Financial inclusion means everyone—especially the poor—can use basic money services like bank accounts, insurance, and pensions. Here are India’s best programs, latest numbers, and simple facts:
1. Key Schemes & Stats
| Scheme | Benefits | Eligibility | 2024 Stats |
|---|---|---|---|
| PMJDY | Zero-balance account, ₹2 lakh accident insurance | All Indians | 52.8 crore accounts opened |
| PMSBY | ₹2 lakh accident cover | 18–70 years | 30.5 crore enrollments |
| PMJJBY | ₹2 lakh life insurance | 18–50 years | 16.5 crore enrollments |
| Atal Pension Yojana | ₹1,000–₹5,000 monthly pension post-60 | 18–40 years | 5.8 crore subscribers |
2. Financial Products
| Product | Features | Limits |
|---|---|---|
| BSBD Account | No min balance, free ATM card | 4 free withdrawals/month |
| PMJDY Account | ₹10,000 overdraft, zero balance | One account per household |
| BSBD-Small Account | For no-ID individuals (simplified KYC) | Max balance: ₹50,000 |
3. Micro-Insurance
| Scheme | Coverage | Premium (2024) |
|---|---|---|
| PMSBY | ₹2 lakh (accident) | ₹20/year |
| PMJJBY | ₹2 lakh (life) | ₹436/year |
4. How Banking Reaches Remote Areas
| Channel | Role | 2024 Progress |
|---|---|---|
| Bank Branches | Physical services in villages | 1.5 lakh+ branches |
| Business Correspondents (BCs) | Local agents in remote areas | 12 lakh+ BC agents |
| Aadhaar Services | Subsidy access via Aadhaar updates | 99% Aadhaar-bank linking |
5. Overdraft Facility (PMJDY 2024)
| Eligibility | Limit |
|---|---|
| Account active for 6+ months | ₹10,000 |
6. Why Financial Inclusion Matters in 2024
✅ Reduces Poverty: PMJDY accounts hold ₹2.3 lakh crore in deposits (up from ₹2.1 lakh crore in 2023).
✅ Empowers Women: 62% of PMJDY accounts are held by women.
✅ Digital Growth: 80% of PMJDY accounts are linked to mobile banking.
2024 Updates
- Jan Suraksha Portal: Now processes 90% of insurance claims online (up from 75% in 2023).
- APY Flexibility: Subscribers can now increase pension amounts yearly.
FAQ
❓ How to check PMJDY balance?
→ Use SMS banking (*99#) or the Jan Dhan Darshak app.
❓ Is PMSBY renewable automatically?
→ Yes! Premium auto-debits from your account.
❓ APY pension tax-free?
→ Yes! Pension amount is fully tax-free under Section 80CCD.
Did You Know?
India’s banking penetration jumped from 35% (2014) to 85% (2024) due to PMJDY and Aadhaar linking.
Awareness About Financial Sector Other Than Banking
MCQ
What is the primary objective of Financial Inclusion (FI)?
a) Maximizing bank profits
b) Delivering affordable banking services to disadvantaged groups
c) Promoting private banking services
d) Introducing cryptocurrency for rural populations
Answer: b
The National Mission for Financial Inclusion launched by the Government of India is called:
a) Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
b) Atal Pension Yojana (APY)
c) Pradhan Mantri Jan Dhan Yojana (PMJDY)
d) Digital India Mission
Answer: c
Which of the following is NOT a feature of a Basic Savings Bank Deposit Account (BSBD)?
a) No minimum balance requirement
b) Four free withdrawals per month
c) Overdraft facility of ₹10,000
d) Free issuance of 50 cheque leaves per year
Answer: d
How many withdrawals (including ATM withdrawals) are allowed per month for BSBD accounts?
a) 2
b) 4
c) 6
d) Unlimited
Answer: b
What is the accidental insurance coverage provided under PMJDY for accounts opened after August 28, 2018?
a) ₹1 lakh
b) ₹2 lakh
c) ₹3 lakh
d) ₹5 lakh
Answer: b
Which document is mandatory for opening a PMJDY account at a Business Correspondent (BC) outlet?
a) Passport
b) Aadhaar Card with biometric authentication
c) PAN Card
d) Voter ID
Answer: b
What is the annual premium for Pradhan Mantri Suraksha Bima Yojana (PMSBY)?
a) ₹20
b) ₹50
c) ₹100
d) ₹200
Answer: a
What is the age eligibility for enrolling in Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)?
a) 18-40 years
b) 18-50 years
c) 21-50 years
d) 18-60 years
Answer: b
Financial Inclusion services are extended in remote areas primarily through:
a) ATM networks
b) Internet banking only
c) Business Correspondents (BCs)
d) Urban branches
Answer: c
Business Correspondents (BCs) are supervised by:
a) Regional/Zonal Offices
b) Branch Managers only
c) Bank’s IT department
d) Finance Ministry
Answer: a
What is the maximum overdraft limit provided under PMJDY after six months of satisfactory account operation?
a) ₹5,000
b) ₹7,500
c) ₹10,000
d) ₹15,000
Answer: c
The Jansuraksha Portal is used for:
a) Managing bank branch audits
b) Micro-insurance enrollment and claims
c) Credit score tracking
d) Disbursing agricultural loans
Answer: b
Which of the following is TRUE about Aadhaar-based banking services?
a) Only applicable for rural customers
b) Requires physical submission of documents for every transaction
c) Enables direct benefit transfers for government schemes
d) Prohibits use for PMJDY accounts
Answer: c
Which is the maximum monthly withdrawal limit for BSBD-Small Accounts?
a) ₹5,000
b) ₹10,000
c) ₹25,000
d) ₹50,000
Answer: b
BSBD-Small Accounts remain operational for a maximum of:
a) 6 months
b) 12 months, extendable by another 12 months
c) 24 months
d) Indefinitely without KYC
Answer: b
Awareness About Financial Sector Other Than Banking