PM Jan Dhan Yojana (PMJDY), launched on 28 August 2014, has completed 12 years of transforming financial inclusion in India. This note lists the PM Jan Dhan Yojana features and linked schemes that prelims papers repeatedly test.
Why in News?
PMJDY marked 12 years with over 59 crore accounts and deposits above Rs 3 lakh crore; roughly two-thirds of accounts are in rural/semi-urban areas and more than half belong to women.
PM Jan Dhan Yojana: Key Facts for Prelims
- National Mission for Financial Inclusion under the Department of Financial Services, Ministry of Finance.
- Zero-balance Basic Savings Bank Deposit (BSBD) account β no minimum balance requirement.
- Free RuPay debit card with accident insurance cover of Rs 2 lakh (Rs 1 lakh for accounts opened before 28 August 2018).
- Overdraft facility up to Rs 10,000 (raised from Rs 5,000 in 2018); age limit for OD raised to 18β65 years.
- Phase 2 (from 2018) shifted focus from ‘every household’ to ‘every unbanked adult’.
- Backbone of the JAM trinity (Jan DhanβAadhaarβMobile) enabling Direct Benefit Transfer.
Linked social security schemes (launched 2015)
- PM Jeevan Jyoti Bima Yojana β life cover Rs 2 lakh, premium Rs 436/year, age 18β50.
- PM Suraksha Bima Yojana β accident cover Rs 2 lakh, premium Rs 20/year, age 18β70.
- Atal Pension Yojana β guaranteed pension Rs 1,000β5,000 per month after 60, for 18β40 age group (regulated by PFRDA).
- Earlier financial-inclusion steps: Lead Bank Scheme (1969), RRBs (1975), Swabhimaan (2011), Business Correspondent model (2006), RBI’s BSBD account (2012).
Quick Revision Table: PM Jan Dhan Yojana
| Point | Detail |
|---|---|
| Launch | 28 August 2014 |
| Nodal | Department of Financial Services, MoF |
| Account type | Zero-balance BSBD account |
| Card | RuPay debit card |
| Accident cover | Rs 2 lakh (Rs 1 lakh pre-2018 accounts) |
| Overdraft | Up to Rs 10,000 |
| Linked trinity | JAM β Jan Dhan, Aadhaar, Mobile |
Trap / Confusing Points: PM Jan Dhan Yojana
| Confusion | Correct Position |
|---|---|
| PMJDY gives a life insurance cover | No β accident cover via RuPay card; life cover is PMJJBY |
| Overdraft limit is Rs 5,000 | Raised to Rs 10,000 in 2018 |
| PMJDY accounts require Aadhaar mandatorily | No β any officially valid document; Aadhaar seeding is encouraged for DBT |
| PMJDY is run by RBI | No β Ministry of Finance (DFS); RBI is the regulator |
5 Practice MCQs on PM Jan Dhan Yojana
1. PM Jan Dhan Yojana was launched on:
a. 15 August 2014
b. 28 August 2014
c. 2 October 2014
d. 1 January 2015
Ans: B
Explanation: Announced on 15 August 2014 and launched on 28 August 2014.
2. The accident insurance cover linked to the RuPay card under PMJDY for accounts opened after 28 August 2018 is:
a. Rs 30,000
b. Rs 1 lakh
c. Rs 2 lakh
d. Rs 5 lakh
Ans: C
Explanation: Cover was doubled from Rs 1 lakh to Rs 2 lakh for new accounts in 2018.
3. Which of the following schemes provides a guaranteed pension and is regulated by PFRDA?
a. PMJJBY
b. PMSBY
c. Atal Pension Yojana
d. PM-SYM
Ans: C
Explanation: Atal Pension Yojana (2015) guarantees Rs 1,000β5,000 monthly pension after age 60.
4. The ‘JAM trinity’ refers to:
a. Jan Dhan, Aadhaar, Mobile
b. Jal, Anna, Makan
c. Jobs, Agriculture, Manufacturing
d. Jan Dhan, Ayushman, MUDRA
Ans: A
Explanation: JAM links bank accounts, Aadhaar and mobiles for leak-proof DBT.
5. PMJDY accounts are classified as:
a. Current accounts
b. Basic Savings Bank Deposit accounts
c. Recurring deposit accounts
d. Small savings accounts
Ans: B
Explanation: They are zero-balance BSBD accounts as defined by RBI.
Exam tip: Revise PM Jan Dhan Yojana together with the static links above; UPSC and APPSC prelims often frame questions from these interconnections.
To learn current affairs from exam point of view, Click here.
To know more about 12 years of PMJDY, Click here.
