PM Jan Dhan Yojana: Modi's 2014 Initiative That Shaped BJP Welfare Agenda

PM Jan Dhan Yojana: When Narendra Modi became the Prime Minister again in 2014, he realized that several people needed a bank account before he could begin his ambitious plans to provide benefits to common people.

Modi in his meeting at the Prime Minister’s Office made everything clear to his team that he needed this scheme more than anything else. He told his team, “Every household must have a bank account.”

In just three months after he was elected as the Prime Minister of India in 2014, Modi introduced the ‘PM Jan Dhan Yojana’ which was his most successful scheme.

Modi during his first speech at Reb Fort, said that the scheme would be completed in just five months.

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The opposition leader, Rahul Gandhi while he was speaking at Cambridge University last year praised this scheme from Modi which was very unexpected.

Rahul Gandhi said, “Maybe giving women gas cylinders or people bank accounts is not a bad thing, it is a good thing…but that sort of misses the point, because, in my view, Modi is destroying the architecture of India. So, I am not too bothered about two or three good policies that Modi is doing.”

The NITI Aayog CEO, BVR Subrahmanyam said that the officials expected that the scheme would take 2 or 4 years to achieve its target. Subrahmanyam said, “But Modi ensured the targets were met in five months. Around 12 crore previously unbanked individuals were brought into the formal banking system within five months of the scheme’s launch.”

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Currently, there are 53.13 crore PMJDY accounts, and around 29.56 crore of them are owned by women.

While the PMJDY was introduced, the Modi government also introduced several other welfare programs. These schemes were introduced to send payments rewards directly to the bank accounts of the poor, without the need for any middlemen or any leakages.

Last year, the World Bank reported that India has achieved in six years which would have taken fifty years. The Jan Dhan, Aadhaar, and Mobile (JAM) scheme has helped raise the financial inclusion rate from 25% in 2008 to over 80% of people in the last six years.

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