Pradhanmantri Jan Dhan Yojana
Pradhanmantri Jan Dhan Yojana, a scheme introduced by the Prime Minister, Mr. Narendra Modi. It is an ambitious project launched for the purpose of the financial inclusion and was announced on 15th August in the Independence Speech at Red Fort. The Scheme was launched on 28th August 2014.
Aim of the Scheme
Pradhanmantri Jan Dhan Yojana is a scheme launched with the aim to eradicate the financial untouchability by providing bank accounts to the poor. Under this scheme, the Government aims to cover 7.5 crore people by January 26, 2015 by opening their bank accounts. With the message “Sab ka Saath, Sabka Vikas, the government aims to the inclusive growth. This Mission is considered to enable all households, urban and rural to gain easy and universal access to financial services. Under the scheme, households is considered not to have only bank accounts with indigenous RuPay Debit cards but will be having access to credit for economic activity and to insurance and pension services for their social security. The (PMJDY) or Pradhanmantri Jan Dhan Yojana, envisages Universal access to the banking facilities under which all the six lakh villages across the entire country would be covered and will be organized into Sub Service Areas or SSAs of 1000-1500 households and allocated to the Banks to provide at least one fixed point Banking outlet in form of either a branch or a Business Correspondent who can be called as Bank Mitra.
The Opening day of Pradhanmantri Jan Dhan Yojana
The opening day of the scheme saw around a record 1.5 crore bank accounts being opened in a single day. This was considered as the largest ever exercise on a single day possibly anywhere in the world.
Features of the Pradhanmantri Jan Dhan Yojana
1) Under the scheme of Pradhanmantri Jan Dhan Yojana, account holders will be provided zero-balance bank account with RuPay debit card, besides accidental insurance cover of Rs 1 lakh.
2) People who open their accounts by January 26, 2015 over and above the Rs 1 lakh accident, they will be given life insurance cover of Rs 30,000.
3) After the Six months of opening of the bank account, holders can have the facility to avail a loan of Rs 5,000 from the bank.
4) National Unified USSD Platform (NUUP) will provide mobile banking to the poor and for this purpose all banks and mobile companies have come together.
5) A person can transfer funds and can check balance through a normal phone with the introduction of new technology introduced by National Payments Corporation of India (NPCI). In the past the balance check was which was earlier limited only to smart phones.
6) The Government has asked the banks to extend overdraft facility of Rs.5, 000 to only one member with the preference to the lady of a house-hold.
7) PMJDY to be executed in the Mission Mode envisages provision of affordable financial services to all citizens within a reasonable distance.
8) The Six Pillars of the scheme can be classified as:
a. Universal access to banking facilities
b. Providing Basic Banking Accounts with overdraft facility and RuPay Debit card to all households.
c. M i c r o – I n s u r a n c e
d. Financial Literacy Programme
e. Creation of Credit Guarantee Fund Unorganized sector Pension schemes like Swavalamban
9) Under the mission, the three pillars would be given thrust in the first year which are Universal access to banking facilities, Providing Basic Banking Accounts with overdraft facility and RuPay Debit card to all households and Financial Literacy Programme
Data available till now about the Pradhanmantri Jan Dhan Yojana
Till now, as according to the September data, 3.02 crore accounts were opened in the country under the Scheme Pradhanmantri Jan Dhan Yojana. Around 1500 crore (US$240 million) were deposited under the scheme, which also has an option for opening new bank accounts with zero balance. State bank of India which is India’s largest bank had opened around 11,300 camps for Jan Dhan Yojana and over 30 lakhs accounts were opened so far, including 21.16 lakh accounts in rural areas and 8.8 lakh accounts in urban areas. When, we talk about the individual performance, SBI had opened 30 lakh accounts, while Punjab National Bank with 20.24 lakh accounts, Canara Bank was successful in opening 16.21 lakh accounts, Central Bank of India opened 15.98 lakh accounts while Bank of Baroda with 14.22 lakh accounts opened as the data of September available. While on the other hand, all the major private sector banks in combination have opened around 5.8 lakh accounts.