BANKING AFFAIRS

Detailed explanation-1: -Hon’ble Prime Minister announced Pradhan Mantri Jan Dhan Yojana as the National Mission on Financial Inclusion in his Independence Day address on 15th August 2014, to ensure comprehensive financial inclusion of all the households in the country by providing universal access to banking facilities.

Detailed explanation-2: -Pradhan Mantri Jan-Dhan Yojana (PMJDY) is National Mission for Financial Inclusion to ensure access to financial services, namely, a basic savings & deposit accounts, remittance, credit, insurance, pension in an affordable manner.

Detailed explanation-3: -Pradhan Mantri Jan Dhan Yojana (PMJDY), the biggest financial inclusion initiative in the world, was announced by the Hon’ble Prime Minister Shri Narendra Modi on 15thAugust 2014 from the ramparts of the Red Fort and launched by him on 28th August 2014 across the country.

Detailed explanation-4: -PMJDY brings about the objective of financial inclusion for all by providing basic banking accounts with a debit card with inbuilt accident insurance. The main features of PMJDY include Rs. 5, 000 overdraft facility for Aadhar-linked accounts and a RuPay debit card with inbuilt Rs. 1 lakh accident insurance cover.

Detailed explanation-5: -The Prime Minister will launch the National Mission on Financial Inclusion named as Pradhan Mantri Jan Dhan Yojana (PMJDY) on 28th August, 2014.