Pradhan Mantri Jan-Dhan Yojana (PMJDY) is National Mission for financial inclusion launched on 28th of August 2014. Its primary objective is to give banking facilities to all households in the country. Bank account is an entry level service given under the scheme and beyond that the programme aims to provide comprehensive financial inclusion by offering a range of financial production including insurance coverage. In the Budget 2016, the Finance Minister stated that the mission of JDY is Jan Dhan to Jan Suraksha. RuPay credit card also is given under the programme to promote payments.
The underlying strategy of the PMJDY is that with an account, households would gain access to banking and credit facilities. With RuPay card and Aadhaar linkage, people can access government transfers to the account.
Existing social security and government transfer measures like DBT, Provident Fund were linked with JDY account. Accident insurance cover of Rs 100000 has also provided. Overdraft facility up to Rs 5000 is allowed under JDY. Accounts under PMJDY can be started by a bank or by a BC (Bank Mitr).
