Which scheme was launched in 2014 to provide affordable access to financial services- bank account, credit, insurance, pension etc.?

Correct option is D

Correct Answer: (d) Pradhan Mantri Jan Dhan Yojana (PMJDY)

Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched on August 28, 2014, by the Government of India. The scheme's primary objective is to ensure financial inclusion by providing universal access to banking facilities, credit, insurance, and pension schemes, particularly to individuals from economically weaker sections of society. The scheme aims to encourage the unbanked population to open zero balance accounts and access financial services.

Information Booster:

• Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA):
  Launched in 2005, MGNREGA guarantees 100 days of wage employment to adult members of rural households, ensuring economic security for families in rural areas. It also focuses on creating durable assets like roads, canals, and water conservation structures.

• Pradhan Mantri Bima Suraksha Yojana (PMBSY):
  This accidental insurance scheme was launched on May 9, 2015, under which individuals are offered accidental death and disability coverage for a low annual premium. The scheme aims to provide affordable insurance coverage to the economically disadvantaged.

• Jawaharlal Nehru National Urban Renewal Mission (JNNURM):
  Launched in 2005, JNNURM focuses on improving the urban infrastructure of Indian cities by promoting housing and basic services like water supply, sanitation, and transportation. The aim is to make cities more sustainable, livable, and inclusive. Under the mission, the Smart Cities Mission was launched in 2015.

Current Scenario:

• As of 2024, PMJDY has opened over 46 crore bank accounts and has enabled financial inclusion for millions of people. The scheme continues to be strengthened by pushing for digital banking, providing access to mobile banking, and further enhancing financial literacy.
• Direct Benefit Transfers (DBT) linked to PMJDY have helped in delivering government subsidies directly to beneficiaries, making the system transparent and efficient.
• The government is increasingly promoting cashless transactions and the digital economy, as seen with initiatives like Digital India and the growing use of RuPay cards among the beneficiaries of PMJDY.