How to keep an account opened functional


The popularity of the new venture of the Prime Minister of India called Jan Dhan Yojana is aimed to pace at rapid growth since its full launch in 2015. The scheme involves getting every individual in India particularly for those below the poverty line to own a bank account so that they can be linked to the economic cycle.

Jan Dhan Yojana is indeed a revolutionary idea to boost up equality in the Indian population and it is just the initial step for the future endeavor. Though in developed nations a large population of adults has access to bank accounts but in India it is hardly the case.

A census reveals that over 80% and 90% of the adult population in developed nations particularly USA and Canada has access to bank accounts and the population is also growing in developing nations to include China where the adult population of over 60% has access to bank accounts. This numbers are indeed considered very high compared to the Indian population of account holders of roughly around 35%.

Though the venture of PMJDY sounds very promising in the long run but the question remains on how to keep an account functional under Jan Dhan Yojana Scheme. Previous such attempts made to improve the financial inclusion of the Indian population remained unsuccessful as most of the account remained dormant and was not used regularly to carry out any financial transactions.

This is indeed a concern as it will violate the attempt of the project and heavy investments have been made by the Indian Government to make the project a success. However in order to answer the query on how to keep an account opened functional under Jan Dhan Yojana, the Indian economics can be optimistic on this approach as the scheme offers some lucrative benefits for only the functional accounts which includes an overdraft of amount Rs.5000 for the account holder who remains functional and operational for at least 6 months from the opening of the account.

Also Read

  1. Suraksha Bima Yojana
  2. Jeevan Jyoti Bima Yojana
  3. Mudra Loan Yojana
  4. Jan Aushadhi Yojana
  5. PM Awas Yojana

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