The Prime Minister, Narendra Modi will formally launch Pradhan Mantri Jan Dhan Yojana (PMJDY) on Thursday, 28th August, 2014 at a function in the national capital. Besides the launch function at the national capital, simultaneous launch functions of the Yojana would also be held in the State Capitals and other major centres of the States/UTs and all district headquarters. About 76 mega functions will also be organized at prominent places throughout the country to mark the launch of  Yojana which will be attended by the Union Ministers and the State Chief Ministers along with other dignitaries.

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Important details about Pradhan Mantri Jan Dhan Yojana:

The Pradhan Mantri Jan Dhan Yojana lies at the core of our development philosophy of Sab Ka Sath Sab Ka Vikas. With a bank account, every household gains access to banking and credit facilities. This will enable them to come out of the grip of moneylenders, manage to keep away from financial crises caused by emergent needs, and most importantly, benefit from a range of financial products. As a first step, every account holder gets a RuPay debit card with a Rs 1,00,000/- accident cover. In due course, they are to be covered by insurance and pension products.

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What does the scheme offer?? 

• Zero-balance account for every citizen of the country
• KYC being simplified
• Accident insurance of up to Rs. 1 Lakh comes for free with each account
• Opening account before 26^th January 2015, will get an extra life cover of Rs. 30,000
• Each cardholder will get RuPay debit card and also will also be able to access a basic form of mobile banking
• Operative for at least six months, holders may be offered the overdraft facility for Rs. 2,500 and then for Rs. 3,000
• One can check their balance and even can transfer funds using an ordinary phone (not the smartphones) using a new technology introduced by National Payments Corporation of India (NPCI).

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POINTS TO REMEMBER:

• Modi announced the project on 15^th August and was implemented from 28^th of August.
• Pradhan Mantri Jan Dhan Yojana (PMJDY) : Slogan – Mera Khata, Bhagya Vidata.
• If everyone has a bank account then the subsidies for the poor can be transferred to their accounts instead of sending it through corrupted people and agencies.
• The premium on accident insurance will be paid by the NPCI.
• It is safer to have a bank account rather than going to scam-filled private lenders and institutions.
• Every bank (both public and private) will be part of this scheme.
• This mission will be completed in two phases: one from 15^th August 2014 to 14^th August 2015 and the other from 15^th August 2015.

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