PMJDY & PMJJBY | Answer Outline | Descriptive ESI | RBI Grade B 2024

Descriptive ESI Question: – Describe the key features and objectives of the Pradhan Mantri Jan Dhan Yojana and PM Jeevan Jyoti Bima Yojana.

Answer Outline:-

I. Introduction A. Brief overview of financial inclusion initiatives in India B. Introduction to Pradhan Mantri Jan Dhan Yojana (PMJDY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

II. Pradhan Mantri Jan Dhan Yojana (PMJDY) A. Key Features 1. Universal access to banking facilities 2. Financial literacy and awareness programs 3. RuPay debit card issuance 4. Overdraft facility for eligible account holders B. Objectives 1. Ensuring access to financial services for every household 2. Promoting financial literacy and awareness 3. Facilitating direct benefit transfers 4. Boosting savings and reducing reliance on informal credit sources

III. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) A. Key Features 1. Affordable life insurance coverage 2. Renewable on an annual basis 3. Available to bank account holders under PMJDY 4. Death benefit for the nominee in case of the insured’s demise B. Objectives 1. Providing a low-cost life insurance option to the economically vulnerable 2. Encouraging financial security through insurance 3. Integrating with PMJDY to maximize coverage 4. Addressing the protection gap among underinsured populations

IV. Synergies between PMJDY and PMJJBY A. Utilizing the PMJDY platform for PMJJBY enrollment B. Enhancing financial inclusion by combining banking and insurance services C. Promoting a holistic approach to financial well-being

V. Impact and Challenges A. Assessing the success of PMJDY and PMJJBY in achieving their objectives B. Recognizing challenges and areas for improvement C. Potential avenues for future enhancements and expansion

VI. Conclusion A. Recap of key features and objectives B. Emphasizing the importance of financial inclusion for socio-economic development C. Acknowledging the government’s efforts in promoting accessible and affordable financial services through PMJDY and PMJJBY.