Prime Minister’s Jan Dhan Yojana announced on August 28, 2014. He had announced this scheme on his first Independence Day speech on 15 August 2014. It is monitored by Department of Financial Services, Ministry of Finance, On an inaugural day August 28th,2014, around 1.5 Crore (15 million) bank accounts were opened under this scheme, which is known as Minister’s people money scheme.
Scheme is mostly for deprived class people and is benefitting society to indulge in this scheme and RUPAY cards are issued to them, various targets are given to the banks (psu’s) to open the bank accounts on behalf of PMJDY.
Points that are included in PMJDY are:
1. Account holders will be provided zero-balance bank account with RuPay debit card, in addition to accidental insurance cover of Rs 1 lakh.
2. Those who open accounts by January 20, 2015 over and above the 1 lakh accident, they will be given life insurance cover of Rs 30,000.
3. After Six months of opening of the bank account, holders can avail 5,000 Rs loans from the bank.
4.With the introduction of new technology introduced by National Payments Corporation of India (NPCI), a person can transfer funds, check balance through a normal phone which was earlier limited only to smart phones so far.
5.Mobile banking for the poor would be available through National Unified USSD Platform (NUUP) for which all banks and mobile companies have come together.
