PM Jan Dhan Yojana to be launched on Aug 28 by Modi - Jan Dhan Yojana to target 1 cr accounts on first day

PM Jan Dhan Yojana to be launched on Aug 28 by Modi

Jan Dhan Yojana to target 1 cr accounts on first day

New Delhi, Aug 25: The 'Pradhan Mantri Jan Dhan Yojana', an ambitious financial inclusion scheme under which the government intends to provide every household with a bank account and insurance cover, will be launched on August 28 by Prime Minister Narendra Modi. The scheme, about which Modi made the announcement in his Independence Day speech, will be launched across the country simultaneously amid his emphasis that it lies at the core of "our development philosophy of 'Sabka Sath Sabka Vikas'". As a first step, under the scheme, every account holder will get a 'RuPay' debit card with a Rs one lakh accident cover. "As we go along, they will be covered by insurance and pension products," the Prime Minister said today while announcing the decision about the launch. Modi, who has sent an email to all bank officers, said bank account for each household is a "national priority" and they should try their best to ensure that no one is left without a bank account. Describing the task as "gigantic," he said, "We need to enroll over 7 crore households and open their accounts. This is a national priority and we must rise to meet this challenge. There is an urgency to this exercise as all other development activities are hindered by this single disability. I am sure we will overcome this situation collectively."

The Pradhan Mantri Jan Dhan Yojana — national mission for financial inclusion — will be launched in 76 centres across the country on August 28.

While Prime Minister Narendra Modi will launch the scheme in Delhi, the functions at the state capitals and district headquarters will be presided over by cabinet ministers, chief ministers in BJP-ruled states and senior officials of the government of India.

On the first day, a target of one crore bank accounts has been set for the nationalised banks which are a part of the scheme.

The spadework for opening accounts like collection of KYC information has already been finished.

Pradhan Mantri Jan Dhan Yojana was one of the big announcements in Modi’s Independence Day speech. The aim of the mission, the PM had said was to ensure that every household has at least one bank account.

An estimated 7.5 crore accounts will have to be opened to achieve that target. He has written an email to all bank officers urging them to rise to the occasion and fulfil this “national challenge”.

Under the scheme, every account holder gets a RuPay debit card with a Rs 1 lakh accident cover.

A senor official of the finance ministry explained: “The main launch function will be in Delhi. However there will be 76 simultaneous functions across the country for which cabinet ministers and officers are being deputed. In addition, there will be over 60,000 enrolment camps in rural areas that will be managed by the local branches of the banks. The idea is to generate so much buzz on the first day at the local level that people start demanding an account.”

Among the cities that will host their own launch functions are Dehradun, Port Blair, Guwahati, Patna, Muzaffarpur, Vizag, Panjim, Mumbai, Gandhinagar, Surat, Bharuch, Bilaspur, Raipur etc.

Banks which are part of the scheme have been instructed to finish the formalities for the opening of the new accounts before the launch.

Modi’s speech from Delhi will be directly transmitted to all 76 centres and shown on a big screen.

Once the speech is over, ministers and officials will take over at the local and regional functions.

There will be symbolic distribution of cheque books to a few of the new account holders in each place.

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