Pradhan Mantri Jan-Dhan Yojana (PMJDY) – Financial Inclusion Scheme

Pradhan Mantri Jan-Dhan Yojana (PMJDY) is a National Mission for Financial Inclusion to ensure access to financial services, namely, Banking/ Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension in an affordable manner.

Under Pradhan Mantri Jan-Dhan Yojana (PMJDY) scheme:

  1. Account holders will be provided zero-balance bank account with RuPay debit card, in addition to accidental insurance cover of Rs 1 lakh(to be given by ‘HDFC Ergo’).
  2. Those who open accounts by January 26, 2015 over and above the 1 lakh ₹ accident, they will be given life insurance cover of ₹ 30,000(to be given by LIC).
  3. After Six months of the opening of the bank account, holders can avail 5,000 ₹ overdraft from the bank.
  4. With the introduction of new technology introduced by National Payments Corporation of India (NPCI), a person can transfer funds, check balance through a normal phone which was earlier limited only to smartphones so far.
  5. Mobile banking for the poor would be available through the National Unified USSD Platform (NUUP) for which all banks and mobile companies have come together

Guinness World Records Certificate states that “The most bank accounts opened in 1 week as a part of financial inclusion campaign is 18,096,130 and was achieved by Banks in India from 23 to 29 August 2014”.

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