The Jan-Dhan Yojana, four years later
👉Indebtedness shows no signs of abating as a result of the government’s flagship schem👈 The Pradhan Mantri Jan-Dhan Yojana (PMJDY), one of the flagship schemes of the present government, was launched in August 2014. The ‘J’ in JDY is the ‘J’ in ‘JAM’ (Jan Dhan-Aadhaar-Mobile) through which the Economic Survey of 2015 claimed that “every tear from every eye” could be wiped. As the Narendra Modi government enters its fifth year, a critical evaluation of the scheme is in order, especially since this is one of the schemes through which the government is trying to battle its anti-poor image. The recently released World Bank Global Findex data show that 80% of Indian adults now have a bank account, which is being celebrated as the success of the JDY. While the increase in the proportion of adults having bank accounts is indeed impressive (80% in 2017 from 53% in 2014), 48% of those who have an account in a financial institution made no withdrawal or deposit in the past one year. ...