AYUSH PANDEY21/BVISHAL SUVARNA40/BMIHIR NANDU18/B

AGENDA

INTRODUCTIONWHOS IN CHARGEABOUT PMJDYIMPORTANCEAIM OF PMJDYSTATISTICSBENEFITS OF OPENING AN ACCOUNT WITH PMJDYPHASE 1 & PHASE 2PROCEDURESPILLARS OF PMJDYPARTICIPANTS OF PMJDYCOVERAGE OF PMJDYTARGET AND ACHIEVEMENT

INTRODUCTIONOn 15th August 2014 Indian prime minister announced the financial inclusion mission titled Pradhanmantri Jan-Dhan Yojna.Jan Dhan Yojna roughly translates into english as peoples wealth scheme.Indian prime minister Narendra Modi announced the launch of this scheme at the RedFort on the occasion of Independence Day.Launched on 28TH August in 77000 of area.

WHOS IN CHARGE Ms. Nirmala Sitharaman minister of state for commerce and industries.Ms. Smriti Irani - minister of human resource developmentMr. Anant Kumar minister of chemicals and fertilisersMr. Piyush Goel minister of state for power coal and new & renewable energyChief minister of states will also look upon this yojana

ABOUT PMJDYThe name Jan Dhan was chosen through an online competition on the My Gov Platform received more than 6000 suggestions from indian citizens7 individuals was suggested Jan DhanSlogan Mera Khata- Bhagya VidhaathaPrimarily the PMJDY scheme is meant for those who do not have a savings bank account.Only 58% of Indian Citizens are having a bank account.

IMPORTANCEEasier for the government to directly pay the subsidies into the Accounts.Non usage of vast, leaky network of government agencies.Government will pay about estimated 1125 cr. of life insurance premium for all the accounts per year.

WHY SHOULD I CAREFreedom from scam-artists and moneylenders.If government takes on all the cost it might be a welfare scheme funded by the tax payers which eventually will pass on to us.

AIM OF PMJDYThe scheme has been started with a target to provide 'universal access to banking facilities' starting with Basic Banking Accounts with overdraft facility of Rs.5000 after six months and RuPay Debit card with inbuilt accident insurance cover of Rs. 1 lakh and RuPay Kisan Card.To bring poor financially excluded people into banking system.To decrease corruption in Govt subsidy schemes.To raise the Indian economy

STATISTICSAs per 2011 census figure around 41% of the 246.7 million households across India have no access to banking services.Around 46% of the 167.8 million rural households and 33% of the 78.9 million urban household have no access to banking facilities.Jaitley said banks managed to open 1.5 crore bank accounts on the first day of the launch itself with the help of more than 70000 camps opened across the country by banks.

BENEFITS OF OPENING A BANK ACCOUNT WITH PMJDYWith the introduction of new technology introduced by National Payments Corporation of India (NPCI), a person can transfer funds, check balance through a normal phone which was earlier limited only to smart phones so far. Mobile banking for the poor would be available through National Unified USSD Platform (NUUP) for which all banks and mobile companies have come together.

PHASE ONE OF PMJDY (15 AUG 2014 TO 14 AUG 2015) Universal Access to banking facilities for all households across the country through a bank branch or a fixed point business correspondent called BANK MITRA To cover all households with atleast one basic banking account with Rupay debit card having inbuilt accident insurance cover of 1 lac.Overdraft facility upto 5000 and can be extended upto 15000 if minimum balance is maintainedFinancial literacy program The issurance of Kissan credit card

PHASE TWO OF PMJDY (15 AUG 2015 ONWARDS) Providing micro insurance to the people Unorganised sector pension schemes like Swavalamban through the business correspondents which will be monitored by finance minister being head of the mission. Electronic transfers of subsidies under various schemes of government would be enableBoth rural and urban area would be covered under this scheme

PROCEDURE TO APPLY FOR PMJDY Simplified KYC Norm for all private and public banks Documents needed (any one) 1. Aadhar Card 2. Pan Card3. Voter Id4. Driving Licences5. Address proof and Self declaration

PILLARS OF PMJDY

PARTICIPANTS OF PMJDYPUBLIC SECTOR BANKSSBIBANK OF BARODABANK OF INDIA CANARA BANKIDBI BANKINDIAN BANKPNBUNION BANK OF INDIAORIENTAL BANK OF COMMERCE

PRIVATE SECTOR BANKSAXIS BANKFEDERAL BANKHDFC BANKICICI BANKINDUSIND BANKING VYSYA BANKANDHRA BANKYES BANKKOTAK MAHINDRA BANK

COVERAGE OF PMJDY

TARGET AND ACHIEVEMENTThe ultimate target of PMJDY is to achieve 7.5 crore bank accounts.2.14 banks savings account opened since the launch of Jan Dhan Yojana on August 28.As on 30th August 2014 1.84 crore accounts were added.In the afternoon on 30th August 2014 about 2,14,34,000 accounts have been opened.