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    Question

    Which of the following are pillars of Pradhan Mantri Jan

    Dhan Yojana (PMJDY)? I. Basic savings bank accounts with overdraft facility of Rs. 50,000/- to every eligible adult II. Creation of Credit Guarantee Fund to provide banks some guarantee against defaults III. Insurance – Accident cover up to Rs. 1,00,000 and life cover of Rs. 30,000 on account opened between 15 Aug 2014 to 31 January 2015. IV. Pension scheme for the Unorganized sector. Select the correct answer using the code given below:
    A I, II and III only Correct Answer Incorrect Answer
    B I, II and IV only Correct Answer Incorrect Answer
    C II, III and IV only Correct Answer Incorrect Answer
    D I, II, III and IV Correct Answer Incorrect Answer
    E None of the above Correct Answer Incorrect Answer

    Solution

    PMJDY is National Mission for Financial Inclusion to ensure access to financial services, namely, Banking/ Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension in an affordable manner. The scheme was launched based upon the following 6 pillars: Universal access to banking services – Branch and BC Statement I is not correct - Basic savings bank accounts with overdraft facility of Rs. 10,000/- to every eligible adult. Financial Literacy Programme– Promoting savings, use of ATMs, getting ready for credit, availing insurance and pensions, using basic mobile phones for banking Statement II is correct - Creation of Credit Guarantee Fund – To provide banks some guarantee against defaults. Statement III is correct - Insurance – Accident cover up to Rs. 1,00,000 and life cover of Rs. 30,000 on account opened between 15 Aug 2014 to 31 January 2015. Statement IV is correct - Pension scheme for Unorganized sector.

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