Pradhan Mantri Jan Dhan Yojana (PMJDY)

Pradhan Mantri Jan Dhan Yojana (PMJDY)

Pradhan Mantri Jan Dhan Yojana (PMJDY) is a financial inclusion initiative launched by the Government of India in August 2014 with the objective of ensuring access to financial services such as savings and deposit accounts, remittance, credit, insurance, and pension to every household in the country. The scheme aims to provide a sustainable and affordable banking system to the unbanked and under-banked sections of the society and to increase the number of bank accounts in the country.

Under the PMJDY scheme, individuals can open a zero-balance savings account with any bank branch or Business Correspondent (BC) outlet. The scheme also provides an overdraft facility of up to INR 10,000 and an accidental insurance cover of INR 1 lakh to account holders. In addition, the scheme also provides several other benefits, including a RuPay debit card, easy transfer of funds, direct benefit transfers, and access to pension schemes.

The PMJDY scheme has been a great success and has helped in financial inclusion of a large number of unbanked households in the country. As of 2021, the scheme has opened more than 40 crore bank accounts and has helped in providing financial services to a large number of people who previously had no access to formal banking facilities. The scheme has also helped in reducing corruption and improving transparency in the delivery of various government schemes and services.