By TIOL News Service

NEW DELHI, SEPT 06, 2018: IN a major leg up to to pro-people and pro-poor initiatives, the Union Cabinet in its meeting held on September 5, 2018 has approved the continuation of National Mission for Financial Inclusion - Pradhan Mantri Jan Dhan Yojana (PMJDY) with the following changes:-

++ The National Mission for Financial Inclusion (PMJDY) to continue beyond August 14, 2018

++ Existing Over Draft (OD) limit of Rs 5,000 to be raised to Rs 10,000.

++ There will not be any conditions attached for OD upto Rs 2,000.

++ Age limit for availing OD facility to be revised from 18-60 years to 18-65 years.

++ Under the expanded coverage from "every household to every adult", accidental insurance cover for new RuPay card holders to be raised from Rs 1 lakh to Rs 2 lakh to new PMJDY accounts opened after 28.8.18.

The continuation of the Mission is expected to enable all adults or households of the country to have atleast a basic bank account with access to other financial services, social security schemes and overdraft upto 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.