PRADHAN MANTRI JAN DHAN YOJANA : CHECK ELIGIBILITY, BENEFITS AND OTHER DETAILS HERE

Pradhan Mantri Jan-Dhan Yojana (PMJDY) was launched  by the Prime Minister Narendra Modi on 15th August 2014, this scheme initiated by the Government of India to bring every household under the Banking Channel. In case, any person who does not have a bank account can open a zero balance account in any nationalized or private bank.

Pradhan Mantri Jan Dhan Yojana (PMJDY), the national mission of financial inclusion, completed its 6 years of implementation.

PM Jan-Dhan Yojana (PMJDY)  is National Mission for Financial Inclusion, i.e. Banking / Savings and Deposit Accounts, Remittance, Loan, Insurance, Pension Affordable. Accounts opened under PMJDY are opened with zero balance,at any Bank Branch or Business Correspondent (Bank Mitr) outlet. However, if the account holder wishes to obtain a cheque book, he / she must meet the minimum balance criteria. This is briefly described in this article.

THE MAIN OBJECTIVE OF PRADHAN MANTRI JAN DHAN YOJANA.(PMJDY)

 Its objective is to provide regular banking services to those people who have been deprived of financial inclusion schemes earlier.

By providing bank accounts to lakhs of families, the scheme helps in preventing leaks in the public distribution system of the government.

This scheme can significantly improve the effectiveness of government schemes by providing a direct link between the government and the citizens.

The government is promoting the Jan Dhan scheme, called JAM, to link Aadhaar and mobile.

The move will allow the government to link other schemes like MGNREGA and direct cash benefit transfer schemes like LPG subsidy to their respective bank accounts and transfer money directly.

Therefore, even after connecting this scheme of the government with other schemes, even if there is no balance in all the accounts, the money will go to their respective accounts.

With concessions like insurance and an overdraft facility of Rs 5000/-

FEATURES OF PRADHAN MANTRI JAN DHAN YOJANA.(PMJDY)

Account holders with zero balance bank account with RuPay debit card will be provided with accident insurance cover of Rs 1 lakh.

Account openers will receive 30,000 life insurance cover (provided by LIC) in more than 100,000 accidents 

Six months after opening a bank account, holders can obtain a draw 5,000 overdraft from the bank.

 With the introduction of the new technology introduced by the National Payments Corporation of India (NPCI), an individual can transfer money and check their existing balance over a regular phone.  Until now, it has been limited to smartphones.

Mobile banking for the poor is to be had  through the National Unified USSD Platform (NUUP), for which all banks and mobile companies have come together.

PRO'S 

The scheme provides financial integration and access to banking to millions of households across the country.

Insurance provides protection and protects millions of homes in our country.

Combining this scheme with various other government schemes, the money will be deposited directly in the accounts of the beneficiaries to eliminate middlemen and prevent leakage.

Savings can be increased by promoting the habit of formal banking in a diverse population.

Provide access to microcredit in the later stages of the scheme.  Therefore, completely eliminate money lenders who charge high interest rates for microcredit.

After getting 100% financial participation, we can go for transaction based tax. Any purchase should be made only through a debit card.  This is a measure that many economists have suggested to curb black money.

CON'S 

• The Overdraft facility cannot sleep with our people.

• Many accounts opened under this scheme are dormant.  However, this problem will be solved when the government integrates this scheme with MGNREGA and other direct cash benefit transfer schemes.

• The level of education of our people can also be a problem as they are victims of cyber crime.

• There is already an additional workload on the public sector banking infrastructure and employees.

 Overall, this scheme can be a game changer and has the potential to change the face of this country.  It helps plug in leaks and improve the performance of our TPDS.

WHAT ARE THE ESSENTIAL DOCUMENTS TO OPEN AN ACCOUNT UNDER PM JAN DHAN YOJANA? 

Under this scheme, the account will be opened formally by submitting the correct documents.

• The passport
• The driving licence
• The Permanent Account Number (PAN) Card
• The Voter’s ID issued by Election Commission of India
• The Aadhar Card

The other document which certify by the Central Government in consultation with the Regulator,a duly attested photograph of the person which issued by a gazetted officer

WHAT ARE THE ELIGIBILITY CRITERIA ARE COVERED UNDER THE PRADHAN MANTRI JAN DHAN YOJANA(PMJDY)

 

• All Households across the country

• Both Rural and Urban 

Pradhan Mantri Jan Dhan Yojana (PMJDY) is National Mission of Financial Inclusion, seeks to integrate the poorest of the poor with saving bank accounts.