Prime Minister Narendra Modi will be launching Jan Dhan Yojna on August 28. The ambitious scheme aims to bring poor people into the ambit of the Government’s financial programme. It will cover both urban and rural areas and those who open account would get Domestic Debit Card (Ru-pay card).
The Narendra Modi-led Government’s two-phase financial inclusion mission – ‘Pradhan Mantri Jan Dhan Yojana’ will be rolled out on August 28. A launch function to be presided over by Prime Minister Narendra Modi and his senior Cabinet colleagues .
In his address to the nation, Modi said, “We want to integrate the poorest of the poor with bank accounts with Pradhan Mantri Jan Dhan Yojana. Today, there are crores of families which have mobile phones but no bank accounts. We have to change this. The economic development must benefit poor and it should start from here.”
Under the Jan Dhan Yojana, he said, “The person who opens a bank account will get a debit card and the family will get Rs 1 lakh insurance cover. This will help the family to deal with any unforeseen eventuality.” This programme is unique in a way that it will include the poor in the financial system of India.
The Pradhan Mantri Jan Dhan Yojana’s is intended to bring 7.5 crore unbanked families into the banking system fold by opening of 15 crore bank accounts (two accounts for every household) in a financial year. Once the account holder completes six months, the banks could even extend an overdraft of Rs 2,500 to the account-holder. This overdraft amount could then be enhanced to Rs 5,000, a banker said.
The Government is also planning to launch an ad campaign for the new financial inclusion scheme. The main features of the scheme includes Rs 5,000 overdraft facility for Aadhar-linked accounts, Ru-Pay Debit Card with in-built Rs 1 lakh accident insurance cover and minimum monthly remuneration of Rs 5,000 to business correspondents who will provide the last link between the account holders and the bank.
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