Full formGovernment & Exams
PMJstands forPradhan Mantri Jan Dhan Yojana
Full Form of PMJ
What is PMJ?
Pradhan Mantri Jan Dhan Yojana (PMJDY) is the National Mission for Financial Inclusion launched by the Government of India in August 2014. The scheme aims to provide universal banking access to every household, ensuring that all citizens have a basic savings bank account, an overdraft facility of up to ₹10,000, accident insurance cover of ₹1 lakh, and life insurance cover of ₹30,000. It also enables direct benefit transfers (DBT) of government subsidies, scholarships, and wages directly into beneficiaries' accounts, reducing leakages and corruption. The scheme is implemented through public and private sector banks, with special emphasis on rural and unbanked areas. PMJ accounts are zero-balance and come with a RuPay debit card. As of 2024, over 50 crore accounts have been opened under the scheme, making it one of the largest financial inclusion drives globally. The initiative is particularly relevant for competitive exams like UPSC, SSC, and banking exams, where questions often focus on its launch year, features, and impact on financial inclusion.
PMJ का फुल फॉर्म
प्रधानमंत्री जन धन योजना
Example
After the election campaign, the bank manager explained to the villagers how opening a PMJ account would help them receive LPG subsidies directly.
PMJ — frequently asked questions
What is the full form of PMJ?
The full form of PMJ is Pradhan Mantri Jan Dhan Yojana, a government scheme for financial inclusion.
Who can open a PMJ account?
Any Indian citizen above 10 years of age can open a PMJ account. There is no minimum balance requirement.
What benefits does a PMJ account provide?
Benefits include a zero-balance savings account, overdraft facility up to ₹10,000, accident insurance of ₹1 lakh, life insurance of ₹30,000, and a RuPay debit card.