The Pradhan Mantri Jan Dhan Yojana PMJDY completes 11 years today. It is one of the biggest financial inclusion initiatives in the world which was announced by Prime Minister Narendra Modi on 15th August 2014 from the ramparts of the Red Fort. While launching the programme on 28th August 2014, the Prime Minister had described the occasion as a festival to celebrate the liberation of the poor from a vicious cycle.
Pradhan Mantri Jan Dhan Yojana is a National Mission on Financial Inclusion which has an integrated approach to bring about comprehensive financial inclusion and provide banking services to all households in the country. The scheme ensures access to a range of financial services like availability of basic savings bank account, access to need based credit, remittances facility, insurance and pension.
Pradhan Mantri Jan Dhan Yojana provides a platform for universal access to banking facilities with at least one basic banking account for every household, financial literacy and access to credit, insurance and pension facility. It covers both urban and rural areas and those who open account would get indigenous Debit Card (RuPay card). Account can be opened in any bank branch or Business Correspondent (Bank Mitr) outlet at zero balance. Every bank account is on Core Banking System of banks. Mobile banking using USSD facility available on even basic feature phones is also being supported.
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