Implementation of Jan Dhan Yojana
Phase 1:
It lasted from the 15th of August 2014 to the 14th of August 2015. During this time, the PMJDY plan was introduced with the goal of providing universal banking access to all home families across the country, with at least one basic banking account and a RuPay Debit Card with Rs. 1 lakh accident insurance built inferred offered the communities a financial literacy program. During this time, it was also suggested that the Kisan Credit Card be issued.
Phase 2:
It lasted from the 15th of August 2015 to the 14th of August 2018. Through Business Correspondents, it sought to provide individual sure insurance and programs like Swavalamban Scheme disorganized sector.
Phase 3:
This was after August 14, 2018. PMJDY focuses on creating accounts for every household with a current Overdraft (OD) limit of Rs. 5,000 to be enhanced to Rs. 10,000 after August 14, 2018. There were no restrictions on OD up to Rs. 2,000. The age limit for using the OD facility has been changed from 18-60 to 18-65. The amount of accidental insurance available to new RuPay cardholders has been increased from Rs.1 lakh to Rs.2 lakh if the accounts were started after 28.8.18 under this enhanced coverage.
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.