With a view to increasing banking penetration and promoting financial inclusion and with the main objective of covering all households with at least one bank account per household across the country, a National Mission on Financial Inclusion named as Pradhan Mantri Jan Dhan Yojana (PMJDY) was announced by the Prime Minister Shri Narendra Modi in his Independence Day Speech on 15th August , 2014 . The Scheme was formally launched by the Prime Minister, Shri Narendra Modi on 28th August, 2014 at National level.
Objectives of PMJDY
(i) Universal access to banking facilities for all households across the country through a bank branch or a fixed point Business Correspondent (BC) within a reasonable distance.
(ii) To cover all households with atleast one Basic Bank Account with RuPay Debit card having inbuilt accident insurance cover of Rs.1 lakh.
(iii) An overdraft facility upto Rs.5000/- after satisfactory operation in the account for 6 months.
(iv) A Life Cover of Rs.30,000/- to those beneficiaries who open their accounts for the first time from 15.08.2014 to 31.01.2015.
(v) Financial literacy programme which aims to take financial literacy upto village level.
(vi) The Mission also envisages expansion of Direct Benefit Transfer under various Government Schemes through bank accounts of the beneficiaries.
(vii) Providing micro –insurance to the people.
(viii)Un=organised sector Pension schemes through the Business Correspondents.