PRADHAN MANTRI JAN DHAN YOJNA -

  What is PM Jan Dhan Yojna?                                Pradhan Mantri Jan Dhan Yojna can be considered as  the most important scheme initiated by the government in order to achieve the goal of financial inclusion. Under this scheme the public sector as well  as the private sector banks, both have to provide bank account to every single individual of the age 18 or above. The scheme was initiated on 28th August  2014. On the first day itself 77 thousand camps were set up throughout the country and 1.5 crore bank accounts were opened. It was a World Record. More than 33 crore bank accounts have been opened under this scheme. 

What is significant of PM Jan Dhan Yojna?
In order to ensure that every individual is provided with a bank account, Know Your Customer (KYC) norms were eased. Along with the traditional identity proofs and address proofs even the job cards provided under 'Mahatma Gandhi National Employment Guarantee Act’ was considered as a valid proof. If even the MGNREGA job card is not available, a written proof from the Gram Panchayat was also considered as a valid proof.
In order to ensure that even the people at the bottom of the rank order are given a bank account, under Pradhan Mantri Jan Dhan Yojna Basic Savings Accounts are provided. It is a bank account in which no minimum balance is to be maintained. The account holder will be provided with a Debit card issued by Rupay. Rupay is an Indian payment gateway service provider setup by National Payment Cooperation of India (NPCI). Since, it is an Indian payment gateway service provider the annual charge will be less as compared to what is charged by 'Visa' or 'Master Card'. In order to make the scheme more attractive, certain provisions have been included. The account holder will be given an accidental insurance of Rs.1 lakh. Now it is increased to Rs. 2 Lakh.

  Benefits of PM Jan Dhan Yojna                                    The insurance cover is being provided by HDFC. If the account has been opened before 26th January 2015,
an additional insurance cover of Rs.30,000 will be provided. This insurance of Rs.30, 000 is being
provided by LIC. Since, the benefit of insurance always involves payment of premium, under this scheme
the premium will be paid by Rupay from the amount deducted by it as an annual debit card charge.
If the account remains active continuously for six months and it is connected with Aadhar, then an
overdraft facility of up to Rs. 5,000 will be provided. It has also been increased to Rs. 10,000. Overdraft is
a kind of loan which is provided by the bank to the customer.

PM Jan Dhan Yojna  features                                 Pradhan Mantri Jan Dhan Yojna is a part of the JAM Trinity of the government. Here ‘J’ stands for Jan Dhan, ‘A’ stands for Aadhar and ‘M’ stands for Mobile. It is to ensure that every individual is provided with a bank account, which is connected with an Aadhar as well as a mobile number. All the benefits in future provided by the government will be transferred directly to the account of the beneficiary. Jan Dhan Yojna in this manner is preventing diversion of funds. It also promotes a habit of saving in the banks which would ensure that the money lying at home goes into the economy in the form of loans. It also promotes cashless transactions since the account holders are provided with debit card, cheque book and online
banking facility. It also ensures social security in form of insurance cover. Even the overdraft will serve as
an institutionalized credit facility.

What is aim/purpose of PM Jan Dhan Yojana ?   However, this scheme also has same negative          consequences. Out of the total bank accounts opened,  a large number of bank accounts have remained dormant. It has led to financial burden over the banks, even the debit card and the passbook issued to such customers, proved to be wastage of resource. Although the number of depositors increased suddenly, the number of branches of banks, ATMs and even employees did not increase in the same manner. Hence, it is leading to burden over the banking system.

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