Context: After a decade, the Pradhan Mantri Jan Dhan Yojana (PMJDY) has reached 53.13 crore accounts, with 55.6% held by women and 66.6% in rural and semi-urban areas.

Pradhan Mantri Jan Dhan Yojana (PMJDY)

• About: 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.
• Announced on: 15th August 2014
• Implementation of the Scheme: 

o Phase I: 15 August 2014 - 14 August 2015.

o Phase II: 15 August 2015 - 14 August 2018.

o Phase III: beyond 14 August 2018.

• Objectives:

o Ensure access of financial products & services at an affordable cost

o Use of technology to lower cost & widen reach

• Features of the Scheme: 

o PMJDY provides one basic bank account for every unbanked adult. For this account, there is no need to maintain any balance and also no charges are levied on this account.

o In the account, a free-of-cost RuPay Debit card with in-built accident insurance cover of Rs. 2 lakh is also provided to promote digital transactions.

o PMJDY account holders are also eligible for getting an overdraft of up to Rs. 10,000 to cover exigencies.