Budget 2018: Govt to extend Modi's flagship PMJDY scheme, double overdraft

Budget 2018: Govt to extend Modi's flagship PMJDY scheme, double overdraft
BUDGET NEWS :   High Minister Narendra Modi's flagship programme, the Pradhan Mantri Jan-Dhan Yojana (PMJDY), which completed three years in August ultimate yr and was credited with the aid of Finance Minister Arun Jaitley for unleashing the "JAM" -- Jan Dhan, Aadhaar, cellular -- revolution, is set to get hold of an extension in budget 2018, that's simply days away. The monetary inclusion scheme could also reportedly see the overdraft quantity sanctioned below it double because the government seems to use it to promote entrepreneurship by using presenting bank loans.

A senior authorities official told monetary each day The economic times that in budget 2018, an announcement on PMJDY being extended is anticipated. The unnamed reputable brought that an boom in the overdraft quantity beneath the scheme can also be on the playing cards. pointing out that the government become seeking to "build upon" the scheme, the reliable informed the monetary day by day that it turned into also going to "bundle different financial merchandise" below PMJDY, so one can see its second section result in August.

presently, under PMJDY, one account, preferably belonging to a female, in each family can avail of an overdraft of Rs five,000 as soon as the account has been satisfactorily operated for 6 months. according to the monetary every day, this quantity could be doubled to Rs 10,000 as a way to allow get admission to to smooth emergency funds. The above-mentioned government official told the financial day by day that this type of move changed into "being discussed" and the overdraft amount may be "doubled" for the ones accounts which can be "receiving direct advantage switch through one or more schemes".

firstly anticipated for providing economic inclusion to all Indian citizens through making sure that at the least one individual from each household possesses a financial institution account, the PMJDY scheme is likewise being seen by means of the authorities as a automobile for selling entrepreneurship. in step with the monetary day by day, the government plans to push creditors to provide entrepreneurship a lift the usage of the good operative accounts.


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