Pradhan Mantri Jan Dhan Yojna (PMJDY)
The sheer force of aspiration of India led Mr. Narendra Modi from Gujarat to Delhi in May 2014 as the 14th Prime minister of the country. Mr. Modi and his cabinet ministers launched many schemes which in the beginning looked frivolous and inept but soon they started nonplussing people of India. The policies were started not only keeping the elites in mind but also the hoi polloi's.
One such scheme was JAN DHAN YOJANA – (PMJDY) launched on August 28, 2014.It is a ambitious scheme of Honorable Prime minister Mr. Narendra Modi which seeks to provide a bank account for those who don't have one .On the very day of launch 1.5 Crore ( bank accounts were opened under this scheme and also holds a Guinness World Records for the most bank accounts opened in 1 week as a part of financial inclusion.
The Jan-Dhan Yojana is aimed to provide basic banking accounts with a debit card with inbuilt accident insurance.The main features of this scheme 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.
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,ended in August 2015. The second phase began from 2015 till 2018 that will cover aspects such as micro insurance and pension schemes like 'Swavalamban'. 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
Some of the advantages of Jan Dhan Yojana. are 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. Person will also get Aadhar number immediately. 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.
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.
Even than PMJDY is a more effective scheme as compared to other schemes launched by earlier UPA Govt as Jan-Dhan Yojana scheme will allow government to return people's money to them. This scheme will 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, enhance the economy and also stop monetary untouchability.
The sheer force of aspiration of India led Mr. Narendra Modi from Gujarat to Delhi in May 2014 as the 14th Prime minister of the country. Mr. Modi and his cabinet ministers launched many schemes which in the beginning looked frivolous and inept but soon they started nonplussing people of India. The policies were started not only keeping the elites in mind but also the hoi polloi's.
One such scheme was JAN DHAN YOJANA – (PMJDY) launched on August 28, 2014.It is a ambitious scheme of Honorable Prime minister Mr. Narendra Modi which seeks to provide a bank account for those who don't have one .On the very day of launch 1.5 Crore ( bank accounts were opened under this scheme and also holds a Guinness World Records for the most bank accounts opened in 1 week as a part of financial inclusion.
The Jan-Dhan Yojana is aimed to provide basic banking accounts with a debit card with inbuilt accident insurance.The main features of this scheme 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.
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,ended in August 2015. The second phase began from 2015 till 2018 that will cover aspects such as micro insurance and pension schemes like 'Swavalamban'. 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
Some of the advantages of Jan Dhan Yojana. are 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. Person will also get Aadhar number immediately. 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.
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.
Even than PMJDY is a more effective scheme as compared to other schemes launched by earlier UPA Govt as Jan-Dhan Yojana scheme will allow government to return people's money to them. This scheme will 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, enhance the economy and also stop monetary untouchability.
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