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Definition: PMJDY is a National Mission on Financial Inclusion, aimed at ensuring all country citizens get easy access to banking, credit, insurance, and pension facilities.
Launched by Prime Minister Narendra Modi on 15th August August 2014 the Pradhan Mantri Jan Dhan Yojana provides every household, both urban and rural, financial literacy and services. The concept of financial inclusion refers to the idea of including people from all economic backgrounds in India’s economic set-up. To bring the underprivileged to the forefront, the scheme works by giving easy access to people in rural areas and those with minimal resources
Anyone can open an account in any bank branch or Business Correspondent (Bank Mitr) outlet. If an individual wants to avoid avail of services like cheque book etc. they can open an account with a zero balance. The other key features of the scheme include:
People in the age group of 18 to 65 years can apply for this scheme
Easy money transfer across India
Government scheme beneficiaries will receive the benefits directly in their bank accounts
After 6 months of account opening the account holder can receive the ₹5,000 to ₹10,000 overdraft facility (this facility is only for Aadhar-linked accounts)
People under the PMJDY scheme can be eligible for a loan of ₹5,000 once their account is 6 months old
Account holders receive a RuPay debit card that allows cash withdrawals across the country
with built-in accident insurance
Up to ₹2 lakh accident insurance cover.
Simplified banking services can go a long way in helping and empowering the masses.
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