The Government has decided to make the Pradhan Mantri Jan Dhan Yojana (PMJDY) an open-ended scheme and added more incentives to encourage people to open bank accounts. The Finance Minister Arun Jaitley stated that the overdraft facility has been doubled from Rs. 5,000 to Rs. 10,000 under the Yojana.
The age limit for availing overdraft facility under it has also been revised to 18 to 65 years from the earlier 18 to 60 years. The accidental insurance cover for new RuPay Cardholders has been raised from Rs. one lakh to Rs. two lakh.
According to the Minister, Jan Dhan Yojana is the world’s biggest financial inclusion scheme and 32.41 crore accounts have been opened under it with more than 81 thousand 200 crore rupees of deposit balance.
Source- The Quint
Static/Current Takeaways Important for Indian Bank PO Exam 2018-
- PMJDY was launched in August 2014.
- The first phase of the PMJDY scheme focused on opening basic bank accounts and RuPay debit card with inbuilt accident insurance cover of Rs. one lakh.