Besides promoting savings habit, this scheme intends to transfer all the benefits of government schemes and subsidies to account holders directly. Identify the scheme.
Answer & explanation
Correct answer: option 1
The correct answer is option 1: Pradhan Mantri Jan-Dhan Yojana
From 2014, a scheme called Pradhan Mantri Jan-Dhan Yojana is available in which people in India are encouraged to open bank accounts. Besides promoting savings habit, this scheme intends to transfer all the benefits of government schemes and subsidies to account holders directly. Each bank account holder is also entitled to Rs. 1- 2 lakh accidental insurance cover.