Consider the following Statements relating to Pradhan Mantri Jan Dhan Yojna (PMJDY). It is intended to: 1. Provide access to financial and social services at an affordable cost. 2. Use of technology to lower cost and wider reach. 3. Opening of basic saving bank deposit account in camp mode with minimum balance of Rs. 500 and zero charges. 4. Issuance of Indigenous Debit Card. How many of the statements given above are correct?

Pradhan Mantri Jan Dhan Yojana

• PMJDY creates a platform for universal access to banking facilities with at least one basic banking account for every household, financial literacy, and access to credit, insurance, and pension facilities. Hence, statement 1 is incorrect and 2 is correct.

Features of PMJDY

• It aims to expand banking services through branches and Banking Correspondents (BCs).
• It covers both urban and rural areas and those who open an account would get indigenous Debit Card (RuPay card). Hence, statement 4 is correct.
• There is no requirement to maintain any minimum balance in PMJDY accounts. Hence, statement 3 is incorrect.
• Accident Insurance Cover of Rs.1 lakh (enhanced to Rs. 2 lakh to new PMJDY accounts opened after 28.8.2018) is available with RuPay card issued to the PMJDY account holders.
• It provides an overdraft facility of Rs. 10,000 to every eligible adult.
• PMJDY accounts are eligible for Direct Benefit Transfer (DBT), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY).