With reference to the Pradhan Mantri Jan Dhan Yojana (PMJDY), which of the following statements is/are correct

Question

With reference to the Pradhan Mantri Jan Dhan Yojana (PMJDY), which of the following statements is/are correct?

1. The scheme aims to open bank accounts for unbanked households.

2. There is a minimum balance requirement for accounts opened under this scheme.

3. Beneficiaries get a Rupay Debit Card with an inbuilt accident insurance cover.

Select the correct answer using the code given below.

Accepted Answer

Let's analyze the statements regarding the Pradhan Mantri Jan Dhan Yojana (PMJDY):

1. **Statement 1 is correct.** The primary objective of PMJDY, launched in August 2014, was to achieve comprehensive financial inclusion by opening bank accounts for every unbanked household across the country. It aimed to provide access to banking services like savings, deposits, remittance, credit, insurance, and pension in an affordable manner.

2. **Statement 2 is incorrect.** A key feature of PMJDY accounts is that they can be opened with **zero balance**. There is no minimum balance requirement, which is a significant factor in promoting financial inclusion for the poor who might not be able to maintain minimum balances in regular bank accounts.

3. **Statement 3 is correct.** All PMJDY account holders are issued a RuPay Debit Card. This card comes with an inbuilt accidental insurance cover (initially ₹1 lakh, later enhanced to ₹2 lakh for accounts opened after 28.08.2018). This was a major incentive for opening these accounts.

Therefore, statements 1 and 3 are correct.

Answer

1 and 2 only

Answer

2 and 3 only

Answer

1 and 3 only

Answer

1, 2 and 3

Explanation

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