What does PMJDY stand for?

a. Pradhan Mantri Janta Dhan Yojana

b. Pradhan Mantri Jan Dhan Yojana

c. Pradhan Mantri Jeevan Dhan Yojana

d. Pradhan Mantri Jal Dhan Yojana

 

Pradhan Mantri Jan-Dhan Yojana is India's National Mission for Financial Inclusion to ensure access to financial services, namely Banking Savings & Deposit Accounts, Remittance, Credit, Insurance and Pension in an affordable manner.

This financial inclusion campaign was launched by the Prime Minister of India Narendra Modi on 28 August 2014.

Guinness World Records Certificate - "The most bank accounts opened in 1 week as a part of financial inclusion campaign is 18,096,130 and was achieved by Banks in India from 23 to 29 August 2014".

What it offers : A savings account with no minimum balance. The RuPay ATM-cum-debit card comes with in-built accident and life covers of Rs 1 lakh and Rs 30,000 respectively.

Eligibility : Anyone belonging to the economically weaker sections of society.

All those working in the unorganized sector, can transfer salaries directly into the accounts of your domestic staff to inculcate a banking habit in them.