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Q1 (IAS/2015) Economy › Schemes, Inclusion & Social Sector › Financial sector schemes Official Key

'Pradhan Mantri Jan-Dhan Yojana' has been launched for

Result
Your answer: —  ·  Correct: C
Explanation

Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched as the National Mission for Financial Inclusion on 28.8.2014.[1] It aims to ensure comprehensive financial inclusion by providing universal access to banking facilities with at least one basic bank account to every household.[1] The scheme set out to give every unbanked adult in India a bank account, a financial identity, and access to essential services like credit, insurance, and pensions.[2]

It was one of the largest schemes in the world for financial inclusion, directed towards helping those persons so far without a bank account to open a bank account (without minimum balance requirement), get a debit card, and access to social security schemes like insurance and pension.[3] The scheme is not specifically about housing loans (Option A), women's Self-Help Groups (Option B), or just marginalized communities (Option D), but rather about comprehensive financial inclusion for all unbanked citizens. Therefore, option C is the correct answer.

Sources
  1. [1] https://financialservices.gov.in/beta/en/schemes-overview
  2. [2] https://www.pib.gov.in/PressNoteDetails.aspx?NoteId=155102&ModuleId=3
  3. [3] Rajiv Ahir. A Brief History of Modern India (2019 ed.). SPECTRUM. > Chapter 39: After Nehru... > JAM Trinity: Jan Dhan-Aadhar-Mobile > p. 779
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PROVENANCE & STUDY PATTERN
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Don’t just practise – reverse-engineer the question. This panel shows where this PYQ came from (books / web), how the examiner broke it into hidden statements, and which nearby micro-concepts you were supposed to learn from it. Treat it like an autopsy of the question: what might have triggered it, which exact lines in the book matter, and what linked ideas you should carry forward to future questions.
Q. 'Pradhan Mantri Jan-Dhan Yojana' has been launched for [A] providing housing' loan to poor people at cheaper interest rates [B] promoti…
At a glance
Origin: Books + Current Affairs Fairness: Moderate fairness Books / CA: 5/10 · 5/10
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This is a 'Headline Scheme' question. In 2015, PMJDY was the single biggest governance narrative. The question is perfectly fair and checks if you know the *primary mission* versus specific sub-components. If a scheme has 'Yojana' in the title, memorize its one-line 'Vision Statement' verbatim.

How this question is built

This question can be broken into the following sub-statements. Tap a statement sentence to jump into its detailed analysis.

Statement 1
Was the Pradhan Mantri Jan-Dhan Yojana (PMJDY) launched to provide housing loans to poor people at cheaper interest rates in India?
Origin: Web / Current Affairs Fairness: CA heavy Web-answerable

Web source
Presence: 5/5
"Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched as the National Mission for Financial Inclusion on 28.8.2014. It aims to ensure comprehensive financial inclusion ... by providing universal access to banking facilities with at least one basic bank account to every household."
Why this source?
  • Official description states PMJDY was launched as the National Mission for Financial Inclusion on 28.8.2014.
  • Its aims are to ensure comprehensive financial inclusion by providing universal access to banking, a basic bank account, financial literacy and social security cover — not housing loans.
Web source
Presence: 5/5
"The Pradhan Mantri Jan Dhan Yojana (PMJDY), launched as National Mission for Financial Inclusion, set out to give every unbanked adult in India a bank account, a financial identity, and access to essential services like credit, insurance, and pensions."
Why this source?
  • This official press note says PMJDY 'set out to give every unbanked adult in India a bank account, a financial identity, and access to essential services like credit, insurance, and pensions.'
  • The listed objectives emphasize banking the unbanked and access to general financial services, not specifically providing subsidized housing loans.
Web source
Presence: 2/5
"(a) providing housing loan to poor people at cheaper interest rates."
Why this source?
  • This passage contains the standalone line: 'providing housing loan to poor people at cheaper interest rates.'
  • The excerpt does not explicitly link this line to PMJDY in the quoted text, so it does not reliably show PMJDY was launched for housing loans.

