Prime Minister of India Mr. Narendra Modi announced Pradhanmantri Jan Dhan Yojana on August 15, 2014 which officially launched on August 26, 2014. Government has also made enough arrangements to assure successful implementation. According to the news more than seven crore accounts will be opened that will later be linked to Aadhaar cards. In this article we will get to know about the impact of Jan Dhan Yojna.
There are many promises and hopes that the government has associated with this but on real grounds following people will be impacted as a result of successful implementation (Assumed if the government is able to do what it said).
The Impact of Jan Dhan Yojana | A small analysis
Common Man
Anyone who does not have an account will get an account in bank.
There will be a debit card associated with these accounts to assure no need of carrying cash all the time.
Common man will get direct benefit of government subsidies.
If you want to start a business, you at least need a bank account. This helps in solving the purpose.
Impact of Jan Dhan Yojana For Business
More and more people will be doing shopping via debit cards reducing time, manpower and risk involved in managing cash transactions.
More people / debit cards will be available for online transactions.
The business surely grows when people are capable of using more than one way of making payments.
Direct Bank Transfer or DBT also increase purchasing power of citizen.
For Government
It is a great milestone achieved after linking with Aadhaar card. Now subsidies reach directly to the beneficiaries.
It will be easy to monitor transactions and collect financial data as more people will be using recorded mode of payments.
Government can use the bank details for Direct Bank Transfer.
Less Corruption
Once we remove middle man from the system and use DBT, people get the exact amount what government transfers.
However, people found ways to cheat. There are incidents where the Gram Pradhan or the local politicians asked money for adding name in the beneficiary list. Corruption is in the blood lines of people so they always find a way.
Yes there is an impact but there is lot needed to make a change. This is just a small step to reduce the corruption a little bit.