• About us
  • Columnists
  • Careers
  • Brand Partnerships
  • rightlog is now TFIPOST
TFI Official Merchandise
हिन्दी
Thursday, May 19, 2022
TFIPOST
  • Politics
    • All
    • Analysis
    • Opinions
    • Trending
    Why is Gen-Z blindly following Korean culture?

    Why is Gen-Z blindly following Korean culture?

    Is Netflix shedding its ‘Wokeism’ tag?

    Is Netflix shedding its ‘Wokeism’ tag?

    From “Oppressed Minority” to “The Kashmir Files is responsible”, A ready list of the most ridiculous excuses used to justify the Kashmir genocide

    From “Oppressed Minority” to “The Kashmir Files is responsible”, A ready list of the most ridiculous excuses used to justify the Kashmir genocide

    Yogi begins choking madrasas

    Yogi begins choking madrasas

    • Analysis
    • Opinions
    • Trending
  • Economy
    • All
    • Business
    • Economy1
    • Finance
    green energy

    With gasification of coal, India takes a step ahead towards clean energy

    Adani

    Gautam Adani comes across as a compulsive, obsessive shopaholic

    Vistara and Air India

    Time for a bold prediction – TATA will merge Vistara and Air India

    They kept abusing Adani until one day Adani bought them, A Quint Saga

    They kept abusing Adani until one day Adani bought them, A Quint Saga

    • Business
    • Finance
  • Defense
    • All
    • Defence
    • Strategy
    • Weaponry
    A comprehensive list of weapons India manufactured and procured in the last 24 months

    A comprehensive list of weapons India manufactured and procured in the last 24 months

    Ajit Doval warning

    Ajit Doval makes it clear that Balakot and surgical strikes are only the beginning

    AK-47

    AK-47: How a Russian gun changed the course of history

    India has an effective solution for the “Chicken’s Neck” problem

    India has an effective solution for the “Chicken’s Neck” problem

    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • All
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
    There could be many poles in the new world order but India is definitely the centre of it

    There could be many poles in the new world order but India is definitely the centre of it

    Necklace of Diamonds

    How India’s ‘Necklace of Diamonds’ outsmarted China’s ‘String of Pearls’ in the Indian Ocean

    OIC Pakistan

    Indian Foreign Ministry rips into Pak and its Arabian masters for bad-mouthing delimitation in J&K

    Original NATO is breathing its last, so a duplicate rises

    Original NATO is breathing its last, so a duplicate rises

    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • All
    • Culture
    • History
    • Indology
    Intermittent Fasting

    The West is repackaging and selling Vrata/Upwaas as “Intermittent Fasting”

    Sanctity of Shri Jagannath Puri Mandir should not become a victim of political tussle

    Sanctity of Shri Jagannath Puri Mandir should not become a victim of political tussle

    Teresa documentary

    Saint or Sinner? – A Sky Documentary that Exposes Mother Teresa

    IVC

    Rakhigarhi expedition once again proves why India was fully developed thousands of years ago

    • Culture
    • History
    • Indology
  • Lounge
    • All
    • Books
    • Cinema
    • Food
    • Health
    • Lifestyle
    • Satire
    • Sports
    • technology
    • Travel
    Intermittent Fasting

    The West is repackaging and selling Vrata/Upwaas as “Intermittent Fasting”

    5 Actors who would have looked better as Prithviraj Chauhan than Akshay Kumar

    5 Actors who would have looked better as Prithviraj Chauhan than Akshay Kumar

    Andrew Symonds

    Andrew Symonds: Once in a generation cricketing legend

    Archies

    Zoya Akhtar’s upcoming Netflix project proves why Bollywood is allergic to talent

    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
No Result
View All Result
TFIPOST
  • Politics
    • All
    • Analysis
    • Opinions
    • Trending
    Why is Gen-Z blindly following Korean culture?

    Why is Gen-Z blindly following Korean culture?

    Is Netflix shedding its ‘Wokeism’ tag?

    Is Netflix shedding its ‘Wokeism’ tag?

