What is financial inclusion and how govt. of India providing it to citizens.
October 1, 2023 | by pmjiyojna.com
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In today’s rapidly changing world, financial inclusion has become a key focus for governments around the globe. In India, the government has implemented various schemes and initiatives to promote financial inclusion and provide subsidies to the underprivileged and middle-class citizens. These initiatives aim to empower individuals by providing them with access to affordable financial services and opportunities for economic growth.
One of the flagship schemes introduced by the Indian government is the Pradhan Mantri Jan Dhan Yojana (PMJDY). This scheme aims to provide universal access to banking facilities, including savings accounts, remittance, credit, insurance, and pension to all citizens. Through PMJDY, individuals can open zero-balance bank accounts and avail various benefits such as overdraft facilities, life insurance coverage, and accidental insurance coverage.
Another significant scheme is the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). This scheme provides life insurance coverage to individuals at a nominal premium. Under PMJJBY, policyholders are eligible for a sum assured of Rs. 2 lakh in case of death due to any reason. It is a valuable initiative that ensures financial security for the policyholder’s family in case of unforeseen circumstances.
The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is yet another notable scheme introduced by the government. PMSBY aims to provide accidental insurance coverage to individuals at a minimal premium. Under this scheme, policyholders are eligible for a sum assured of Rs. 2 lakh in case of accidental death or permanent disability. It is a crucial step towards ensuring the well-being and financial stability of individuals.
Additionally, the government has launched the Sukanya Samriddhi Yojana (SSY) to promote the welfare of the girl child and support their education and marriage expenses. This scheme offers a higher interest rate compared to regular savings accounts and provides tax benefits. It encourages parents to save for their daughter’s future and empowers them to secure a bright and prosperous life.
Furthermore, the Indian government has initiated various health schemes to ensure affordable healthcare for all citizens. The flagship scheme, Ayushman Bharat – Pradhan Mantri Jan Arogya Yojana (AB-PMJAY), aims to provide health insurance coverage to economically vulnerable families. Under this scheme, eligible individuals can avail cashless treatment for a wide range of diseases and medical procedures.
These initiatives not only promote financial inclusion but also contribute to the overall development of the nation. By providing access to banking services, insurance coverage, and subsidies, the government is empowering individuals to lead a financially secure life. It is an essential step towards reducing poverty, inequality, and promoting inclusive growth in the country.
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