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    Question

    Which one of the following is not one of the pillars of

    PMJDY?
    A Universal access to banking services Correct Answer Incorrect Answer
    B Basic savings bank accounts with overdraft facility Correct Answer Incorrect Answer
    C Financial Literacy Program Correct Answer Incorrect Answer
    D Insurance Correct Answer Incorrect Answer
    E All of the above are pillars Correct Answer Incorrect Answer

    Solution

    The scheme was launched based upon the following 6 pillars: Universal access to banking services – Branch and Banking Correspondents Basic savings bank accounts with overdraft facility of Rs. 10,000/- to every household. Financial Literacy Program– Promoting savings, use of ATMs, getting ready for credit, availing insurance and pensions, using basic mobile phones for banking. Creation of Credit Guarantee Fund – To provide banks some guarantee against defaults. 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. Pension Scheme for Unorganized sector.

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