PRADHAN MANTRI JAN DHAN YOJNA (PMJDY) ? A NEW DIRECTION FOR MAINSTREAMING THE FINANCIALLY EXCLUDED

Most recently a national mission on financial inclusion called “PRADHAN MANTRI JAN - DHAN YOJANA” was launched on the 28 th of August 2014. Under the direct supervision of the Indian Prime Minister and the Department of Financial Services, Ministry of Finance, the objective of this mission is to enroll over 70 million households and open their bank accounts along with providing them as a first step a RuPay debit card with a Rs. 1,00,000/- accident cover. In the due course of time the plan is to also cover these account holders with insurance and pension products. About 60% of the population in India does not have access to a bank account.