Which of the following schemes is aimed to ensure comprehensive financial inclusion of all the households in the country by providing universal access to banking facilities with at least one basic banking account to every household, financial literacy, access to credit, insurance and pension facility?

Correct option is A

The Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched on 28th August 2014 to achieve comprehensive financial inclusion by ensuring that every household in India has access to banking services. This scheme provides a basic savings bank account to every household, along with financial literacy, access to credit, insurance, and pension facilities. It aims to empower the financially weaker sections of society, particularly in rural and unbanked areas.

Key features of PMJDY:

• Zero balance bank account with RuPay debit card

• Overdraft facility up to ₹10,000 (for eligible account holders)

• Accidental insurance cover of ₹2 lakh

• Life insurance cover of ₹30,000 (for accounts opened before Jan 2015)

• Direct Benefit Transfer (DBT) of government subsidies

• Expansion of banking services through Business Correspondents (BCs) in rural areas

Analysis of Other Options:

• (B) Pradhan Mantri Suraksha Bima Yojana (PMSBY) – Incorrect. This scheme, launched in 2015, is an accidental insurance scheme providing coverage of ₹2 lakh at a premium of ₹20 per annum.

• (C) Pradhan Mantri Vaya Vandana Yojana (PMVVY) – Incorrect. This is a pension scheme for senior citizens (60 years and above), launched in 2017, providing fixed pension returns for 10 years.

• (D) Varishtha Pension Bima Yojana (VPBY) – Incorrect. This scheme, launched in 2003 and later reintroduced in 2014, provides pension benefits to senior citizens aged 60+ years.