Context: About 62.6 million holders of the Pradhan Mantri Jan-Dhan Yojana (PMJDY) accounts have received direct benefits as the scheme completes its ninth year.
This has helped the Centre plug leaks, weed out fake accounts, and target genuine beneficiaries of government schemes.
Over the years, Jan-Dhan accounts have become fundamental to the JAM trinity (linking Jan-Dhan Yojana, Aadhaar, and mobile numbers), allowing benefits to be transferred directly to verified bank accounts of identified beneficiaries in a much more transparent manner.
Pradhan Mantri Jan Dhan Yojana
About: Announced on 15th August 2014, PMJDY is National Mission for Financial Inclusion named as the Pradhan Mantri Jan Dhan Yojana to ensure access to financial services, namely, Banking/ Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension in an affordable manner.
Features of the scheme:
All households across the country – both rural and urban are to be covered under the scheme.
An overdraft (OD) facility up to Rs. 10,000 to eligible account holders is available.
Issuance of RuPay Debit Card with inbuilt Rs 2 lakh personal accident insurance cover.
The increased coverage amount of Rs. 2 lakh is for PMJDY accounts opened after 28.08.2018.
A minimum monthly remuneration of Rs 5,000 to business correspondents who will provide the last link between the account holders and the bank.