Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched on August 28, 2014, under the Ministry of Finance as the National Mission for Financial Inclusion. The scheme aims to universalize banking access by providing at least one basic banking account per unbanked household. Operating on Basic Savings Bank Deposit Account (BSBDA) principles, PMJDY accounts require zero minimum balance and feature no maintenance charges. Account holders receive an indigenous RuPay debit card equipped with inbuilt accidental insurance coverage of two lakh rupees for accounts opened after August 28, 2018. The programme incorporates an overdraft (OD) facility up to ten thousand rupees per eligible household, primarily sanctioned to female family members without requiring collateral. PMJDY forms the structural foundation of the JAM Trinity (Jan Dhan, Aadhaar, and Mobile), which transformed social security delivery through Direct Benefit Transfer (DBT). By integrating biometric identity verification under the Aadhaar Act, 2016, the framework eliminated intermediary leakages, facilitated credit scoring for informal workers, and expanded financial penetration across rural and semi-urban geographies through Business Correspondents (Bank Mitras).
High-yield conceptual summaries for competitive exams and rapid revision.
PMJDY was formally inaugurated on August 28, 2014, with the national motto 'Mera Khata, Bhagya Vidhata'.
Accounts operate under BSBDA guidelines with zero minimum balance requirement and free RuPay debit card issuance.
Accidental insurance cover stands at Rs 2 lakh for RuPay cards issued after August 28, 2018 (Rs 1 lakh for prior issuances).
The scheme provides an overdraft facility of up to Rs 10,000 with an upper age limit relaxed to 65 years.
The JAM Trinity enables targeted subsidy transfers via DBT, drastically reducing fiscal leakage across central welfare programs.
Showing 25 Curated Questions53 Total in Bank
1ID: GK-SCHM-00164
hardEducation, Skill Development & Youth Schemes
Under the Financial Inclusion Index (FI-Index) published annually by the Reserve Bank of India, what are the three broad parameter dimensions and their respective weightages?
Verified Explanation
The RBI FI-Index captures information on various aspects of financial inclusion across three broad parameters: Access (35% weightage), Usage (45% weightage), and Quality (20% weightage).
2ID: GK-BANK-00175
hardHistory of Indian Banking & Nationalisation
Who served as the Chairman of the Committee on Financial Inclusion (2008) which recommended establishing the National Mission on Financial Inclusion and creating the Financial Inclusion Fund (FIF)?
Verified Explanation
The Committee on Financial Inclusion headed by Dr. C. Rangarajan submitted its landmark report in 2008 recommending comprehensive institutional and technological strategies for universal banking access.
3ID: GK-SCHM-00179
hardPMJDY, PMSBY, PMJJBY, APY & Pensions
Under the National Strategy for Financial Inclusion (NSFI) 2019-2024 formulated by the RBI, what is the targeted milestone for geographical banking access across rural habitations?
Verified Explanation
A primary objective of NSFI 2019-2024 was to provide access to a formal financial service provider within a reasonable distance of 5 km or within a hamlet of 500 households in hilly areas.
4ID: GK-SCHM-00315
mediumPMJDY, PMSBY, PMJJBY, APY & Pensions
Under the National Strategy for Financial Inclusion (NSFI 2019-2024) formulated by RBI, what geographic access target was set for formal financial service points in rural India?
Verified Explanation
NSFI (2019-2024) mandated providing access to formal financial services (banking outlet/BC) within a 5 km radius or 15-minute walking distance to every village of 500 households in plains and 250 in hills.
5ID: GK-AGRI-00219
mediumRural Credit, NABARD & Agro-Schemes
Which RBI committee, submitting its report in January 2014, recommended differentiated bank licensing that created Payments Banks and Small Finance Banks for financial inclusion?
Verified Explanation
The Committee on Comprehensive Financial Services for Small Businesses and Low Income Households headed by Dr. Nachiket Mor recommended differentiated banking licences.
6ID: GK-ECON-00020
easyBanking & RBI Monetary Policy
Which scheme promotes financial inclusion by enabling zero-balance bank accounts for every household in India?
