Tuesday
September 11
2018

India’s push for financial inclusion gets a fresh impetus

By Debabrata Das

Heading into a series of state elections as well as the general election of 2019, the government took an important decision for social welfare on Wednesday by making the Pradhan Mantri Jan Dhan Yojana (PMJDY) an open-ended scheme. The scheme, also known as the National Mission on Financial Inclusion, will now aim to provide every adult in every household a bank account.

Not only has the scheme been made an open-ended one, but Jan Dhan accounts opened after August 28 will get the added benefit of higher insurance—of Rs 2 lakh—under the Pradhan Mantri Suraksha Bima Yojana. All existing and new Jan Dhan accounts will also benefit from an overdraft limit of Rs 10,000, which is twice the existing limit. Further, the age limit for availing of the overdraft facility has also been raised to 65 years from the existing 60.

Photo courtesy of Peter Haden.

Source: Fortune India (link opens in a new window)

Tags
banking, financial access, financial inclusion, unbanked