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Pradhan Mantri Jan Dhan Yojana

The Prime Minister Narendra Modi launches the Pradhan Mantri Jan Dhan Yojana (PMJDY) on 28th August, 2014 at a function in Delhi. The Union Finance Minister Shri Arun Jaitley, Minister of State for Finance, Ms. Nirmala Sitharaman, Principal Secretary to the Prime Minister, Cabinet Secretary and RBI Governor Raghuram Rajan are also present on this occasion.

With the slogan "Mera Khata - Bhagya Vidhaata", Pradhan Mantri Jan Dhan Yojana (PMJDY) starts with the aim of ending financial un-touchability and open at least one bank account to every household in India. The account holder will have a debit card that includes accident insurance. Under this scheme, bank accounts and RuPay debit cards with inbuilt insurance cover of Rs 1 lakh will be provided to account holder. Also 5,000 rupees overdraft facility given for Aadhar-linked accounts. By January 26, people opening accounts will get additional Rs 30,000 life insurances. As per Governtment record on 28 August, 2014 1.5 crore acoounts opened across India. To provide the facility, the banking sector also expanding itself to set up an additional 50,000 business correspondents, more than 7,000 branches and more than 20,000 new ATMs in the first phase. The first phase of the mission would end in 15th August, 2015.

The second phase will start from 2015 till 2018, which will cover aspects such as micro insurance and pension schemes like ‘Swavalamban’.

The Pradhan Mantri Jan Dhan Yojana (PMJDY) has set an ambitious target of bringing in more than 7.5 crore un-banked families into India's banking system by opening more than 15 crore bank accounts (two bank accounts per household).

 




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