60,000 camps, one crore a/cs to be opened to mark launch of Pradhan Mantri Jan Dhan Yojana
Updated: Aug 27, 2014 01:54:50pm
New Delhi, Aug 27 (KNN) More than 60,000 camps will be organized and about one crore accounts are likely to be opened tomorrow when the Pradhan Mantri Jan Dhan Yojana (PMJDY) or the National Mission on Financial Inclusion will be officially launched here tomorrow by the Prime Minister Narendra Modi.
The National Mission on Financial Inclusion has the objective of covering all households in the country with banking facilities and having a bank account for each household.
“Besides the launch function at the national capital, simultaneous launch functions of the Yojana would also be held in the State Capitals and other major centres of the States/UTs and all district headquarters. About 76 mega functions will also be organized at prominent places throughout the country to mark the launch of Yojana which will be attended by the Union Ministers and the State Chief Ministers along with other dignitaries,” said an official release.
Further, to mark the launch of this mega scheme, different branches of the Public Sector Banks will organize more than 60,000 camps in rural and urban areas on that day. It is estimated that about one crore accounts will be opened on this day. These camps will be successful because preparatory camps have already been organized in order to get the required information from the new account openers.
The Prime Minister had also sent about 7.25 lakhs emails to all bank officers referring to his Independent Day announcement of the PMJDY.
Financial literacy has been accorded priority under the PMJDY. A standardized financial literacy material has also been prepared in vernacular languages to create awareness about the Yojana. It is estimated to cover 7.5 crore households with at least one account under this Yojana.
The Pradhan Mantri Jan Dhan Yojana lies at the core of our 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 emergent 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 National Mission on Financial Inclusion will be implemented in two phases.
Phase-I to be implemented from August-15, 2014 to August-14, 2015 envisages - 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 . It will cover all households with at least 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.
Phase I of the programme will also include a financial literacy programme which aims to take financial literacy upto village level. The Mission also envisages expansion of Direct Benefit Transfer under various Government Schemes through bank accounts of the beneficiaries; and issuance of Kisan Credit Card (KCC) as RuPay Kisan Card is also proposed to be covered under the plan.
As far as Phase-II is concerned, it will be implemented from August-15, 2015 to August-14, 2018, providing micro –insurance to the people; and unorganised sector pension schemes like Swablamban through the business correspondents.
The major shift in this programme is that households are being targeted instead of villages as targeted earlier. Moreover both rural and urban areas are being covered this time as against only rural areas targeted earlier. The present plan pursues digital financial inclusion with special emphasis on monitoring by a Mission headed by the Finance Minister. (KNN/ES)
The National Mission on Financial Inclusion has the objective of covering all households in the country with banking facilities and having a bank account for each household.
“Besides the launch function at the national capital, simultaneous launch functions of the Yojana would also be held in the State Capitals and other major centres of the States/UTs and all district headquarters. About 76 mega functions will also be organized at prominent places throughout the country to mark the launch of Yojana which will be attended by the Union Ministers and the State Chief Ministers along with other dignitaries,” said an official release.
Further, to mark the launch of this mega scheme, different branches of the Public Sector Banks will organize more than 60,000 camps in rural and urban areas on that day. It is estimated that about one crore accounts will be opened on this day. These camps will be successful because preparatory camps have already been organized in order to get the required information from the new account openers.
The Prime Minister had also sent about 7.25 lakhs emails to all bank officers referring to his Independent Day announcement of the PMJDY.
Financial literacy has been accorded priority under the PMJDY. A standardized financial literacy material has also been prepared in vernacular languages to create awareness about the Yojana. It is estimated to cover 7.5 crore households with at least one account under this Yojana.
The Pradhan Mantri Jan Dhan Yojana lies at the core of our 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 emergent 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 National Mission on Financial Inclusion will be implemented in two phases.
Phase-I to be implemented from August-15, 2014 to August-14, 2015 envisages - 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 . It will cover all households with at least 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.
Phase I of the programme will also include a financial literacy programme which aims to take financial literacy upto village level. The Mission also envisages expansion of Direct Benefit Transfer under various Government Schemes through bank accounts of the beneficiaries; and issuance of Kisan Credit Card (KCC) as RuPay Kisan Card is also proposed to be covered under the plan.
As far as Phase-II is concerned, it will be implemented from August-15, 2015 to August-14, 2018, providing micro –insurance to the people; and unorganised sector pension schemes like Swablamban through the business correspondents.
The major shift in this programme is that households are being targeted instead of villages as targeted earlier. Moreover both rural and urban areas are being covered this time as against only rural areas targeted earlier. The present plan pursues digital financial inclusion with special emphasis on monitoring by a Mission headed by the Finance Minister. (KNN/ES)
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