What is PMJDY (Pradhan Mantri Jan Dhan Yojana)?
- 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.