Economics • Indian EconomyEasy
What is the primary objective of the Pradhan Mantri Jan Dhan Yojana launched by the Government of India?
A. To provide subsidized housing loans for urban middle-class families
B. To ensure universal access to financial services such as basic savings accounts, remittance, credit, and insurance with zero balance requirements✓ Correct Answer
C. To offer guaranteed minimum support prices for agricultural food grains
D. To finance heavy industrial manufacturing units in backward economic zones
💡 Solution & Explanation
Pradhan Mantri Jan Dhan Yojana was launched in August 2014 as a national mission for financial inclusion to ensure that marginalized households gain access to financial services including basic savings bank accounts, need-based credit, remittances, insurance, and pension facilities. The scheme eliminated minimum balance requirements and provided beneficiaries with RuPay debit cards bundled with accident insurance coverage. This financial infrastructure facilitated direct benefit transfers of government welfare subsidies directly into recipient accounts, curbing leakages. It stands as one of the largest financial inclusion initiatives globally.
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