Ministry/Department : Ministry of Finance
Objective: Its objective is to eradicate financial exclusion by covering all households in the country with banking facilities and having a bank account for each household.
Scheme:
- 3 Pillars:
-
- Universal access to banking facilities
- Financial Literacy Programme
- Bank account with additional benefits
- Provides Basic Banking Accounts with overdraft facility of Rs.5000 after six months and RuPay Debit card
- Account holders is entitled to Rs. 1 lakh accidental death cover and Rs. 30,000 life insurance cover
- All Indian citizens can now avail of a bank account despite the lack of KYC documentation.
- These bank accounts are valid for a year within which account holders must furnish proof of having applied for valid documents required to comply with KYC norms.
- The objective of the Pradhan Mantri Jan Dhan Yojana (PMJDY) is to ensure access to financial services viz. Banking, Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension in an affordable manner.
- No minimum balance required in account
- Beneficiaries of Government Schemes would get Direct Benefit Transfer in these accounts
- RuPay Debit Card must be used at least once in 45 days
- Overdraft facility upto Rs.5000/- is available in only one account per household, preferably lady of the household
Factual Information:
- Launched in 2014