Jan dhan yojana is the ambitious scheme of Honorable Prime minister Mr. Narendra Modi which will strengthen India through collecting revenues. Prime Minister Narendra Modi on 28 August 2014 launched highly motivated Pradhan Mantri Jan Dhan Yojana (PMJDY) which was significant project of NDA government to open at least one bank account to every family. Cabinet ministry of Mr. Narendra Modi opened Pradhan Mantri Jan-Dhan Yojana all over India and it is predicted that this effective scheme may prove to be beneficial for country
External Affairs Minister, Sushma Swaraj and Madhya Pradesh Chief Minister Shivraj Singh Chouhan launched the scheme in Bhopal, while the scheme was launched by Union Transport Minister Nitin Gadkari in Nagpur, Union Law Minister Ravi Shankar Prasad in Chennai, Union Minister for Chemicals and Fertilizers Anantha Kumar in Bangalore and Union Minister for Consumer Affairs, Food and Public Distribution Ram Vilas Paswan in Patna.
Major objective of Jan-Dhan Yojana: 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 people's 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 required for account opening:
Address proof either current or permanent. If address changes then person needs to submit fresh address proof to the bank. You can read more about the recent know your customer (KYC) norms changed by RBI. For persons with no valid documents, the account can still be opened by providing self-attested photographs, signature/thumb print in front of bank official. Such account is called Small Account. Read more about this here. However this small account would be valid only for one year post that person will have to provide official valid documents which include: Passport, Driving License, PAN card, Voter ID card, Aadhar card, or Ration card and two passport size photographs.
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. In the long run, the scheme will also permit the poorer sections to avail themselves of subsidies and overdraft facilities through their bank accounts, which are intended to eliminate money-lenders, commission agents and corruption. According to PM Modi, this scheme will boost everyone's confidence. Jan Dhan Yojna creates record and Bank Accounts will enhance the economy. Jan Dhan Yojna will stop monetary untouchability.
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