Indian Economy, Nitin Singhania .(ed 2nd 2021-22) > Chapter 8: Financial Market > Recent Major Initiatives to Improve Financial Inclusion Are > p. 239
Strength: 5/5
“• Pradhan Mantri Jan Dhan Yojana (PMJDY): Launched in 2014, it is a national mission for Financial Inclusion. It seeks to provide access to basic financial services through banks. Over 34 crore accounts have been opened under PMJDY. • Pradhan Mantri Suraksha Bima Yojana (PMSBY): It provides a renewable 1-year accidental death cum disability cover of ₹2 lakh to all subscribing bank account holders (in the age group of 18-70 years) at a minimal premium of ₹12 per annum per subscriber.”
Why relevant

Explicitly describes PMJDY as a national mission for financial inclusion providing access to basic financial services and notes mass account opening.

How to extend

A student could infer that a scheme focused on basic accounts/debit cards is less likely to be primarily a targeted housing-loan program and could check for separate housing-specific schemes.

Rajiv Ahir. A Brief History of Modern India (2019 ed.). SPECTRUM. > Chapter 39: After Nehru... > JAM Trinity: Jan Dhan-Aadhar-Mobile > p. 779
Strength: 5/5
“The NDA government was instrumental in bringing about an important reform which was given a catchy abbreviated form, JAM, for Jan Dhan Yojana, Aadhaar, and mobile number. The reform was to directly transfer subsidy to the beneficiary. The Pradhan Mantri Jan Dhan Yojana was announced by the prime minister in his Independence Day speech, and it was launched on August 24, 2014. It was one of the largest schemes in the world for financial inclusion, directed towards helping those persons so far without a bank account to open a bank account (without minimum balance requirement), get a debit card, and access to social security schemes like insurance and pension.”
Why relevant

Shows PMJDY was part of the JAM trinity aimed at bringing the unbanked into bank accounts, debit cards, and linking to subsidies/insurance rather than lending housing credit.

How to extend

Combine this with the basic fact that housing-loan programs normally center on mortgage/credit provisions to suspect PMJDY is not a housing-loan scheme and look for distinct housing schemes.

Indian Economy, Vivek Singh (7th ed. 2023-24) > Chapter 2: Money and Banking- Part I > 2.18 National Strategy for Financial Inclusion (2019-24) > p. 88
Strength: 4/5
“A host of initiatives have been under taken over the years in the financial inclusion domain. In August 2014, Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched to eradicate the financial untouchability from the country. Through this scheme, financial inclusion of every individual who does not have a bank account is to be achieved. Total around 41.75 crore accounts have been opened under PMJDY till Jan 2021. Continuing its financial inclusion drives, the RBI has announced a "National Strategy for Financial Inclusion (NSFI)" for India 2019-2024. The NSFI sets forth the vision and key objectives of the financial inclusion policies in India to help expand and sustain the financial inclusion process at the national level through a broad convergence of action involving all the stakeholders in the financial sector.”
Why relevant

States PMJDY's purpose as eradicating financial untouchability and achieving financial inclusion for those without bank accounts.

How to extend

A student could reason that inclusion/account access differs from subsidized housing-credit objectives and therefore seek evidence of separate loan-focused initiatives.

Indian Economy, Nitin Singhania .(ed 2nd 2021-22) > Chapter 8: Financial Market > 48. Which of the following terms indicates a mechanism used by commercial banks for providing credit to the Government? > p. 255
Strength: 4/5
“Pradhan Mantri Jan Dhan Yojana (PMJDY) is necessary for bringing unbanked to the institutional finance fold. Do you agree with this for financial inclusion of the poorer section of the Indian society? Give arguments to justify your opinion. No question”
Why relevant

Frames PMJDY as necessary for bringing the unbanked into institutional finance, implying its primary tools are accounts/entry points rather than targeted loan products.

How to extend

Use this pattern to distinguish entry-level financial-access schemes from targeted credit programs (like housing loans) when evaluating the statement.

Indian Economy, Nitin Singhania .(ed 2nd 2021-22) > Chapter 8: Financial Market > 2016| > p. 250
Strength: 4/5
“Pradhan Mantri MUDRA Yojana is aimed at (a) bringing the small entrepreneurs into formal financial system (b) providing loans to poor farmers for cultivating particular crops (c) providing pensions to old and destitute persons (d) funding the voluntary organizations involved in the promotion of skill development and employment generation STARTING”
Why relevant

Mentions Pradhan Mantri MUDRA Yojana as an explicitly loan-oriented scheme (for small entrepreneurs), illustrating that loan provision in the 'Pradhan Mantri' portfolio is often handled by separate schemes.

How to extend

By analogy, a student could expect housing loans would similarly be under a distinct scheme (not PMJDY) and so search for a named housing loan/scheme to test the claim.

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