-Dhan Yojana (PMJDY).
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Answer the question in maximum 200 words. This question carries 11 marks. [MPPSC 2020]
What is Financial Inclusion? What are its objectives? In this context, discuss the role of Pradhan Mantri Jan-Dhan Yojana (PMJDY).
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What is Financial Inclusion?
Financial inclusion refers to the process of ensuring that all individuals and businesses, regardless of their economic status, have access to affordable and useful financial services. These services include banking, credit, insurance, and other financial products that help improve people’s financial well-being and economic opportunities.
Objectives of Financial Inclusion
The key objectives of financial inclusion are:
Role of Pradhan Mantri Jan-Dhan Yojana (PMJDY)
The Pradhan Mantri Jan-Dhan Yojana (PMJDY), launched in 2014, is a significant step towards achieving financial inclusion in India. Its role includes:
Illustration: A farmer in a remote village, who previously had no access to a bank, can now open a Jan-Dhan account. Through this, he can receive government subsidies, take small loans for seeds, and save for the future.
In conclusion, financial inclusion aims to bring every citizen into the financial fold, and initiatives like PMJDY play a crucial role in empowering individuals, especially those in rural and marginalized communities.