A nationwide scheme launched by the Government of India.
It is a financial inclusion program, applicable to 20-65 years age group that aims to grow and provide affordable access to financial services.
The financial services include bank accounts, credit, pensions, insurance and remittances.
After satisfactory operation of the accounts opened under this scheme for 6 months, they are to be provided with an overdraft facility of Rs. 5000 for the Aadhaar- linked accounts.
Every account holder will be issued a RuPay Debit Card, with an inbuilt personal accident insurance cover provided by HDFC Ergo of Rs. 1,00,000 and also a life cover of Rs. 30,000 provided by LIC.
Those who will provide the last link between the account holders and the bank will be given a minimum monthly remuneration of Rs 5,000 to business correspondents.
