GS-3-Economy
What is JAM Trinity?
JAM Trinity is a framework that integrates Jan Dhan accounts, mobile numbers, and Aadhaar cards to facilitate the direct transfer of subsidies to beneficiaries. This eliminates intermediaries, reducing inefficiencies and leakages.
- Origin: First proposed in the Economic Survey 2014-15.
- Implementation Year: 2016.
Key Components of JAM
- Identification: Aadhaar cards were introduced to uniquely identify all beneficiaries.
- Payment Mechanism: Pradhan Mantri Jan Dhan Yojana enabled the creation of zero-balance bank accounts for smooth transactions.
- Beneficiary Access: Mobile payments were enhanced to enable swift and secure transfer of funds to recipients.
Government Schemes Enabled by JAM
- Pratyaksh Hanstantarit Labh (PAHAL) Yojana
- Direct transfer of LPG subsidies into beneficiaries’ bank accounts.
- Recognized by the Guinness Book of World Records as the largest direct cash transfer program globally.
- Pradhan Mantri Suraksha Bima Yojana
- Provides accident insurance coverage of ₹2 lakhs.
- Premium: ₹12 per annum, making it accessible even to the economically disadvantaged.
- Pradhan Mantri Jeevan Jyoti Bima Yojana
- Offers life insurance of ₹2 lakhs at an annual premium of ₹330.
- Ensures financial support to the member’s family in case of death.
- Atal Pension Yojana
- A guaranteed pension scheme offering up to ₹5,000 per month, based on the individual’s contribution.