OBJECTIVES AND FEATURES OF PRADHAN MANTRI JAN DHAN YOJNA(PMJDY) The Jan-Dhan Yojana is aimed to provide basic banking accounts with a debit card with inbuilt accident insurance. The Government plans to open at least one crore bank accounts on the first day itself. Other State Governments also flagged-off this scheme. Prime Minister also revealed a logo and a Mission Document on Financial Inclusion. He also dedicated the mobile banking facility on the basic mobile phone to the nation. Its main features include Rs 5,000 overdraft facility for Aadhar-linked accounts, RuPay Debit Card with inbuilt 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. The banking network is all set to open bank accounts of the uncovered households in both rural and urban areas. 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. Main features of PMJDY : The first phase of the mission, which started on 28 August 2014, would end in August next year. The second phase will began from 2015 till 2018 that will cover aspects such as micro insurance and pension schemes like Swavalamban. Rs. 5,000 overdraft facility for Aadhar-linked accounts. The National Payments Corporation of India 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. There is minimum monthly remuneration of Rs 5,000 to business correspondents who will provide the last link between the account holders and the bank. PMJDY is more effective schemes as compared to other schemes launched by earlier UPA Govt. Professionals stated that previous scheme did not focus on households and urban financial inclusion. They maintained that there was a cumbersome Know Your Customer (KYC) formality, restricting account opening. Jan-Dhan Yojana scheme will allow government to return peoples money to them. The main purpose of the scheme is Mera Khata Bhagyavidhata, which means my account is divine. Once you become an account holder, you will get Rs 1 lakh insurance immediately without filling any separate form. And if you run the account properly for six months by withdrawing and depositing money at regular intervals, then a loan of Rs 5,000 will be made available to you, said Swaraj. The scheme will be beneficial for the poor. Every family will have its own bank account. It will help in saving money and keeping it safe and secure. Various political leaders appreciated this scheme. Ravi Shankar Prasad said that the scheme will be followed by economic banking, literacy and education. There are many advantages of Jan Dhan Yojana. The account holders will be provided a zero-balance savings account with a RuPay debit card. Account holder will get a kit containing cheque book, financial literacy and pass book. However this would vary from bank to bank and account usage. Person will also get Aadhar number immidiately. The account holder will also be provided life insurance cover of INR 30,000 (for accounts opened before January 26, 2015) and an accidental insurance cover of INR 1 lakh. By 2018, it is likely that all account holders under the PMJDY scheme will have access to an Aadhaar- linked bank account with overdraft facility up to INR 5,000. By allowing direct money transfer into bank accounts, the scheme is likely to cut down on corruption. The Prime Minister also said that by providing debit cards that can be swiped the scheme shall reduce the dependence on credit cards, thereby promoting savings. Documents NISHAT AHMAD
Posted on: Wed, 24 Sep 2014 03:15:05 +0000
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