NMFI/PMJDY and related schemes report progress in financial inclusion (bank accounts, insurance, pensions, and credit)
Official financial inclusion update on Pradhan Mantri Jan Dhan Yojana, insurance cover, pension enrolment, and collateral-free microcredit
- Pradhan Mantri Jan Dhan Yojana is the central account-opening scheme under the National Mission for Financial Inclusion and is designed to bring unbanked households into the formal banking system.
- Pradhan Mantri Mudra Yojana is used to extend collateral-free institutional finance to micro and small business units for income-generating activity.
- Stand-Up India Scheme targets Scheduled Caste, Scheduled Tribe, and women entrepreneurs for greenfield projects.
What happened
The Ministry of Finance said that Pradhan Mantri Jan Dhan Yojana (PMJDY), launched in August 2014 under the National Mission for Financial Inclusion (NMFI), continues to expand access to banking, insurance, pensions, and credit. The government described the mission as aiming to provide universal banking services and to follow the guiding principles of banking the unbanked, securing the unsecured, and funding the unfunded.
Background and earlier position
UPSC can ask about the design of the National Mission for Financial Inclusion, the objectives of Pradhan Mantri Jan Dhan Yojana, and the link between bank accounts, insurance, pensions, and collateral-free credit. The broader mains angle is whether expanded account ownership has translated into deeper usage, last-mile access, and sustained inclusion.
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