Pradhan Mantri Jan Dhan Yojana | PMJDY | Financial Inclusion Scheme
Posted by aliyas on April 26th, 2017
Pradhan mantri jan dhan yojana
Jan Dhan Yojana is a people money saving scheme launched by the Indian Prime Minister, Narendra Modi 28th of August 2014. It is so called as the Pradhan Mantri Jan-Dhan Yojana which is actually a People’s Wealth Scheme to make some opportunity for common Indian people living in the rural areas. This scheme was launched by the prime minister to enable poor people to money saving. To make India an independent India in real mean is to make its living people independent. India is a country which is still counted as the developing country because of the backwards conditions of the people living in the rural areas. The rate of people living under the poverty line is high in India because of the improper education, inequality, social discrimination and many more social issues.
It is very necessary to increase the awareness among people about the money saving habit so that they can be independent and grow some confidence to do something better in the future. Through the saved money they can help themselves in their bad days without the need of other. When each and every Indian people have their own bank account they can better understand the importance of money saving.
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.
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.
There are some drawbacks of this scheme. Experts stated that Jan Dhan Yojana is questionable viability of banking, insurance accounts, Priority versus freebies banking and it may burden on the taxpayer.
Lastly, it can be said that The Pradhan Mantri Jan Dhan Yojana is devised to assist people of India, especially the poor sections by providing a bank account, credit facility, insurance cover and debit card.
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