Financial inclusion has been a major goal of post-1991 economic reforms in India. Which of the following flagship schemes was launched in 2014 to promote financial inclusion through universal access to banking facilities?​

Correct option is B

The correct answer is (b) Pradhan Mantri Jan Dhan Yojana (PMJDY).

• The Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched on August 28, 2014, to provide universal access to banking services, especially to those previously excluded from the formal banking system.

• It focuses on zero-balance bank accounts, RuPay debit cards, mobile banking, and accidental and life insurance cover linked to accounts.

Information Booster:

• Over 50 crore bank accounts have been opened under PMJDY (as of 2024).

• Offers ₹2 lakh accidental insurance and ₹30,000 life insurance (for accounts opened within a specific period).

• Accounts are eligible for Direct Benefit Transfer (DBT) for government subsidies and welfare schemes.

• Encourages the use of RuPay debit cards and promotes a cashless economy.

• Played a crucial role during the COVID-19 pandemic for timely subsidy delivery.