Verified Explanation
PMJDY was launched in August 2014 to ensure universal banking access and direct benefit transfers.
7ID: GK-SCHM-00127
easyEducation, Skill Development & Youth Schemes
What is the maximum investment limit permitted per financial year in a Sukanya Samriddhi Account (SSA) opened under the Beti Bachao Beti Padhao campaign?
Verified Explanation
Under the Sukanya Samriddhi Account Rules, the minimum annual deposit is ₹250 and the maximum deposit permitted in a financial year is ₹1,50,000.
8ID: GK-BANK-00206
mediumCommercial Banks, Payment Banks & SFBs
Under the RBI's guidelines on Small Finance Banks (SFBs), what minimum percentage of their total banking branches must be located in unbanked rural centres (Tier-5 and Tier-6 centres)?
Verified Explanation
RBI operating guidelines mandate that Small Finance Banks (SFBs) must open at least 25% of their total branches in unbanked rural centres (population less than 10,000) to ensure rural financial inclusion.
9ID: GK-TAX-00439
easyGST Architecture & GST Council Framework
Which of the following banking and financial services is fully exempt from Goods and Services Tax (GST) in India?
Verified Explanation
Services provided by banking companies to Basic Savings Bank Deposit (BSBD) account holders under the Pradhan Mantri Jan Dhan Yojana (PMJDY) are specifically exempted from GST to foster universal financial inclusion.
10ID: GK-SCHM-00065
easyPMJDY, PMSBY, PMJJBY, APY & Pensions
What is the minimum initial deposit required to open an account under the Sukanya Samriddhi Yojana (SSY)?
Verified Explanation
A Sukanya Samriddhi Account can be opened with a minimum initial deposit of ₹250, and thereafter deposits can be made in multiples of ₹50 up to a maximum of ₹1.5 Lakh per financial year.
11ID: GK-BANK-00316
mediumRBI Functions, Repo Rates & Monetary Policy
What medium-term strategic framework was launched by the RBI for the period 2023–2025 to guide its institutional and supervisory development?
Verified Explanation
'Utkarsh 2.0' (2023–2025) is the second phase of RBI's medium-term strategy framework, focusing on harnessing cutting-edge technology, enhancing supervisory prowess, and deepening financial inclusion.
12ID: GK-SCHM-00001
easyEducation, Skill Development & Youth Schemes
What is the slogan of Pradhan Mantri Jan Dhan Yojana (PMJDY), launched in August 2014 to ensure universal banking access across India?
Verified Explanation
Pradhan Mantri Jan Dhan Yojana was launched with the national slogan 'Mera Khata, Bhagya Vidhata' (My Account, Fortune Maker) to provide zero-balance basic savings bank accounts.
13ID: GK-SCHM-00004
easyUrban Infrastructure, Smart Cities & Energy Missions
Under the Pradhan Mantri Suraksha Bima Yojana (PMSBY), what is the annual accidental death insurance cover provided to the subscriber?
Verified Explanation
PMSBY offers an accidental death and full disability cover of ₹2 lakh (and ₹1 lakh for partial disability) to subscribers aged 18 to 70 years for a nominal annual premium.
14ID: GK-SCHM-00009
easyPMJDY, PMSBY, PMJJBY, APY & Pensions
What is the life insurance cover amount provided under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) in case of death of the insured?
Verified Explanation
PMJJBY provides a life insurance cover of ₹2 lakh to eligible individuals aged 18 to 50 years against death due to any reason.
15ID: GK-SCHM-00025
mediumPMJDY, PMSBY, PMJJBY, APY & Pensions
What is the revised annual premium payable by an individual subscriber for the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) effective from June 2022?
Verified Explanation
The annual premium for PMJJBY was revised upward from ₹330 to ₹436 per annum effective 1 June 2022 to make the insurance scheme economically viable.
16ID: GK-SCHM-00048
hardPMJDY, PMSBY, PMJJBY, APY & Pensions
What is the maximum overdraft (OD) facility provided to eligible Basic Savings Bank Deposit account holders under PMJDY without requiring any collateral?
