Benefits of Jan Dhan Yojana
- This plan does not demand a minimum amount to start an account. The recipient can open an account with no balance at any bank branch or Business Correspondent outlet.
- The initiative encompasses both urban and rural communities and gives each account user with an indigenous Debit Card (Ru Pay card).
- It guarantees that customers have access to the Core Banking System (CBS) as well as mobile banking through USSD. A call center and a toll-free number are accessible across the country
- One of the key benefits offered by this plan is an Rs.5,000 overdraft ability for Aadhaar-linked accounts, as well as a RuPay debit card with an integrated Rs.1 lakh accidental insurance cover.
- Life Insurance cover of Rupees 30,000 is granted to eligible beneficiaries for accounts created between August 15, 2014, and January 26, 2015.
Jan Dhan Yojana
Honourable Prime Minister Mr Narendra Modi’s ambitious initiative to build India through revenue collection is known as the Jan Dhan Yojana. On the 28th of August 28, 2014, Narendra Modi launched Pradhan Mantri Jan-Dhan Yojana (PMJDY). It is a major effort of the NDA administration to create at least one bank account for every family. It is a national mission to provide cheap access to a variety of financial services such as remittance, credit, insurance, pensions, and banking savings and deposit accounts. Furthermore, it was expected by the cabinet ministry that this excellent plan would benefit the country. It ensures that everyone has access to financial services.
Efforts to make financial goods and services available and cheap to all individuals, especially disadvantaged and low-income communities, regardless of their net worth are referred to as financial inclusion. Financial inclusion aims to break down the obstacles that prevent individuals from engaging in the financial industry and benefiting from its services. It’s also known as “inclusive finance.“
This plan was officially introduced by Prime Minister Narendra Modi during his Independence Day speech on August 15, 2014. It also assures that every family in India has access to financial literacy and at least one basic banking account.