{"id":1957,"date":"2024-03-30T14:21:12","date_gmt":"2024-03-30T08:51:12","guid":{"rendered":"https:\/\/lotusarise.com\/qna\/?p=1957"},"modified":"2024-04-03T07:07:55","modified_gmt":"2024-04-03T01:37:55","slug":"q-pradhan-mantri-jan-dhan-yojana-has-been-launched-for","status":"publish","type":"post","link":"https:\/\/lotusarise.com\/qna\/upsc\/q-pradhan-mantri-jan-dhan-yojana-has-been-launched-for","title":{"rendered":"Q.\u00a0Pradhan Mantri Jan-Dhan Yojana\u2019 has been launched for"},"content":{"rendered":"\n<ul class=\"mcq wp-block-list\">\n<li>providing housing loan to poor people at cheaper interest rates<\/li>\n\n\n\n<li>promoting women\u2019s Self-Help Groups in backward areas<\/li>\n\n\n\n<li>promoting financial inclusion in the country<\/li>\n\n\n\n<li>providing financial help to the marginalized communities<\/li>\n<\/ul>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><strong>Answer:<\/strong>&nbsp;<strong>(c) promoting financial inclusion in the country<\/strong><\/p>\n<\/blockquote>\n\n\n\n<h5 class=\"wp-block-heading\" id=\"pradhan-mantri-jan-dhan-yojana-pmjdy\"><strong>Pradhan Mantri Jan Dhan Yojana (PMJDY)<\/strong>:<\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li>PMJDY is a&nbsp;<strong>National Mission for Financial Inclusion<\/strong>&nbsp;launched in&nbsp;<strong>August 2014<\/strong>&nbsp;to&nbsp;<strong>ensure access to financial services,<\/strong>&nbsp;namely, Banking\/ Savings &amp; Deposit Accounts, Remittance, Credit, Insurance and Pension,&nbsp;<strong>in an affordable manner.<\/strong><\/li>\n\n\n\n<li>It&nbsp;<strong>envisages universal access to banking facilities with at least one basic banking account for every household<\/strong>, financial literacy, access to credit, insurance and pension.<\/li>\n\n\n\n<li>The plan also&nbsp;<strong>envisages channeling all Government benefits<\/strong>&nbsp;(from Centre \/ State \/ Local Body)&nbsp;<strong>to the beneficiary\u2019s accounts<\/strong>&nbsp;<strong>and pushing the Direct Benefits Transfer<\/strong>&nbsp;(DBT)&nbsp;<strong>scheme<\/strong>&nbsp;of the Union Government.<\/li>\n\n\n\n<li><strong>Eligibility:<\/strong>\n<ul class=\"wp-block-list\">\n<li>The applicant should be an&nbsp;<strong>Indian National.<\/strong><\/li>\n\n\n\n<li>The applicant should be&nbsp;<strong>aged between 18 and 59 years<\/strong>.<\/li>\n\n\n\n<li><strong>If minors above ten years apply<\/strong>, they will&nbsp;<strong>require support from their legal guardians to administer their PMJDY account<\/strong>.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Jan Dhan Account:<\/strong>\n<ul class=\"wp-block-list\">\n<li><strong>An individual can consider opening an account<\/strong>&nbsp;under this scheme&nbsp;<strong>with any bank branch or Business Correspondent (Bank Mitr) outlet.&nbsp;<\/strong><\/li>\n\n\n\n<li>Further, accounts opened under PMJDY&nbsp;<strong>can be opened with zero balance.<\/strong><\/li>\n\n\n\n<li>However,&nbsp;<strong>if the account holder wishes to get a chequebook<\/strong>, he\/she will&nbsp;<strong>have to fulfill the minimum balance criteria.&nbsp;<\/strong><\/li>\n\n\n\n<li>The account holders under this scheme&nbsp;<strong>will be given a RuPay debit card which can be used across all ATMs for cash withdrawal.<\/strong><\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Individuals opening a Jan Dhan account are\u00a0<strong>subject to be recipients of certain benefits. They are<\/strong>\n<ul class=\"wp-block-list\">\n<li><strong>Accidental Insurance Cover<\/strong>:\n<ul class=\"wp-block-list\">\n<li>It provides a<strong>ccidental insurance of \u20b91,00,000 to the holders of non-premium cards<\/strong>, while those with&nbsp;<strong>premium cards can avail up to \u20b92,00,000.<\/strong><\/li>\n\n\n\n<li>People&nbsp;<strong>holding a RuPay Debit Card under PMJDY will be eligible<\/strong>&nbsp;for this insurance.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Life Cover Insurance:<\/strong>\n<ul class=\"wp-block-list\">\n<li>The&nbsp;<strong>holders of a RuPay Debit Card under the scheme<\/strong>&nbsp;can also&nbsp;<strong>receive life cover insurance up to \u20b930,000.<\/strong><\/li>\n\n\n\n<li>It will&nbsp;<strong>only apply to people opening bank accounts for the first time<\/strong>&nbsp;under Jan Dhan Yojana with a debit card.