Verified Explanation
The overdraft facility under PMJDY was enhanced from ₹5,000 to ₹10,000 per eligible household (with no conditions up to ₹2,000), and the upper age limit for OD was raised from 60 to 65 years.
17ID: GK-SCHM-00066
easyUrban Infrastructure, Smart Cities & Energy Missions
What is the revised annual premium payable by an individual for the Pradhan Mantri Suraksha Bima Yojana (PMSBY) effective from 1 June 2022?
Verified Explanation
Effective from 1 June 2022, the annual premium for PMSBY was revised from ₹12 to ₹20 per annum per subscriber, providing accidental death and disability coverage of up to ₹2 Lakh.
18ID: GK-SCHM-00069
easyEducation, Skill Development & Youth Schemes
Which national portal was launched by the Central Government to provide a single unified digital platform connecting 13+ credit-linked government schemes for easy loan access?
Verified Explanation
Jan Samarth Portal is a first-of-its-kind digital portal that links 13 credit-linked government schemes on a single platform, facilitating digital verification and direct loan sanctioning by partner banks.
19ID: GK-SCHM-00072
mediumPMJDY, PMSBY, PMJJBY, APY & Pensions
What is the enhanced built-in accidental insurance cover provided on RuPay debit cards issued with PMJDY accounts opened after 28 August 2018?
Verified Explanation
For PMJDY accounts opened after 28 August 2018, the free accidental insurance cover on RuPay Debit Cards was doubled from ₹1 Lakh to ₹2 Lakh.
20ID: GK-SCHM-00133
easyPMJDY, PMSBY, PMJJBY, APY & Pensions
What is the entry age bracket for subscribing to the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) through a participating bank account?
Verified Explanation
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is available to individuals aged 18 to 50 years who have a savings bank account with a participating bank.
21ID: GK-SCHM-00136
easyPMJDY, PMSBY, PMJJBY, APY & Pensions
What is the maximum entry age for a subscriber to join the Pradhan Mantri Suraksha Bima Yojana (PMSBY)?
Verified Explanation
Pradhan Mantri Suraksha Bima Yojana (PMSBY) is available to individuals aged between 18 and 70 years having a bank account with auto-debit facility.
22ID: GK-SCHM-00139
easyPMJDY, PMSBY, PMJJBY, APY & Pensions
Under the Pradhan Mantri Jan Dhan Yojana (PMJDY), what is the basic requirement regarding initial minimum deposit balance to open an account?
Verified Explanation
PMJDY accounts are Basic Savings Bank Deposit (BSBD) accounts that can be opened with zero balance, ensuring that lack of funds is not a barrier to banking access.
23ID: GK-SCHM-00153
mediumPMJDY, PMSBY, PMJJBY, APY & Pensions
What is the maximum entry age permitted for joining the National Pension System (NPS) for private individual citizens under the 'All Citizen Model' as revised by PFRDA?
Verified Explanation
PFRDA revised the maximum entry age for individual citizens joining the NPS from 65 years to 70 years, while allowing them to remain invested up to 75 years of age.
24ID: GK-SCHM-00159
mediumPMJDY, PMSBY, PMJJBY, APY & Pensions
Under the Mahila Samman Savings Certificate (MSSC), after completing what minimum tenure is a partial withdrawal of up to 40% of the eligible balance permitted?
Verified Explanation
Under MSSC rules, an account holder can make a single partial withdrawal of up to 40% of the balance in the account after the completion of 1 year from the date of account opening.
25ID: GK-SCHM-00176
hardPMJDY, PMSBY, PMJJBY, APY & Pensions
Under the Atal Pension Yojana (APY) regulations, what penalty is levied per month on a subscriber's account for delayed contribution payment up to ₹100 per month?
Verified Explanation
Under APY guidelines, for delayed contributions, banks levy a minor penalty: ₹1 per month for contribution up to ₹100, ₹2 for up to ₹500, ₹5 for up to ₹1,000, and ₹10 for above ₹1,000 per month.