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1 cr accounts to be opened in 60K camps on day one of PMJDY

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In order to make the Pradhan Mantri Jan Dhan Yojana (PMJDY) a grand affair, different branches of public sector banks will organise more than 60,000 camps in rural and urban areas on Thursday, 28th August. Prime Minister Narendra Modi will formally launch the scheme that day at a function in the national capital.

Simultaneous launch functions of the scheme will be held in State capitals, other major centres of the States and Union Territories and all district headquarters. About 76 mega functions will be organised at prominent places throughout the country to mark the launch of the scheme that will be attended by Union ministers and State Chief Ministers along with other dignitaries.

It is estimated that about 1 crore accounts will be opened on this day. These camps are expected to be successful as preparatory camps have already been organised to get the required information from new account openers.

सिर्फ़ NEWS had reported yesterday that the prime minister had sent about 7.25 lakhs emails to all bank officers referring to his Independent Day announcement of the PMJDY, a national mission on financial inclusion with the objective of covering all households in the country with banking facilities with at least one bank account for each household.

Financial literacy has been accorded priority under the PMJDY. A standardised financial literacy material has also been prepared in vernacular languages to create awareness about the scheme. It is estimated to cover 7.5 crore households with atleast one account under the scheme.

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, keep away from financial crises caused by emergent needs and 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 products.

The PMJDY as a mission will be implemented in two phases. The first phase begins back-dated on 15 August 2014 and continues till 14 August 2015. It envisages universal access to banking facilities for all households across the country through a bank branch or a fixed point business correspondent within a reasonable distance. It aims at covering all households with atleast one basic banking account with a RuPay Debit card having in-built accident insurance cover of Rs 1 lakh. Further, an overdraft facility upto Rs 5,000 will be permitted to Adhaar-enabled accounts after satisfactory operation in the account for 6 months. The scheme includes financial literacy programme that aims at taking financial literacy to the village level. The Mission also envisages an expansion of direct benefit transfer under various government schemes through bank accounts of the beneficiaries. The issuance of Kisan Credit Card as RuPay Kisan Card is proposed to be covered under the plan, too.

The second phase of the scheme will commence 15 August 2015 and run till 14 August 2018. It will provide micro-insurance to the people. Unorganised sector schemes like Swavalamban will reach the needy through the business correspondents.

As a major change in the scheme, households are being targeted instead of villages. Moreover, both rural and urban areas are being covered now as against the rural areas alone targeted earlier. The present plan pursues digital financial inclusion with special emphasis on monitoring by a mission headed by the finance minister.

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