CONDITION OF OUR INDIA

RESULTS OF FINANCIAL EXCLUSION

Poverty

Reduce participation in Society

Financial Unstability

Reduce economic value of the Country

Is there a

solution???

Problem SolutionPMJDY

PMJDY ?

Pradhan Mantri Jan Dhan Yojana

OR

Prime Minister Scheme For People’s Wealth

WHAT IS PMJDY

It is scheme launched by the Prime Minister of

India, Narendra Modi on 28 August 2014 to

provide FINANCIAL INCLUSION to the country.

Financial Inclusion:-delivery of financial services

at affordable costs to sections of disadvantaged

and low-income segments of society and timely

and adequate credit to the weaker sections and

low –income groups.

Financial services it includes banking , insurance

, pension , RuPay card etc.

OBJECTIVE OF PMJDY

Eradicating financial Untouchability among common

people by providing bank accounts to the poor.

Provide financial stability to the country.

FIVE PILLARS OF PMJDY

Universal access to banking facilities, mapping of each district into sub-service area(SSA) catering to 1000-1500 households in such a way that everybody is covered by banking service

The Financial Literacy Programme will be extended to block level providing basic banking account for all families and to all beneficiaries of government schemes by March 2016.

Micro credits availability and creation of credit guarantee funds for coverage of defaults in such accounts. There is an overdraft facility of Rs.5000 through debit card to account holder on completion of financial literacy training by March,2016.

Micro insurance by March ,2017 in the unrecognized sector,pension scheme like swabalamban by March 2017 and after that ongoing basis.

Financial literacy and credit counselling will focus on preparing the people for financial planning and availing credit.

FIVE FEATURE OF PMJDY

Under the scheme, account holders will be provided zero-balance bank account with RuPay debit card, in addition to accidental insurance cover of Rs 1 lakh.

Those who open accounts by January 26, 2015 over and above the Rs1 lakh accident, they will be given life insurance cover of Rs 30,000.

Six months of opening of the bank account, holders can avail Rs 5,000 loan from the bank.

With 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.

BENEFITS OF PMJDY

•The benefit of this Yojana is many for both for the nation and common man opening their accounts in banks under the scheme.

•How country will benefit?

= When every one in the country will open bank account they will indirectly get connected to the economic value of the country. As result country will have better Financial Stability.

•How common man will benefit?

= The poor people of India after opening the bank account will eligible for an life cover of Rs 30,000.

= Those who open accounts by January 26, 2015.They will also get accidental cover of 1Lakh rupees.

=Apart from that they will be getting a RuPay debit card which will be attached to the account.

=Six months of opening of the bank account, holders can avail Rs 5,000 loan from the bank.

=With 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.

RUPAY CARD

PMJDY ACCOUNT

DOCUMENTS REQUIRED TO OPEN THE ACCOUNT

•A voter identification card issued by the

election commission of India(ECI).

•A personal account Number or PAN Card.

•Ration Card with any photo proof.

•Aadhaar card.

•Valid Id proof from Government Organisation.

•A letter from the Sarpanch of the village with a

valid photograph.

•A job card issued by NRGEA and signed by

state official.

MISUSE OF JAN DHAN YOJANA

SCHEME(PROS & CONES)

•The banks to be more careful while opening accounts

under the Jan Dhan Yojana, saying that a single

individual could open multiple accounts in the lure of

Rs. 1 lakh insurance cover.

•People could open accounts in different banks using

different identity documents like PAN card, Aadhar

among others in the lure of getting insurance cover of

Rs. 1 lakh from all the banks.

•Smurfing: The activity of laundering money by

conducting a large number of small transactions

through banks and bureaux de change

REFERENCE

•www.thehindu.com

•www.assamtribune.com

•JanDhanYojana.Net

•www.narendramodi.in

•Wikipedia.

SUBMITTED BY

Dibyajyoti Gogoi

MALG14R404

Dept of Local Governance.