Page 29 - NIS English September 1-15

BENEFITS

UNDER PMJDY

Banking the unbanked

There is no requirement
to maintain any minimum
balance in PMJDY accounts

Interest is earned on the
deposit in PMJDY accounts

RuPay Debit card is provided
to PMJDY account holder

Accident Insurance Cover of
There are millions of families Rs 1 lakh (enhanced to Rs 2
who have mobile phones but lakh to new PMJDY accounts
no bank accounts. We have to opened after 28.8.2018)

change this scenario. Economic is available with RuPay
resources of the country should card issued to the PMJDY
account holders
be utilized for the well-being
of the poor. The change will Life Insurance Cover of Rs
commence from this point. 30,000 to eligible PMJDY
account holders who opened
PRIME MINISTER their account for the first
NARENDRA MODI time between 15.8.2014 to
31.1.2015 is available.

Financial Inclusion was launched initially for a period of An overdraft (OD) facility
4 years (in two phases) on August 28, 2014. It envisages up to Rs 10,000 to eligible
universal access to the banking facilities with at least account holders is available
one basic banking account for every household, financial PMJDY accounts are eligible
literacy, access to credit, insurance and pension. for Direct Benefit Transfer
It has provided a platform for the three social (DBT), Pradhan Mantri
security schemes viz. Pradhan Mantri Jeevan Jyoti Jeevan Jyoti Bima Yojana
Bima Yojana (PMJJBY), Pradhan Mantri Suraksha (PMJJBY), Pradhan Mantri
Bima Yojana (PMSBY), Atal Pension Yojana (APY) and Suraksha Bima Yojana
Pradhan Mantri Mudra Yojana (PMMY). (PMSBY), Atal Pension

Why this scheme is a game changer is evident from Yojana (APY), Micro Units
the fact that the Nationalisation of the Bank took Development & Refinance
place in 1969 but 40 crore people were not getting any Agency Bank (MUDRA)
benefits of the banking services. PMJDY has changed scheme.

New India Samachar 27