Context: In the last two financial years, only 329 claims for the accident insurance cover provided to bank account holders under the Pradhan Mantri Jan Dhan Yojana (PMJDY) have been settled out of the 647 claims that were filed.
PMJDY is a National Mission on Financial Inclusion encompassing an integrated approach to bring about comprehensive financial inclusion of all the households in the country.
The plan envisages universal access to banking facilities with
- at least one basic banking account for every household,
- financial literacy,
- access to credit,
- insurance and
- pension facility.
Mobile transactions through telecom operators and their established centres as Cash Out Points are also planned to be used for Financial Inclusion under the Scheme.
Benefits under PMJDY
- One basic savings bank account is opened for unbanked persons.
- There is no requirement to maintain any minimum balance in PMJDY accounts.
- Interest is earned on the deposit in PMJDY accounts.
- Rupay Debit card is provided to PMJDY account holders.
- Accident Insurance Cover of Rs.1 lakh (enhanced to Rs. 2 lakhs for new PMJDY accounts opened after 28.8.2018) is available with a RuPay card issued to the PMJDY account holders.
- An overdraft (OD) facility of up to Rs. 10,000 to eligible account holders is available.PMJDY accounts are eligible for Direct Benefit Transfer (DBT), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY), Micro Units Development & Refinance Agency Bank (MUDRA) scheme.
Achievements of PMJDY
- 48.82 crore beneficiaries banked so far under PMJDY
- Rs. 199341.41 crore balance in the bank accounts under PMJDY
- 6.55 lakh bank Mitras are delivering branchless banking services in the country.