Pradhanmantri Jan Dhan Yojana is a landmark step by the Government to ensure financial inclusion for all. Not only will the scheme empower people significantly but the name of the program was derived from the inputs taken from the people.
The Pradhan Mantri Jan Dhan Yojana lies at the core of Shri Modi’s development philosophy of Sab Ka Sath Sab Ka Vikas. With a bank account, every household gains access to banking and credit facilities. This will enable them to come out of the grip of moneylenders, manage to keep away from financial crises caused by emergency needs, and most importantly, benefit from a range of financial products. As a first step, every account holder gets a RuPay debit card with a Rs 1,00,000/- accident cover. In due course, they are to be covered by insurance and pension products.
The Mission will be implemented in two phases.
Phase-I from 15th August 2014 to 14th August 2015 envisages
(i) Universal access to banking facilities for all households across the country through a bank branch or a fixed point Business Correspondent (BC) within a reasonable distance
(ii) To cover all households with atleast one Basic Banking Accounts with RuPay Debit card having inbuilt accident insurance cover of Rs.1 lakh. Further an overdraft facility upto Rs.5000 will also be permitted to Adhaar enabled accounts after satisfactory operation in the account for 6 months.
(iii) Financial literacy programme which aims to take financial literacy upto village level.
(iv) The Mission also envisages expansion of Direct Benefit Transfer under various Government Schemes through bank accounts of the beneficiaries of.
(v) The issuance of Kisan Credit Card (KCC) as RuPay Kisan Card is also proposed to be covered under the plan.
Phase-II from 15th August, 2015 to 14th August, 2018
(i) Providing micro –insurance to the people.
(ii) Unorganised sector Pension schemes like Swablamban through the Business Correspondents.
