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“Pradhan Mantri Jan-Dhan Yojana (PMJDY)” under the National Mission for Financial Inclusion was launched initially for a period of 4 years (in two phases) on 28th August 2014. It envisages universal access to banking facilities with at least one basic banking account for every household, financial literacy, access to credit, insurance and pension.
PMJDY has provided a platform for the three social security schemes viz. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY) and Pradhan Mantri Mudra Yojana (PMMY).
The Government has decided to extend the
comprehensive PMJDY program beyond 28.8.2018 with the change in focus on
opening accounts from “every household” to “every adult”, with following
(i) Existing Over Draft (OD) limit of Rs. 5,000 revised to Rs. 10,000.
(ii) No conditions attached for active PMJDY accounts availing OD upto Rs. 2,000.
(iii) Age limit for availing OD facility revised from 18-60 years to 18-65 years.
(iv) The accidental insurance cover for new RuPay card holders raised from existing Rs.1 lakh to Rs. 2 lakh to new PMJDY accounts opened after 28.8.2018.
An account under this scheme can be opened by presenting an officially valid document.
Provided that where simplified measures are applied for verifying the identity of the clients, the following documents shall be deemed to be officially valid documents:—
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