    From “Oppressed Minority” to “The Kashmir Files is responsible”, A ready list of the most ridiculous excuses used to justify the Kashmir genocide

    From “Oppressed Minority” to “The Kashmir Files is responsible”, A ready list of the most ridiculous excuses used to justify the Kashmir genocide

    Yogi begins choking madrasas

    Yogi begins choking madrasas

    • Analysis
    • Opinions
    • Trending
  • Economy
    • All
    • Business
    • Economy1
    • Finance
    green energy

    With gasification of coal, India takes a step ahead towards clean energy

    Adani

    Gautam Adani comes across as a compulsive, obsessive shopaholic

    Vistara and Air India

    Time for a bold prediction – TATA will merge Vistara and Air India

    They kept abusing Adani until one day Adani bought them, A Quint Saga

    They kept abusing Adani until one day Adani bought them, A Quint Saga

    • Business
    • Finance
  • Defense
    • All
    • Defence
    • Strategy
    • Weaponry
    A comprehensive list of weapons India manufactured and procured in the last 24 months

    A comprehensive list of weapons India manufactured and procured in the last 24 months

    Ajit Doval warning

    Ajit Doval makes it clear that Balakot and surgical strikes are only the beginning

    AK-47

    AK-47: How a Russian gun changed the course of history

    India has an effective solution for the “Chicken’s Neck” problem

    India has an effective solution for the “Chicken’s Neck” problem

    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • All
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
    There could be many poles in the new world order but India is definitely the centre of it

    There could be many poles in the new world order but India is definitely the centre of it

    Necklace of Diamonds

    How India’s ‘Necklace of Diamonds’ outsmarted China’s ‘String of Pearls’ in the Indian Ocean

    OIC Pakistan

    Indian Foreign Ministry rips into Pak and its Arabian masters for bad-mouthing delimitation in J&K

    Original NATO is breathing its last, so a duplicate rises

    Original NATO is breathing its last, so a duplicate rises

    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • All
    • Culture
    • History
    • Indology
    Intermittent Fasting

    The West is repackaging and selling Vrata/Upwaas as “Intermittent Fasting”

    Sanctity of Shri Jagannath Puri Mandir should not become a victim of political tussle

    Sanctity of Shri Jagannath Puri Mandir should not become a victim of political tussle

    Teresa documentary

    Saint or Sinner? – A Sky Documentary that Exposes Mother Teresa

    IVC

    Rakhigarhi expedition once again proves why India was fully developed thousands of years ago

    • Culture
    • History
    • Indology
  • Lounge
    • All
    • Books
    • Cinema
    • Food
    • Health
    • Lifestyle
    • Satire
    • Sports
    • technology
    • Travel
    Intermittent Fasting

    The West is repackaging and selling Vrata/Upwaas as “Intermittent Fasting”

    5 Actors who would have looked better as Prithviraj Chauhan than Akshay Kumar

    5 Actors who would have looked better as Prithviraj Chauhan than Akshay Kumar

    Andrew Symonds

    Andrew Symonds: Once in a generation cricketing legend

    Archies

    Zoya Akhtar’s upcoming Netflix project proves why Bollywood is allergic to talent

    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
No Result
View All Result
TFIPOST
No Result
View All Result

Jan Dhan– A financial inclusion scheme launched by PM Modi is now reducing crime in India

Abhishek Kumar Singh
by Abhishek Kumar Singh
24 November 2021
in Trending
0
Modi, Jan Dhan Yojana, PM, Pradhan Mantri
577
VIEWS
Share on FacebookShare on Twitter

The long term thinking by PM Modi behind Jan Dhan Yojana has started to bear fruits now. The latest Ecowrap report by the State Bank of India suggests that the financial inclusion scheme launched in 2014 is effective in reducing the crime rate in the country.

Jan Dhan reduced crime- SBI

In a research report, SBI, a state-owned multinational bank has come up to the conclusion that the use of drugs, alcohol and other abusive substances have declined in the states where Jan Dhan Yojana has been successful. Correlating the low crime rate and high Jan Dhan account, the report states, “This could be because of Jan Dhan-Aadhaar-mobile (JAM) trinity, which has helped in better channelising of government subsidies and helped in curbing the unproductive expenditure such as alcohol and tobacco expenses in rural areas. Estimated results indicate that rise in the number of Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts and balance in these accounts lead to a significant fall in crime,”

The report further mentions how India has leapfrogged ahead of China in financial inclusion, but it also cautioned that the business correspondent model needs an improvement to make more inroads into the villages. The report also appreciated Public sector banks for leading the efforts towards financial inclusion.

