In its further efforts to increase banking penetration and promote financial inclusion, the Union Cabinet has approved the continuation of National Mission for Financial Inclusion - Pradhan Mantri JanDhan Yojana (PMJDY).
The continuation of the flagship financial inclusion program would enable all adults/households of the country to have at least a basic bank account with access to other financial services, social security schemes and overdraft up to Rs 10,000. It will, thus, bring them into the mainstream of financial services and will facilitate transfer of benefits of various subsidy schemes of the Government more efficiently.
According to the Union Cabinet decision, overdraft facility limit for the accounts opened under the new scheme will be raised to Rs 10,000 and there will not be any conditions attached for overdraft up to Rs 2,000. Further, age limit for availing of the overdraft has also been revised from 18-60 years to 18-65 years.