Pradhan Mantri Jan Dhan Yojana
About the Scheme
- In 2014, the government launched Pradhan Mantri Jan Dhan Yojana (PMJDY) to bring about comprehensive financial inclusion in the country.
- PMJDY envisages universal access to banking facilities with at least one basic banking account for ‘every adult’, financial literacy, access to credit, insurance and pension facility.
Features of PMJDY
- Under the scheme, a basic savings bank deposit (BSBD) account can be opened in any bank branch or Business Correspondent (Bank Mitra) outlet, by persons not having any other account.
- There is no requirement to maintain any minimum balance in PMJDY accounts.
- Interest is earned on the deposit in PMJDY accounts.
- Rupay Debit card is provided to PMJDY account holders.
- Accident Insurance Cover of Rs.1 lakh (enhanced to Rs. 2 lakh to new PMJDY accounts opened after 28.8.2018) is available with RuPay card issued to the PMJDY account holders.
- An overdraft (OD) facility up to Rs. 10,000 to eligible account holders is available.
- PMJDY accounts are eligible for Direct Benefit Transfer (DBT), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY), Micro Units Development & Refinance Agency Bank (MUDRA) scheme.
- As per extant RBI guidelines, a PMJDY account is treated as inoperative if there are no customer induced transactions in the account for over a period of two years.
Why in News?
- Pradhan Mantri Jan Dhan Yojana has completed eight years of successful implementation.
- More than 46.25 crore beneficiaries banked under PMJDY since inception, amounting to over one lakh 73 thousand crore rupees.
- 56 percent Jan-Dhan account holders are women and 67 percent of Jan Dhan accounts are in rural and semi-urban areas.
Reference
Subscribe
Login
0 Comments