Before Jan Dhan, the poor were crushed in the generational cycle of hopelessness

Earlier successive governments had launched various schemes to provide benefits to the poor in the country. These schemes were mainly meant to distribute foodgrains, kerosene oils, clothes and money to make houses. All these schemes failed in a big way. The main reason behind the failure of these schemes was that the distribution system involved a middleman who took his/her commission from the government but did not give it to the people. Since most of the people were illiterate and not aware of their rights and schemes, middlemen kept getting richer while the poor kept getting poorer.

Read more: Did Modi really insult India?

Things started to change from 2014

As Prime Minister Modi came to the helm of affairs in 2014, he launched Jan Dhan Yojana which allowed anyone above 18 years of age to open a bank account in which they could deposit money according to their convenience. Earlier, a customer had to maintain a certain minimum balance to keep his account active, this condition was waved by the government for the Jan Dhan account. PM Modi, who himself comes from a humble background and has run his magic in developing Gujarat was very well aware of the fact that Indians have a huge propensity to save their money. Since the poor did not have much to save into high maintenance bank accounts, they spent it on other activities which kept them poor for generations. Now, as the accounts opened, people were automatically nudged by their own psychological schema to send their smallest of savings into the bank account to save money for future contingencies.

Poor people were soft targets for violent gangs like Maoists and Naxalites

This is where Jan Dhan accounts’ role in reducing the crime rate in the country needs to be credited for. One of the reasons why crimes like robbery, thefts, dacoities, smuggling, murders, gang wars take place is because the societies in which these take place are financially backward and distressed. Financial sufferings, joblessness, lack of opportunities become a happy hunting ground for criminal organisations like Naxalites and Maoists to heir people into their ranks.

If not outside, crimes used to take place behind the four walls

The aura of hopelessness, distress and disorder due to lack of money tends to send poor men into the dirt of tobacco and excessive alcohol consumption. These habits naturally translate into domestic violence on women and children of the family.

Saving accounts helped people to develop confidence in the state and its machinery

However, once people started to save money, new hopes transpired into their lives, as their serotonin level went up which helped them in a big way to realise that they could now fight with the system which had kept them on the brink due to its corrupt practices. With the opening of bank accounts, various new ways opened for them. Now bureaucracy was not rude to them, they did not have to pay extra cash to garner benefits from the government schemes meant for them. People now started to get their MGNREGA payments, gas subsidies, money for constructing their houses into their own bank account, from which they had the freedom to withdraw it from any time they wanted. Simply put, the extra cash they saved in their Jan Dhan accounts helped them in developing a cycle of trust with the system.

Read more: The success story of Jan Dhan Yojna is out and its a lesson in financial inclusion.

As people garnered confidence with the system, their hopes from life increased many-folds. As their standards of living improved, people became less anxious, as they knew that they had a system to support them in time of contingency.

Read more: Jan Dhan Yojana, yet another success story of Demonetization

As of October 2021, deposits worth over 1.4 trillion Indian rupees in Indian banks were connected to the Jan Dhan accounts. These accounts have been mainly responsible for seamless transfers of benefits like remittances, credit, insurance and pensions into the bank accounts.Jan Dhan helped the government to streamline schemes

The connection of Jan Dhan account with Aadhar card and Mobile benefitted the government in one more way. Before 2014, various governments were never able to decipher the exact amount of poor people in the country, simply because there was a lot of data-fudging by data collectors. The enabling of fingerprint-based Aadhar cards for the bank accounts ensured that government could monitor the people and their savings. The availability of the improved data helped the government in launching suitable schemes for the target population. 

Read more: The Jan Dhan Yojna now helps over 34 crore people cope with the uncertainties of life

Some successful schemes which owe their success to Jan-Dhan

Riding on the JAM trinity, the government has been able to successfully transfer various benefits under different schemes directly to beneficiaries bank accounts. These transfers are known as Direct Benefit Transfers(DBT)

  • The successful disbursal of money for the construction of nearly 40 lakh affordable houses under Pradhan Mantri Awas Yojana owes mainly to the accounts opened under Jan-Dhan Yojana.
  • The MGNREGA payments, which mainly go into the accounts of poor people are now being received directly by the beneficiaries in their own accounts.
  • Various insurance schemes like crop insurance, health insurance schemes are also riding on the back of JAM trinity.
  • Similarly, the government directly transfers subsidies into the bank account of beneficiaries, who avail gas connections under the UJJWALA scheme.

