Policy as an instrument of change: An analysis of PM Jan Dhan Yojana
Author(s): Abhishek Awasthi
Abstract: The Pradhan Mantri Jan Dhan Yojana (PMJDY) is supported by a strong legal framework meant to guarantee its efficient execution and compliance with regulations. An overview of the main legal facets of PMJDY, such as enacted laws, existing regulations, and potential policy ramifications, is given in this abstract.
The Reserve Bank of India Act, 1934 and the Banking Regulation Act, 1949, which regulate the operations of banks and financial institutions in India, are among the laws that PMJDY operates under. These laws give banks the legal foundation they need to provide all individuals, regardless of socioeconomic background or region, with the most basic banking services.
In addition, the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits, and Services) Act, 2016 is a crucial piece of legislation that helps make it easier to integrate PMJDY accounts with Aadhaar, India's biometric identity system, for the purposes of authentication and verification. The efficiency and security of financial transactions are improved by this integration, which also guarantees adherence to legal requirements for identity verification and Know Your Customer (KYC) standards.
This Research paper examines the legal and social aspects and situation of financial inclusion through PM Jan Dhan Yojana. It starts off by going over the research on PM Jan Dhan Yojana and how crucial it is to boost the economy and eradicating poverty. This study seeks to unravel its role not only as an economic strategy but shows that PMJDY also serves as a spark for more significant legal and social changes, which are the focus of this study’s analysis. It investigates the socioeconomic effects and consequences for India's judicial system. Analyzing both quantitative and qualitative data, the research takes a multi-dimensional approach.
The paper examines the legal issues, evaluating the legislative and regulatory modifications made by PMJDY, including the Direct Benefit Transfer programme and the Pradhan Mantri Suraksha Bima Yojana. These legal modifications serve as a case study for comprehending how policy instruments can alter the legal system to solve concerns of social fairness and financial inclusion. In conclusion, the socio-legal evaluation of the PM Jan Dhan Yojana shows how effectively drafted laws can serve as agents of social change. The effects of PMJDY go far beyond financial inclusion, having a significant impact on underserved populations and the justice system. This study advances our understanding of PMJDY while also highlighting the wider potential of policy interventions to foster social and legal change.
DOI: 10.33545/26646021.2024.v6.i2b.376Pages: 124-133 | Views: 135 | Downloads: 14Download Full Article: Click Here
How to cite this article:
Abhishek Awasthi.
Policy as an instrument of change: An analysis of PM Jan Dhan Yojana. Int J Political Sci Governance 2024;6(2):124-133. DOI:
10.33545/26646021.2024.v6.i2b.376