The Prime Minister of India, in his independenceday speech on 15th August 2014 had announced the National Mission on Financial Inclusion with the objective of covering all households in the country with banking facilities, titled, “Pradhan Mantri Jan Dhan Yojana” (PMJDY). On 29 August 2014, PMJDY was launched with an ambitious target of opening 7.5 crore bank accounts by 26 January 2015.This should be seen as a continuum of Financial Inclusion effort started by the United Progressive Alliance (UPA) government. Under the scheme, a person from an unbanked household, opening an account will get a RuPay debit card with Rs. 1 lakh accident insurance cover, among other provisions. An additional Rs. 30,000 life insurance cover for the accounts opened up to 26th January, 2015 was also announced by the Prime Minister.