Prime Minister Narendra Modi announced the launch of the Pradhan Mantri Jan Dhan Yojana (PMJDY) in August 2014 to provide financial inclusion to Indian citizens.

According to the government, “PMJDY is a national mission on financial inclusion and has an integrated approach to bring about comprehensive financial inclusion and provide banking services to all households in the country. The scheme ensures access to a range of financial services like availability of basic savings bank account, access to need based credit, remittances facility, insurance and pension.”

A few features of the Pradhan Mantri Jan Dhan Yojana (PMJDY) are:

- All households (rural and urban) across the country will be covered under the scheme. Bank accounts will be opened for 6 crore account in villages and 1.5 crores in urban areas.

- All bank accounts opened under the scheme will have an overdraft facility of Rs. 5,000.00 for Aadhaar-linked accounts after satisfactory operation in the account for six months.

- Issuance of RuPay Debit Card with inbuilt Rs. 1 lakh personal accident insurance cover provided by HDFC Ergo and a life cover of Rs. 30,000 provided by LIC.