Under the Jan-Dhan Yojana, more than 50 crore people opened bank accounts, as no minimum balance was needed. What indirect effect of this does NCERT mention?
Answer & explanation
Correct answer: option 3
The correct answer is Option (3) → It promoted the thrift habit and efficient allocation of financial resources
With no minimum balance, crores of people opened bank accounts. Indirectly, this promoted the habit of saving (thrift) and the efficient allocation of financial resources, mainly in rural areas.
NCERT (2026-27): “… To improve the situation, In recent years, all the adults are encouraged to open bank accounts as a part of a scheme known as Jan-Dhan Yojana. Those bank account holders can get Rs. 1-2 lakh accidental insurance coverage and overdraft facilities for Rs. 10,000 and get their wages if they get any government-related jobs and works under MNREGA (now known as Viksit Bharat – Guarantee for Rozgar and Ajeevika Mission [Gramin] [VB-G RAM G]); old age pension and other social security payments of the government are transferred to bank accounts. There is no need to keep minimum bank balance. This has led to more than 50 crore people opening bank accounts; indirectly it has promoted thrift habit and efficient allocation of financial resources particularly in rural areas. …” |