Financial Inclusion : Pradhan Mantri Jan Dhan Yojana

PMJDY a Financial inclusion launched in 2014 under the prime minister Narendra Modi is a program which gives financial access and entry to people on the age group of 10-65 in the banking sector.

INTRODUCTION

Pradhan Mantri Jan Dhan Yojana, was launched in 2014. It is a financial inclusion Program by the government which gives access to the people between the age group 10-65 to participate, expand and make access to various financial services which includes Bank accounts, remittances, credit, insurance and pensions. It was launched by prime minister Narendra Modi and the official website to Pradhan Mantri Jan Dhan Yojana is pmjdy.gov.in. A total sum of 38.18 crore beneficiaries banked so far RS 116,303.34 crore balance in beneficiary accounts and a total sum of 1.26 lakh Bank mitras are delivering branchless banking services in Sub-service areas.

What exactly is Pradhan Mantri Jan-Dhan Yojana (PMJDY)?

It is a Scheme launched to increase the use of banks and other financial institutions in rural areas which would benefit the poor and the lower middle-class families. It has helped a lot people to communicate globally as well.

What is a PMJDY Financial account?

Pradhan Mantri Jan-Dhan Yojana is national mission for Financial inclusion which provides easy access to financial services which is provided by the Banking sector to all the households in the country which includes saving and deposits facility, loans and borrowings, credit lending/taking, insurance, pension and other Financial services in an easy and an affordable manner.

Where to open the Pradhan Mantri Jan-Dhan Yojana (PMJDY) Account?

The Account can be opened in any Bank Mitra under PMJDY (Pradhan Mantri Jan-Dhan Yojana) or with any other bank branch or Business Correspondent.

There is a procedure which involves a series of document which is required to get enrolled into PMJDY.

Documents that would be needed to enroll into Pradhan Mantri Jan-dhan Yojana?

The account would be opened Only after the approval of the following official document.

1. Passport of the account holder

2. Driving license of the account holder

3. Permanent Account Number (PAN) Card of the account holder.

4. Voter’s identity card which is issued by the Election commission of India.

5. Job card issued by NREGA which has been duly signed by an officer of the state government.

6. Letter containing details of name, address and Aadhar number which is issued by the Unique Identification Authority of India.

7. Other miscellaneous document which has been informed by the Central Government in consultation with the regulator:

Provided that where simplified measures are applied for verifying the identity of the clients the following documents shall be deemed to be officially valid documents: -

a. Applicants photograph on an identity card issued by Central/state Government Departments, Public Sector Undertakings, Statutory/Regulatory authorities, Scheduled Commercial Banks, and Public Financial Institutions;

b. a letter which has been issued by a Gazetted officer, with a duly attested photograph of the person.

REASONS TO OPEN AN ACCOUNT UNDER PMJDY

Special Benefits Under PMJDY Scheme

1. Easy transactions and transfers in India.

2. There is no minimum balance required.

3. An Accidental insurance of 2 lakh.

4. If the eligibility condition is fulfilled, the scheme provides a life cover of 30,000 to the beneficiary.

5. Interest on deposit.

6. Direct Benefit transfers would be given to beneficiaries of government schemes in these accounts.

7. Access to various pension products like insurance.

8. The claim under personal accidental insurance shall be payable if the RuPay card holder have performed atleast one successful financial or non-financial customer induced transaction at any bank, bank Mitra, business correspondent.

9. An overdraft facility is provided after a satisfactory operation of account for 6 months.

10. The overdraft facility has an upper cap of 10,000/- in one account per household, preferable lady of the household.

MAYANK RAJGADIA

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