Q18.Pradhan Mantri Jan Dhan Yojana (PMJDY) is necessary for bringing the unbanked to the institutional finance fold. Do you agree with this for the financial inclusion of the poor section of the Indian society? Give arguments to justify your opinion.

Pradhan Mantri Jan Dhan Yojana (PMJDY), launched in 2014, is undeniably necessary for financial inclusion, integrating India's unbanked poor into the institutional finance fold.

• Universal Access: Provides zero-balance accounts (BSBDA), RuPay debit cards, accident insurance, and overdraft facilities, ensuring basic banking for every household.
• Formalization: Brings the unbanked into the formal system, reducing reliance on exploitative informal lenders.
• DBT Efficiency: Facilitates transparent Direct Benefit Transfers (DBT) of subsidies, minimizing leakages and ensuring direct delivery to beneficiaries.
• Economic Empowerment: Promotes savings and access to credit, insurance, and pension products, empowering the poor towards economic stability.

However, addressing account dormancy and digital literacy gaps is crucial for its sustained impact.

Thus, PMJDY remains a vital scheme for inclusive growth, significantly uplifting marginalized sections of Indian society.