Jan Dhan Yojana
Introduction
Pradhan Mantri Jan Dhan Yojana is an ambitious National mission for financial inclusion to ensure access to Financial Services like Bank savings and deposit accounts, need best credit, remittance facility, insurance and pension to weaker sections and low income group. This mission was launched by our honorable Prime Minister Narendra Modi with slogan Mera Khata Bhagya Vidhata on 28 August 2014
Ministry and monitoring committee
Three levels monitoring committee that is central, state and district level has been set up under the guidance of Finance ministry and grievance redressal in respective States for the query regarding this mission.
Body part with advantages
Various benefits such as no minimum balance required to open account, interest on deposit, accidental Insurance of 100000, life cover of rupees 30000, overdraft facility up to 50000 and easy transfer of money through mobile phone across India.
As a result on the inauguration day the PM said on this occasion let us celebrate today as the day of financial freedom. The unique features of this scheme is that it works in both rural and urban areas and also helps in decreasing corruption in government subsidy scheme. Till now 31.60 crore beneficiary Bank so far and rupees 8120 3.59 crore balanced in beneficiary account.
Challenges
Major challenges faced by this scheme our Telecom connectivity, keeping the accounts “live”, extra pressure on banking systems and less awareness among the people.
Challenges
For the effective implementation of Jan Dhan Yojana public sector banks and Indian Post Bank can be placed into action as well as more centres of financial literacy may be established to bring excluded people under financial inclusion.
Challenges
PMDY is not only a scheme, it has the ability to do something different in the Indian empowerment history for better India
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