Pradhan Mantri Jan Dhan Yojana -
Pradhan Mantri Jan Dhan Yojana
Posted 28 Nov 2019 05:15 PM


Jan Dhan Yojna
(Ministry of Finance)

Launched on 28 August 2014, to connect more and more peoples from the banking services.

Benefits :

The scheme ensures access to a range of financial services like availability of basic savings bank account, access to need-based credit, remittances facility, insurance, and pension. Guinness World Records has also recognized the achievements made under the Pradhan Mantri Jan Dhan Yojana.

• Insurance Benefits

The account holders under this scheme will get an accidental insurance cover of Rs 1 lakh and a life cover of Rs 30,000 – payment on the death of the beneficiary (subject to conditions).

• Loan Benefits

The account holders under this scheme can avail of an overdraft facility up to Rs 5,000. This is available against one account per household. The quantum of the loan may look small but definitely is a boon to those below the poverty line and would enable them to reinvest this in more profitable avenues.

• Mobile Banking Facility

Enabling carrying out transactions through a mobile phone facilitates such account holders in checking balance and also transferring funds with ease across India.

The other benefits being

• The account holders would be eligible for interest on their deposits
• They are not mandated to have a minimum balance in the account
• The scheme allows Direct Benefit Transfer for beneficiaries of Government Schemes.
• Account-holders can get easy access to pension and other insurance products with the PMJDY scheme.

Conclusion :

Pradhan Mantri Jan Dhan Yojana (PMJDY), one of the biggest financial inclusion initiatives in the world, was announced by Prime Minister, Shri Narendra Modi on 15th August 2014 from the ramparts of the Red Fort. While launching the program on 28th August, the Prime Minister had described the occasion as a festival to celebrate the liberation of the poor from a vicious cycle. Shri Narendra Modi had referred to the ancient Sanskrit verse: Sukhasya Moolam Dharma, Dharmasya Moolam Artha, Arthasya Moolam Rajyam – which puts the onus on the state to involve people in economic activity. “This Government has accepted this responsibility,” the Prime Minister said & the Government has fulfilled its promise in record time.

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