PRADHAN MANTRI JAN DHAN YOJANA (PMJDY)

 About Pradhan Mantri Jan Dhan Yojana (PMJDY)

Launched on August 28, 2014, the Pradhan Mantri Jan Dhan Yojana (PMJDY) stands as one of the world’s most extensive financial inclusion initiatives. This initiative, led by the Ministry of Finance, is dedicated to offering affordable financial services to vulnerable and economically disadvantaged sections of society.

It aims to create a platform for universal access to banking services, ensuring that every household has at least one basic banking account. This program also focuses on promoting financial literacy and providing access to credit, insurance, and pension facilities.The article regarding the topic of one nation one election is written by Rishabh and the it is reviewed by our extremely qualified and experienced faculty Dr. Bijendra Jha. Please read the complete article and witness one of the biggest election reforms in Indian democracy proposed by Honorable Prime Minister Narendra Modi.

 Key features of PMJDY include:

• Expanding Banking Services: PMJDY seeks to expand banking services by establishing branches and Banking Correspondents (BCs) to reach both urban and rural areas.
• RuPay Debit Card: Individuals who open PMJDY accounts receive an indigenous Debit Card known as the RuPay card.
• No Minimum Balance Requirement: There is no requirement to maintain a minimum balance in PMJDY accounts.
• Accident Insurance Cover: PMJDY account holders receive accident insurance coverage of Rs. 1 lakh, which was increased to Rs. 2 lakh for new PMJDY accounts opened after August 28, 2018. This coverage is provided through the RuPay card issued to account holders. The current article sheds light on the highlights and the journey of Pradhan Mantri Jan Dhan Yojana. This government scheme has completed 9 years. Rishabh has composed the article and provided valuable details about the Pradhan Mantri Jan Dhan Yojana, its features, and its significance. Our respected faculty Prateek Tripathi has reviewed the article.

• Overdraft Facility: Eligible adults can access an overdraft facility of up to Rs. 10,000.

• Access to Government Schemes: PMJDY accounts are eligible for various government schemes, including Direct Benefit Transfer (DBT), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), and Atal Pension Yojana (APY). You can get all such current affairs updates from the Plutus IAS current affairs section of the website. Moreover, Plutus IAS has become the synonym of the best IAS coaching in Delhi and helps students to get top grades in the exam.