Context:
Pradhan Mantri Jan-Dhan Yojana, launched on August 28, 2014, has become the cornerstone of India’s financial inclusion agenda. It has dramatically expanded access to banking services, especially for rural and marginalized communities, and underpins the JAM (Jan-Dhan–Aadhaar–Mobile) trinity enabling direct benefit transfers (DBTs).
- Ministry: Ministry of Finance
Pradhan Mantri Jan-Dhan Yojana (PMJDY)
Launched on 28 August 2014, PMJDY is the Government of India’s flagship financial inclusion programme aimed at providing universal access to banking services.
Key Objectives
- Ensure access to basic banking services like savings accounts, deposits, withdrawals, remittances, credit, insurance, and pensions.
- Promote financial literacy and encourage formal financial savings.
- Expand Direct Benefit Transfer (DBT) for subsidies and welfare schemes.
Key Features
- Zero Balance Accounts: No minimum balance required.
- RuPay Debit Card: Provided to account holders with inbuilt accidental insurance cover.
- Overdraft Facility: Up to ₹10,000 available per household after satisfactory account operation.
- Life and Accident Insurance:
- ₹2 lakh accidental insurance cover under Pradhan Mantri Suraksha Bima Yojana (PMSBY).
- ₹30,000 life insurance cover for eligible beneficiaries at account opening.
