Which one among the following schemes was introduced by the Government of India with the objective of universal access to banking facilities, for all households across the country, through a bank branch, or a fixed point business correspondent within a reasonable distance?
Answer & explanation
Correct answer: option 4
The correct answer is Option (4) → Pradhan Mantri Jan Dhan Yojana
The Pradhan Mantri Jan Dhan Yojana (PMJDY) is the National Mission for Financial Inclusion, launched on 28 August 2014. Its aim is that every household has access to banking through a bank branch or a fixed-point business correspondent (bank mitra) within a reasonable distance.
What a Jan Dhan account gives:
A basic savings bank account that can be opened with zero balance
A RuPay debit card with built-in accident insurance cover
An overdraft facility for eligible account holders
A channel for direct benefit transfers of government subsidies and payments