<\/li>\n\n\n\n<li>The&nbsp;<strong>person should also be the head of the family<\/strong>&nbsp;<strong>or a major earning member.<\/strong><\/li>\n\n\n\n<li>This scheme will be&nbsp;<strong>liable to a single payment of \u20b930,000 upon the death of a beneficiary.<\/strong><\/li>\n\n\n\n<li><strong>State or Central Government employees, public sector employees<\/strong>, and&nbsp;<strong>people with taxable income will not be eligible&nbsp;<\/strong>for life cover insurance under Jan Dhan Yojana.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Overdraft Facility:&nbsp;<\/strong>Beneficiaries can avail of an&nbsp;<strong>overdraft facility for up to \u20b910,000.&nbsp;<\/strong>However, this is&nbsp;<strong>only available against one account per household<\/strong>.<\/li>\n\n\n\n<li>This scheme also&nbsp;<strong>provides loans of up to \u20b95,000 to beneficiaries after completing six months of account transactions.<\/strong><\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Significance<\/strong>:\n<ul class=\"wp-block-list\">\n<li><strong>Promoting Equitable Growth:<\/strong>\u00a0PMJDY fosters\u00a0<strong>Financial Inclusion (FI),<\/strong>\u00a0leading to\u00a0<strong>inclusive growth<\/strong>\u00a0through the provision of affordable financial services to low-income and disadvantaged segments of the population.\n<ul class=\"wp-block-list\">\n<li>The<strong>&nbsp;Jan Dhan\u2013Aadhaar\u2013Mobile (JAM) architecture<\/strong>&nbsp;has enabled seamless transfer of government benefits to common citizens\u2019 accounts.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Bringing Savings to Formal Systems:<\/strong>&nbsp;PMJDY has brought the savings of the poor into the formal financial system, freeing them from usurious money lenders.<\/li>\n\n\n\n<li><strong>Empowering Women:<\/strong>\u00a0Approximately<strong>&nbsp;55.5% of Jan Dhan accounts belong to women<\/strong>, promoting financial empowerment.\n<ul class=\"wp-block-list\">\n<li><strong>Overdraft<\/strong>&nbsp;is available in only one account per household,&nbsp;<strong>preferably lady of the household.<\/strong><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Answer:&nbsp;(c) promoting financial inclusion in the country Pradhan Mantri Jan Dhan Yojana (PMJDY):<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"_kad_post_classname":"","footnotes":""},"categories":[1,3],"tags":[38],"years":[58],"class_list":["post-1957","post","type-post","status-publish","format-standard","hentry","category-upsc","category-prelims","tag-indian-economy","years-58"],"acf":[],"taxonomy_info":{"category":[{"value":1,"label":"UPSC"},{"value":3,"label":"Prelims"}],"post_tag":[{"value":38,"label":"Indian Economy"}],"years":[{"value":58,"label":"2015"}]},"featured_image_src_large":false,"author_info":{"display_name":"LotusArise","author_link":"https:\/\/lotusarise.com\/qna\/author\/team-lotusarise"},"comment_info":0,"category_info":[{"term_id":1,"name":"UPSC","slug":"upsc","term_group":0,"term_taxonomy_id":1,"taxonomy":"category","description":"","parent":0,"count":1269,"filter":"raw","cat_ID":1,"category_count":1269,"category_description":"","cat_name":"UPSC","category_nicename":"upsc","category_parent":0},{"term_id":3,"name":"Prelims","slug":"prelims","term_group":0,"term_taxonomy_id":3,"taxonomy":"category","description":"","parent":1,"count":1251,"filter":"raw","cat_ID":3,"category_count":1251,"category_description":"","cat_name":"Prelims","category_nicename":"prelims","category_parent":1}],"tag_info":[{"term_id":38,"name":"Indian Economy","slug":"indian-economy","term_group":0,"term_taxonomy_id":38,"taxonomy":"post_tag","description":"","parent":0,"count":225,"filter":"raw"}],"_links":{"self":[{"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/posts\/1957","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/comments?post=1957"}],"version-history":[{"count":0,"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/posts\/1957\/revisions"}],"wp:attachment":[{"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/media?parent=1957"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/categories?post=1957"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/tags?post=1957"},{"taxonomy":"years","embeddable":true,"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/years?post=1957"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}