As the savings account opened, it became easier for the government and banks to sanction their loans for various purposes. Now, the person who wished to be an entrepreneur but did not have the resources to launch himself into the market, could take a Pradhan Mantri MUDRA Yojana (PMMY) loan through his savings account and land his generation into a better echelon of the society within a short span.

PM Modi has changed the fortune of millions of poor people in the country within a 7-years span, which the Congress government could not achieve in 70 years. It’s incredible how a small step such as opening a bank account can transform the country’s fortunes.

Tags: Jan Dhan YojanaModi
Share1TweetSend
Previous Post

Mankind Pharma makes it tough for good men to come forward in society

Next Post

A Ready list of India’s worst Finance Ministers 

Abhishek Kumar Singh

Abhishek Kumar Singh

Truth Seeker. Columnist at TFI Media.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms of use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

  • Most Read
  • Comments
  • Latest
Xi Jinping, coronavirus, Shinzo Abe, china, Japan, coornavirus, COVID-19, Wuhan Virus

‘Pack up and get out of there,’ Japan to spend $2.2 billion to get Japanese companies to exit China

9 April 2020
ajay devgn karan johar

The man who bullied the Bully – How Ajay Devgn made Karan Johar’s monopoly a joke and forced him to apologize

22 June 2020
Huawei, China, Trump, USA, Xi Jinping

‘Our survival is at stake now,’ Chinese Telecom giant Huawei crumbles after US ban on Semiconductor exports

19 May 2020
T-Series Sonu Nigam Divya Khosla Kumar Bhushan Kumar

T-Series forced to take down Atif Aslam’s video, Divya Khosla trolled. T-Series has a bad day in office

25 June 2020
Meat Ban

A Jain responds to Meat Ban in Mumbai

Public Sector Bank, Government, Bill

Dear bank employees, continue your stride but PSBs will be privatized

anti-Hindi

Anti-Hindi Forever?- In search of a National Language!

Dear Liberals – your Beef Parties are not protests, they just intend to displease the Majority

Dear Liberals – your Beef Parties are not protests, they just intend to displease the Majority

Why is Gen-Z blindly following Korean culture?

Why is Gen-Z blindly following Korean culture?

18 May 2022
Is Netflix shedding its ‘Wokeism’ tag?

Is Netflix shedding its ‘Wokeism’ tag?

18 May 2022
From “Oppressed Minority” to “The Kashmir Files is responsible”, A ready list of the most ridiculous excuses used to justify the Kashmir genocide

From “Oppressed Minority” to “The Kashmir Files is responsible”, A ready list of the most ridiculous excuses used to justify the Kashmir genocide

18 May 2022
Yogi begins choking madrasas

Yogi begins choking madrasas

18 May 2022

Popular This Week

5 Actors who would have looked better as Prithviraj Chauhan than Akshay Kumar
Cinema

5 Actors who would have looked better as Prithviraj Chauhan than Akshay Kumar

by Tanya Trivedi
17 May 2022
reliance brands
Trending

Mukesh Ambani is out to challenge Pepsi and Coca-Cola

by Rahul Gupta
17 May 2022
tukey wheat India
Geopolitics

After the West, now Turkey extends its begging bowl to India

by Abhinav Singh
12 May 2022
They kept abusing Adani until one day Adani bought them, A Quint Saga
Business

They kept abusing Adani until one day Adani bought them, A Quint Saga

by Abhishek Kumar Singh
16 May 2022
Archies
Cinema

Zoya Akhtar’s upcoming Netflix project proves why Bollywood is allergic to talent

by Sanbeer Singh Ranhotra
15 May 2022

©2022 TFI Media Private Limited

  • Terms of use
  • Privacy Policy
  • Sitemap
No Result
View All Result
  • Politics
    • Analysis
    • Opinions
    • Trending
  • Economy
    • Business
    • Finance
  • Defense
    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • Culture
    • History
    • Indology
  • Lounge
    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
TFI Official Merchandise
हिन्दी
  • About us
  • Columnists
  • Careers
  • Brand Partnerships
  • rightlog is now TFIPOST

©2022 TFI Media Private Limited

Follow us on Twitter

and never miss an insightful take by the TFIPOST team

Follow @tfipost