Pradhan Mantri Jan Dhan Yojana:
Indian Government Scheme
The year 2014 witnessed profound changes in the area of governance. Indian polity experienced for the first time, since independence a single party dominated nonCongress regime in the centre under the leadership of Prime Minister Shri Narendra Bhai Damodardas Modi.
( PMJDY ) Pradhan Mantri Jan Dhan Yojana :
Prime Minister Narendra Modi on 28 August 2014 launched the ambitious Pradhan Mantri Jan Dhan Yojana (PMJDY).It is a dream project of NDA government to open at least one bank account in every household.
Pradhan Mantri Jan Dhan Yojana (PMJDY) is National Mission for Financial Inclusion to ensure access to financial services, namely Banking Savings & Deposit Accounts, Remittance, Credit, Insurance and Pension in an affordable manner. This financial inclusion campaign was launched by the Prime Minister of India, on 28 August 2014.
He had announced this scheme on his first Independence Day speech on 15 August 2014.
Run by Department of Financial Services, Ministry of Finance, on the inauguration day, 1.5 crore (15 million) bank accounts were opened under this scheme.
Guinness World Records recognises the Achievements made under PMJDY. By 8 July 2015, 16.73 crore accounts were opened, with around Rs 19990.52 crore (US$3.1 billion) deposited under the scheme.
The main objective of PMJDY:
✹The PMJDY has been conceived as a national mission on financial inclusion with the objective of covering all households in the country with banking facilities and having a bank account for each household.
✹The scheme, pushed by the government in a mission mode, seeks to provide two accounts to 7.5 crore identified households by August 2018.
✹ PMJDY lies at the core of Prime Minister Narendra Modi-led government’s development philosophy of Sab Ka Sath Sab Ka Vikas.
Main features of PMJDY:
✹The first phase of the mission, which started on 28 August 2014, would end in August next year.
✹ second phase will start from 2015 till 2018, covering aspects such as micro insurance and pension schemes like ‘Swavalamban.
✹Rs. 5,000 overdraft facility for Aadhar-linked accounts.
✹RuPay Debit Card with inbuilt Rs 1 lakh accident insurance cover (In an incentive to early account openers and to make the scheme a success, the government has doubled the insurance cover from Rs 1 lakh to or Rs 2 lakh if the bank account is opened within the first 100 days of the launch of PMJDY)
✹The National Payments Corporation of India (NCPI) has tied up with HDFC Ergo to provide the 1 lakh initial cover while the additional 1 lakh cover would be provided by the four state owned general insurers New India Assurance, National Insurance, United India Insurance and Oriental Insurance Company.
✹Minimum monthly remuneration of Rs 5,000 to business correspondents who will provide the last link between the account holders and the bank.
Five important features of the PM Jan Dhan Yojna:
1. Under the scheme, account holders will be provided zero-balance bank account with RuPay debit card, in addition to accidental insurance cover of Rs 1 lakh.
2.Those who open accounts by January 26, 2015 over and above the Rsl lakh accident, they will be given life insurance cover of Rs 30,000.
3. Six months of opening of the bank account, holders can avail Rs 5,000 loan from the bank.
4. With the introduction of new technology introduced by National Payments Corporation of India (NPCI), a person can transfer funds, check balance through a normal phone which was earlier limited only to smart phones so far.
5. Mobile banking for the poor would be available through National Unified USSD Platform (NUUP) for which all banks and mobile companies have come together.
Also Read — West Bengal Gov Recent Schemes