📰 News ⏱ 2 min

How Does India's Money Plan Help Everyone? 🤔

India's Prime Minister's Jan Dhan Scheme gives bank accounts to people who did not have one before.

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Key Points

4 points

Accounts increased almost four times since the plan started.

Deposits in these accounts grew about twenty times, showing more people are saving.

Over 410 million RuPay cards have been issued.

The scheme does not require a minimum balance, so anyone can keep an account.

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The number of accounts grew from about 150 million to 590 million in twelve years.

Women now make up more than half of the account holders, helping them save and plan for the future.

Each account comes with a RuPay debit card that can be used for online and shop purchases.

People can also get a small loan of up to 10,000 Indian rupees after using the account for six months.

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8 words

financial inclusion

making sure everyone can use banks and money services

formal banking

using official banks that follow government rules

overdraft

a short‑term loan that lets you spend a little more than you have in your account

beneficiary

a person who receives help or money from a program

digital payments

paying for things using a phone, computer or card instead of cash

identity verification

checking papers like a photo ID to prove who you are

insurance

a promise to give money if something bad happens, like an accident

pension

money saved to use when you stop working

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