The Current Scenario of Pradhan Mantri Jan-Dhan Yojana in India

Abstract

Pradhan Mantri Jan Dhan Yojana (PMJDY) is one of the Prime Minister's ambitious projects for the betterment of the poor. According to an estimate, only 58.7 per cent of the households in the country have access to banking services therefore, the Prime Minister declared that a bank account for each household was a national priority. In his speech, the Prime Minister also mentioned that the people of India have mobile phones but do not have bank accounts, and this scenario needs to be changed. Most of the scholars and economists have appreciated this step and think that it will prove a major milestone in combating poverty in India. Recently, NDA government has announced the policy of demonetisation and it is then that the importance of this scheme has been highlighted. It was through the series of schemes that the Prime Minister had planned demonetisation. However, lately misuse of PMJDY scheme has been observed for lobbying black money.