Pradhan Mantri Jan Dhan Yojana Scheme

Today we will see about the Pradhan Mantri Jan Dhan Yojana scheme in details let’s see what are the information you should know about Pradhan Jan Dhan Yojana,

So, let’s start with the introduction of this scheme, under the national mission for financial inclusion was launched initially for four years in two phases on 28th of August 2014 it envisages Universal access to banking facilities with at least one basic banking account for every household financial literacy access to credit insurance and pension,

Pradhan Mantri Jan Dhan Yojana has provided a platform for the three social security schemes like Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana, Atal Pension Yojana, and Pradhan Mantri Mudra Yojana,

The government has decided to extend the comprehensive Pradhan Mantri Jan Dhan Yojana program beyond the 28th of August 2018, with the change in focus on opening accounts from every household to every adult with some modification first is existing overdraft limit of 5000 rupees revised to Rupees 10,000, second is no conditions attached for active Pradhan Mantri Jan Dhan Yojana accounts availing overdraft up to 2000 rupees the thrid is age limit for availing overdraft facility revised from 18 to 60 years to 18 to 65 years, the accidental insurance cover for new Rupay cards holders raised from existing 100,000 rupees to 200,000 rupees to the new Pradhan Mantri Jan Dhan Yojana account opened after 28th of August 2018,

Pradhan Mantri Jan Dhan Yojana success

Not that we have got an idea on the introduction of the scheme, let’s talk about the six players on which this mission has been planned to reach each and every household, the first one is universal access to banking facilities, mapping of each district into sub-service area catering to 1000 to 1500 thousand households In a manner that every habitation has access to banking services within a reasonable distance say 5 kilometers by 14th August 2015 coverage of parts of J & K, Himachal Pradesh, Uttarakhand, North East, and the left-wing extremism affected district which has Telecom connectivity and infrastructure constraints Would Spill Over To The phase 2 of the program which is 15th August in 2015 to 15th August 2018,

The next player is providing basic banking accounts with overdraft facility and Rupay debit card to all households, the effort would be to first cover all uncovered households with the banking facilities by August 2015, by opening basic bank accounts, the account holder would be provided a Rupay debit card facility of an overdraft to every basic banking account holder would be considered after the satisfactory operation or credit history of six months,

The third pillar is the financial literacy program, financial literacy would be an integral part of the mission to let the beneficiaries make the best use of the financial services being made available to them,

The fourth one is the creation of a credit guarantee fund, creation of a credit guarantee fund would be to cover the defaults in overdraft accounts,

The fifth one is micro-insurance, to provide micro-insurance to all willing and eligible person by 14th August 2018 and then on an ongoing basis when and then it is required,

The sixth and the last one is unorganized sector pension schemes like Saalman by 14th August 2018 and then on ongoing requirement basis this is planned, notably out of all these six pillars, the first three pillars are given the higher priority,

Now let’s talk about the scheme details Pradhan Mantri Jan Dhan Yojana is a national mission for financial inclusion, to ensure access to Financial Services namely a basic saving and deposit accounts remittance, credit, insurance, pension in an affordable manner, under the scheme a basic savings Bank deposit account can be opened in any bank branch or business correspondent also known as Bank Mitra outlet , by a person not having any other account,

Here we go as we have talked about the introduction of the scheme that the mission pillars of the scheme and the scheme details, I hope this article was very informative for you, thank you.