GD TOPIC: PMJDY Pros and Cons

Introduction to PMJDY

Pradhan mantra Jan Dhan Yojana is a BJP government scheme launched in the year 2014. The main objective of this scheme is to connect poor and common peoples with the Indian banking system. PMJDY is an ambitious project of PM Narendra Modi, personally launched this scheme and BJP also promote this scheme as millstone of BJP government. It created the Guinness World Record in 2014 by opening the highest number of bank accounts in a single day. By August 2017, 295.2 Million accounts have been opened and it still increasing.

PMJDY can be a most probable Group discussion topic in any organization selection process, PMJDY has a great impact on Indian banking system. English Avenue-spoken English institute in Bhubaneswar, English avenue personality development classes, communication classes and GD PI class in Bhubaneswar always want to involve students in GD topic like this which have the probability to be your GD topic in selection rounds.

Many time we have seen that BJP government promoting PMJDY as the successful step but it also criticized by opposition party many times. Let see the pros and cons of PMJDY:

Pros:–

·         PMJDY will be connecting many peoples with the banking system. With a bank account, poor people can get relief from local moneylenders.

·         PMJDY will help the government to send subsidies directly to the bank account of poor people. Sending subsidies directly can prevent leakage.

·         Nation economy will boot up if many and many peoples get connected with the banking system. With the PMJDY 2017, 295.2 new bank account created which drop a deposit of over Rs. 658.45 Billion by the August 2014 and it is still increasing.

·         This scheme will also help village peoples to learn more about the electronic transaction. Many village peoples are not well known with banking facilities like fix deposits, SIP, RD, Loan etc. with PMJDY peoples will get knowledge about this facilities.

·         Women and other backward classes enjoyed greater account ownership after the PMJDY.

·         PMJDY also providing death and accident insurance for account holders which will give common peoples a financial security.

Cons:-

·         There are many privet sector banks which only work for their profit, zero account holders may not get the full service from the bank. If the bank demands government found to handle zero balance account then it will be another scheme financed by the taxpayer’s money.

·         The main problem is if the account does not get used for the transaction then there is no meaning of this government pan.

·         There is a possibility of duplicate and fake account because in PMJDY there is very few documents require to open a bank account and if there is no document available then also a person can open a small account.

·         Duplicate and the fake account can be used for leakage in subsidy and for keeping the black money. In demonetization time we have seen this problem where innocent peoples get arrested in accuse of depositing black money.

·         There are wide discrepancies between the data on active usage according to the regions and states, which exposes the doubts regarding policy communication.

Conclusions

It will be safe to say that the PMJDY was a success for the government but this statement has its own limitations. This government plan has to improve and there are some loopholes which should be black. But at last the main object which was connecting more peoples with banking system get successes and this is a big achievement for the Indian banking system.

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