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PM Jan Dhan Yojna to be open-ended scheme with more incentives

September 06, 2018: Government has decided to make the Pradhan Mantri Jan Dhan Yojana (PMJDY) an open-ended scheme and added more incentives to encourage people to open bank accounts.

Briefing reporters after Union Cabinet meeting in New Delhi last evening, Finance Minister Arun Jaitley said, the overdraft facility has been doubled from Rs. 5,000 to Rs. 10,000 under the Yojana.

He said, the age limit for availing overdraft facility under it has also been revised to 18 to 65 years from the earlier 18 to 60 years.

Mr Jaitley also said accidental insurance cover for new RuPay Cardholders has been raised from Rs. one lakh to Rs. two lakh.

The Minister termed Jan Dhan Yojana as the world’s biggest financial inclusion scheme saying that 32.41 crore accounts have been opened under it with more than 81 thousand 200 crore rupees of deposit balance.

He said, more than 7.5 crore Jan Dhan accounts are receiving Direct Benefit Transfer.

Mr Jaitley informed that one crore and eleven lakh persons have subscribed for Atal Pension Yojana and 5.47 crore subscribers under Pradhan Mantri Jeevan Jyoti Bima Yojana with one lakh and ten thousand claims.

Launched in August 2014, the first phase of the PMJDY scheme focused on opening basic bank accounts and RuPay debit card with inbuilt accident insurance cover of Rs. one lakh.

The second phase beginning August  2015 was planned to provide micro-insurance to the people and pension schemes to unorganised sector workers through Business Correspondents. This phase ended last month. (AIR News)

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