Jan dhan yojana is the mega scheme of Honorable Prime minister Mr. Narendra Modi which will strengthen India through collecting revenues.He had announced this scheme on his first Independence Day speech on 15 August 2014.
Prime Minister Narendra Modi on 28 August 2014 launched highly motivated Pradhan Mantri Jan Dhan Yojana (PMJDY) which was significant project of NDA government to open at least one bank account to every family. Cabinet ministry of Mr. Narendra Modi opened Pradhan Mantri Jan-Dhan Yojana all over India and it is predicted that this effective scheme may prove to be beneficial for country.
The primary aim of the Jan Dhan Yojana is to bring poor financially excluded people into the banking system by providing them bank accounts and debit cards.
The scheme has been started with a target to provide ‘universal access to banking facilities’ starting with “Basic Banking Accounts”. Important features of the PM Jan Dhan Yojna are:
- 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.
- Those who open accounts by January 26, 2015 over and above the Rs1 lakh accident, they will be given life insurance cover of Rs 30,000.
- After Six months of opening of the bank account, holders can avail Rs 5,000 loan from the bank.
- 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.
- Mobile banking for the poor would be available through National Unified USSD Platform (NUUP) for which all banks and mobile companies have come together
- Documents required for opening account
This effective scheme has a national mission on financial inclusion in order to cover all households in the country with banking facilities and having a bank account for each household. The scheme has an objective to provide two accounts to 7.5 crore identified households by August 2018. PMJDY works on the principles of Sab Ka Sath Sab Ka Vikas.
The scheme will cover both urban and rural areas of India and all bank accounts opened will be linked to a debit card which would be issued under the RuPay scheme. (Rupay is India’s own unique domestic card network owned by National Payments Corporation of India and has been created as an alternative to Visa and Master card.)