Accelerating Financial Inclusion in India
PMJDY is a nationwide scheme launched by the government of India to bring in the unbanked population into the umbrella of banked. Financial inclusion of the rural lower income community who had limited access to the ﬁnancial products and services is the intention of the scheme. These ﬁnancial services include Banking/savings and deposit accounts, remittance, credit, pension and insurance. Anyone above the age of 10 can open a savings account with zero balance. The account can be opened directly at a branch or through a business correspondent speciﬁcally designated for this purpose. They are also issued a Rupay debit card and an accident insurance cover up to 1 lakh rupees.