With reference to the Pradhan Mantri Jan Dhan Yojana

Solution

• The PM highlighted the effectiveness of Pradhan Mantri Jan Dhan Yojana (PMJDY) in transforming financial services for India’s poorest over the past 11 years. About PMJDY • Launched on August 28, 2014, the PMJDY has become one of the world’s largest financial inclusion initiatives.  • The scheme was aimed at providing every household with a bank account and bringing marginalized and rural communities into the formal banking system.  • As of March 2024, more than 52.6 crore accounts have been opened under the scheme, with a total balance of ₹2.63 lakh crore.  • The scheme offers several benefits including zero-balance accounts, RuPay debit cards, accidental and life insurance, and overdraft facilities.