The Prime Minister’s Jandhan Yojana (PMJDY) was introduced on 15.08.2014 with a view to envisage Universal access to banking facilities under which all the 6 lakh villages across the entire country would be mapped, organized into Sub Service Areas (SSAs) of 1000-1500 households and allocation to the banks to provide at least one fixed point Banking outlet in the form of either a branch or a Business Correspondent (who is named as Bank Mitra). The other components of the plan are providing at least one basic banking account to each house hold with Rupay Debit Card having inbuilt accident insurance cover of Rs.1 lakh; an overdraft facility of Rs.5,000/- (Revised to Rs.10,000/-) after satisfactory operations in the account for six months. Further, additional life insurance cover of Rs. 30,000/- is also available to the accounts for which modalities are being worked out by Department Of Financial Services. DFS vide its letter No. F.No. 6/7/2018-FI (C-300383044) dated 07.09.2018 has advised that accidental cover for new RuPay card holders who have opened PMJDY accounts after 28-08-2018 has been raised from 1 lakh to Rs. 2 lakhs.
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