Pradhan Mantri Jan Dhan Yojana (meaning-Prime Minister Scheme for People's Wealth) is an ambitious scheme for comprehensive financial inclusion launched by the Prime Minister of India, Narendra Modi on 28 August 2014 He had announced this scheme on his first Independence Day speech on 15 August 2014.
On the inauguration day, 1.5 Crore (15 million) bank accounts were opened under this scheme.
Purpose:
In a run up to the formal launch of this scheme, the Prime Minister personally mailed to CEOs of all banks to gear up for the gigantic task of enrolling over 7.5 crore (75 million) households and to open their accounts. In this email he categorically declared that a bank account for each household was a "national priority".
The scheme has been statrted with a target to provide 'universal access to banking facilities' starting with Basic Banking Accounts with overdraft facility of Rs.5000 after six months and RuPay Debit card with inbuilt accident insurance cover of Rs. 1 lakh and RuPay Kisan Card.In next phase, micro insurance & pension etc. will also be added.
The Financial Services Secretary of India Mr. G. S. Sandhu described this scheme as an important step towards converting Indian economy from a cash based one into a cashless and digital economy.
Performance
Due to the preparations done in the run-up, as mentioned above, on the inauguration day, 1.5 Crore (15 million) bank accounts were opened. The Prime Minister said on this occasion- "Let us celebrate today as the day of financial freedom."
