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 cr accounts will be opened that will later be linked to Aadhaar cards.
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.
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.
For Government
It will be a great milestone achieved after linking with Aadhaar card to make direct financial transactions, subsidies transfer and lot more.
It will be easy to monitor transactions and collect financial data as more people will be using recorded mode of payments.
For Corrupt People
Now there will be less income as there will not be many people to offer bribes.