PM Jan Dhan Yojana Scheme 2020-21 is the latest mega scheme initiated by the government of India under the guidance of India’s Prime Minister Narendra Modi. The new scheme aims at wiping out financial inequality by allowing easy access to bank accounts for every poor household in India.
The effectiveness of the Jan Dhan Yojana scheme can be comprehended by the fact that a record number of over 1 crore bank accounts were opened across the country on the inaugural day of the scheme. The Jan Dhan Yojana scheme has five important features.
The first feature of the scheme states that recipient of the Jan Dhan Yojana will have a zero-balance account along with a RuPay debit card. Furthermore, account holders will get an accidental insurance cover of Rs. 1 lakh.
Another feature of the Jan Dhan Yojana scheme states that by opening accounts on or before January 26, 2015 the account holder can receive a life insurance cover of Rs 30,000.
The third feature of the Jan Dhan Yojana Scheme allows the account holder to avail loan facility from the bank. The account holder can get a loan of Rs 5,000. However, he/she can avail this facility only after six months of opening of the account.
The National Payments Corporation of India (NPCI) has further introduced a new technology, whereby account holders can transfer funds as well as track balance even with the help of a normal phone. Earlier this facility was available only with smart phones.
Last but not the least, for smooth mobile banking facility for the poor all banks and mobile companies have joined hands. Now mobile banking will be made easy through National Unified USSD Platform (NUUP).
Overall, the Jan Dhan Yojana Scheme aims to eradicate the ‘Financial Untouchability’ from the system. Although it is a daunting task, this is expected to be a stepping stone towards the better economy of the country.