Why in News?
Union Minister of State for Corporate Affairs and Road, Transport and Highway recently stated that PM-Jan Dhan Yojna coupled with JAM Trinity has become the world's largest financial inclusion program.
- It is the initiative to link Jan Dhan accounts, Mobile numbers and Aadhar cards of Indians to directly transfer subsidies to intended beneficiaries and eliminate intermediaries and leakages.
- The JAM trinity was 1st proposed in the Economic Survey 2014-15.
- Implemented in – 2016.
- Ingredients of JAM
- Identification - To identify beneficiaries creating Aadhar card of all the individuals was initiated.
- Payment - Payment is eased by the Pradhan Mantri Jan Dhan Yojana opening zero balance accounts.
- Beneficiary - To get the money into people’s hands, mobile payments were enhanced to transfer money quickly and securely.
- Various Government schemes under JAM - Pratyaksh Hanstantarit Labh (PAHAL) Yojana - Under PAHAL Yojna, LPG subsidies are directly deposited into the bank accounts.
- PAHAL Yojana, recently entered the Guinness Book of World Records for being the world’s largest direct cash transfer scheme.
- Pradhan Mantri Suraksha Bima Yojna - Under this scheme, accident insurance worth Rs. 2 Lakh is being provided.
- The premium is just Rs.12 p.a. for each member that means even the poorest of poor Indian can afford it.
- Pradhan Mantri Jivan Jyoti Bima Yojna - This scheme provides life insurance at just Rs. 330 per year payable to the family of the member in case of his death due to any reason.
- Atal Pension Yojana - Being a guaranteed pension scheme, it provides a pension of upto Rs. 5000 a month depending on the contribution.
Reference
PIB | JAM (Jan Dhan, Aadhar, Mobile)TRINITY
