Before the high-profile launch of Pradhan Mantri Jan DhanYojna (PMJDY), the government had launched many programmes towards financial inclusion. These are:
Micro-Finance: Self Help Group-Bank Linkage Programme
The Self-Help Group (SHG)-Bank Linkage Programme has emerged as the major micro-finance programme in the country.It is being implemented by commercial banks, regional rural banks (RRBs), and cooperative banks
Extension of ‘Swabhimaan’ Scheme
Under the Swabhimaan financial inclusion campaign, over 74,000 habitations with population in excess of 2,000 had been provided banking facilities by March 2012, using various models and technologies including branchless banking through business correspondents (BCs).
Setting up of Ultra Small Branches
Considering the need for close supervision and monitoring of the business correspondent agents(BCAs) by respective banks and in order to ensure that a range of banking services are available to the residents of such villages, ultra-small branches (USBs) are being set up in all villages covered through BCAs under financial inclusion.
Agriculture Credit
In the latest Budget, the Finance Minister has announced to provide Rs 10 lakh crore for the financial year 2017-18.
Kisan Credit Card Scheme
The Kisan Credit Card (KCC) has been an important initiative for universal access of farmers to institutional credit.The number of operative KCCs issued by the cooperative banks and RRBs as on 31 August, 2012 was 406 Lakhs against which outstanding loan amount was Rs 1,12,334 crore.
Pradhan Mantri Jan DhanYojna
The Government in 2014 declared the beginning of the end of financial untouchability in India, with the opening of an estimated 1.5 crore bank accounts across the country, in an exercise unprecedented in scale in economic history. Formally launching the Pradhan Mantri Jan Dhan Yojana (PMJDY) at a function broadcast across the nation from Vigyan Bhawan in New Delhi, the Prime Minister described the occasion as a festival to celebrate the liberation of the poor from a poisonous cycle.
