🌟 Pradhan Mantri Jan Dhan Yojana (PMJDY) 🌟
Pradhan Mantri Jan Dhan Yojana (PMJDY), launched on 28th August 2014, is a flagship financial inclusion program by the Government of India. Its primary aim is to provide universal access to banking services, promote financial literacy, and ensure financial security for every household in the country.
💡 Key Features of PMJDY:
✅ Universal Banking Access:
Opening of zero-balance bank accounts for all households with the provision of RuPay debit cards.
Access to savings accounts, deposits, remittance facilities, and insurance coverage.
✅ Insurance and Overdraft Facilities:
Accidental Insurance Cover: ₹2 lakh under the RuPay debit card.
Life Insurance Cover: ₹30,000 for eligible beneficiaries.
Overdraft facility of up to ₹10,000 is available to one account holder per household.
✅ Financial Literacy and Digital Inclusion:
Promotes financial literacy by empowering individuals with basic financial knowledge.
Encourages the use of digital payment methods to reduce dependency on cash.
✅ Direct Benefit Transfers (DBT):
Seamless transfer of government subsidies and welfare benefits directly into beneficiaries' accounts, reducing leakages and corruption.
✅ Expansion of Banking Infrastructure:
Extensive network of Bank Mitras (banking correspondents) in rural and remote areas.
Strengthens the foundation for a cashless economy under the Digital India initiative.
📊 Impact of PMJDY:
Over 50 crore bank accounts opened as of 2023, with a total balance exceeding ₹2 lakh crore.
Over 67% of accounts are in rural/semi-urban areas, supporting financial inclusion in underserved regions.
High participation of women, with 55% of accounts held by female beneficiaries.
📌 Additional Notes:
PMJDY has played a crucial role in boosting financial literacy, increasing access to credit, and enabling inclusive economic growth.
The initiative aligns with the Sustainable Development Goals (SDGs), particularly Goal 1 (No Poverty) and Goal 10 (Reduced Inequalities).
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✅ UPSC Prelims Multiple Choice Questions
1. What is the primary aim of Pradhan Mantri Jan Dhan Yojana (PMJDY)?
a) To promote entrepreneurship among rural women.
b) To provide universal access to banking services and financial inclusion.
c) To establish rural cooperative banks.
d) To provide insurance to farmers.
Answer: b) To provide universal access to banking services and financial inclusion.
2. Under PMJDY, what is the maximum accidental insurance cover provided through the RuPay debit card?
a) ₹1 lakh
b) ₹2 lakh
c) ₹5 lakh
d) ₹50,000
Answer: b) ₹2 lakh
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🌟 Government Budgeting 🌟

Government Budgeting refers to the process through which the government plans its revenue and expenditure for a specific financial year. It is a vital tool for managing the economy, achieving policy objectives, and ensuring equitable distribution of resources.

💡 Key Features of Government Budgeting:

✅ Definition:

A government budget is a statement of expected revenue and proposed expenditure for a financial year.

It reflects the government's economic priorities, developmental goals, and welfare objectives.


✅ Components of the Budget:

1. Revenue Budget:

Revenue Receipts: Taxes (income tax, GST, etc.) and non-tax revenues (fees, dividends, etc.).

Revenue Expenditure: Day-to-day expenses like salaries, interest payments, and subsidies.



2. Capital Budget:

Capital Receipts: Loans, borrowings, and asset disinvestment.

Capital Expenditure: Spending on asset creation like infrastructure, education, and healthcare.




✅ Types of Budgets:

Balanced Budget: Revenue equals expenditure.

Surplus Budget: Revenue exceeds expenditure.

Deficit Budget: Expenditure exceeds revenue.


✅ Budgetary Tools:

Fiscal Policy: Adjustments in government spending and taxation to influence the economy.

Deficit Financing: Borrowing to bridge the gap between revenue and expenditure.


✅ Objectives of Budgeting:

Promote economic growth and stability.

Reduce inequalities through welfare measures.

Provide for infrastructure development and public services.

Ensure fiscal discipline and reduce deficits.


📌 Additional Notes:

The Union Budget is presented by the Finance Minister in Parliament on 1st February every year.

State governments also prepare budgets, aligning with local priorities and resources.



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✅ UPSC Prelims Multiple Choice Questions

1. What does the revenue budget primarily include?
a) Borrowings and disinvestment proceeds.
b) Taxes and non-tax revenues along with day-to-day expenditures.
c) Spending on infrastructure and asset creation.
d) Allocations for state governments.

Answer: b) Taxes and non-tax revenues along with day-to-day expenditures.


2. What is a deficit budget?
a) When revenue equals expenditure.
b) When revenue exceeds expenditure.
c) When expenditure exceeds revenue.
d) When borrowing is unnecessary.

Answer: c) When expenditure exceeds revenue.


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