Financial inclusion involves the availability of sustainable, useful financial products and services for all business and individuals, regardless of company size or individual net worth. It makes financial services such as banking, insurance, equity, etc. available equally to all, without discrimination.
Universal access to banking facilities for all households across the country through a bank branch or a fixed point Business Correspondent (BC) within a reasonable distance. To cover all households with atleast one Basic Bank Account with RuPay Debit card having inbuilt accident insurance cover of Rs.1 lakh.
The government’s flagship financial inclusion drive, by virtue of sheer scale, is one of the grandest policy initiatives of its kind. With an initial target of opening 400 million accounts by 2020. The government mobilized an oft-recalcitrant state apparatus to expand access to basic savings accounts with additional benefits in the forms of debit cards and insurance cover.
PMJDY accounts are increasingly being used actively: “70% of the accounts migrate out of dormancy into active use. Activity levels in PMJDY accounts increased over time, a pattern not necessarily seen in non-PMJDY accounts.
In few low-income states socioeconomic hurdles were attenuated: women, low-income individuals, rural residents, and the less educated enjoyed greater account ownership following the PMJDY. Owning an account also appeared to weaken significant constraints like large household size, distrust of financial institutions, and distance to the nearest bank branch.
GPSC Notes brings Prelims and Mains programs for GPSC Prelims and GPSC Mains Exam preparation. Various Programs initiated by GPSC Notes are as follows:-- GPSC Mains 2024 Tests and Notes Program
- GPSC Prelims Exam 2024- Test Series and Notes Program
- GPSC Prelims and Mains 2024 Tests Series and Notes Program
- GPSC Detailed Complete Prelims Notes