The federal government earlier this month relaunched the PMJDY as an open-ended scheme with increased insurance coverage cowl and double the overdraft (OD) facility.
The Union Cupboard determined to proceed the scheme past the four-year interval ended 14 August with an purpose to take the formal banking system from “each family to each grownup”.
Throughout the 15 August-5 September interval, the whole deposits in 32.61 PMJDY accounts witnessed a rise of Rs 1,266.43 crore.
The stability in PMJDY accounts was Rs 82,490.98 crore as on 5 September.
Below the revamped scheme, unintended insurance coverage cowl for brand new RuPay card holders has been raised from Rs 1 lakh to Rs 2 lakh for brand new PMJDY accounts opened after 28 August.
Additionally, the prevailing OD restrict of Rs 5,000 has been elevated to Rs 10,000. Additional, no circumstances will likely be hooked up for OD as much as Rs 2,000.
The info additionally confirmed that just about 7.18 lakh folks, who opened PMJDY account after 28 August, could get the advantage of elevated unintended insurance coverage cowl of Rs 2 lakh.
Launched in August 2014, the primary section of PMJDY focussed on opening fundamental financial institution accounts and RuPay debit card with in-built accident insurance coverage cowl of Rs 1 lakh.
In addition to, it offered Primary Banking Accounts with OD facility of Rs 5,000 after six months.
Section II starting 15 August, 2018 was deliberate to offer micro-insurance to the folks and pension schemes to unorganised sector employees by enterprise correspondents.
About 53 p.c of PMJDY account holders are girls, whereas 83 p.c of the whole accounts are seeded with Aadhaar.