PMJDY stands for Pradhan Mantri Jan Dhan Yojana, a financial inclusion program launched by the Indian government in 2014 to provide universal access to banking facilities, financial literacy, and access to credit, insurance, and pension.
Key aspects of PMJDY:
Objective:
To ensure access to financial services for all, particularly the unbanked and underserved.
Key features:
Basic savings bank accounts (BSBD)
RuPay debit cards
Accidental insurance cover (initially Rs. 1 lakh, later enhanced to Rs. 2 lakhs for new accounts)
Overdraft facility (up to Rs. 10,000 for eligible account holders)
Platform for social security schemes like Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), and Atal Pension Yojana (APY)
