What is this?

♤ It is a financial inclusion program of Government of India that aims to expand and make affordable access to financial services such as bank accounts, remittances, credit, insurance and pensions.

♤ It focuses on coverage of households as against the earlier plan, which focused on coverage of villages. It focuses on coverage of rural as well as urban areas.

♤ The plan also envisages channelling all Government benefits to the beneficiary’s accounts

and pushing the Direct Benefits Transfer (DBT) scheme of the Union Government.