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Pradhan Mantri Jan Dhan Yojana | PMJDY
Pradhan mantri jan dhan yojana
Jan Dhan Yojana is a people money saving scheme launched by the Indian Prime Minister, Narendra Modi 28th of August 2014. It is so called as the Pradhan Mantri Jan-Dhan Yojana which is actually a People’s Wealth Scheme to make some opportunity for common Indian people living in the rural areas. This scheme was launched by the prime minister to enable poor people to money saving. To make India an independent India in real mean is to make its living people independent. India is a country which is still counted as the developing country because of the backwards conditions of the people living in the rural areas. The rate of people living under the poverty line is high in India because of the improper education, inequality, social discrimination and many more social issues.
Pradhan Mantri Jan Dhan Yojana | PMJDY | Financial Inclusion Scheme
It is very necessary to increase the awareness among people about the money saving habit so that they can be independent and grow some confidence to do something better in the future. Through the saved money they can help themselves in their bad days without the need of other. When each and every Indian people have their own bank account they can better understand the importance of money saving.
The Jan-Dhan Yojana is aimed to provide basic banking accounts with a debit card with inbuilt accident insurance. The Government plans to open at least one crore bank accounts on the first day itself. Other State Governments also flagged-off this scheme. Prime Minister also revealed a logo and a Mission Document on Financial Inclusion. He also dedicated the mobile banking facility on the basic mobile phone to the nation. Its main features include Rs 5,000 overdraft facility for Aadhar-linked accounts, RuPay Debit Card with inbuilt Rs 1 lakh accident insurance cover and minimum monthly remuneration of Rs 5,000 to business correspondents who will provide the last link between the account holders and the bank. The banking network is all set to open bank accounts of the uncovered households in both rural and urban areas.
finance| financial inclusion| jan dhan, pm jan dhan
This effective scheme has a national mission on financial inclusion in order to cover all households in the country with banking facilities and having a bank account for each household. The scheme has an objective to provide two accounts to 7.5 crore identified households by August 2018. PMJDY works on the principles of Sab Ka Sath Sab Ka Vikas.
The first phase of the mission, which started on 28 August 2014, would end in August next year. The second phase will began from 2015 till 2018 that will cover aspects such as micro insurance and pension schemes like 'Swavalamban'. Rs. 5,000 overdraft facility for Aadhar-linked accounts. The National Payments Corporation of India has tied up with HDFC Ergo to provide the 1 Lakh initial cover while the additional 1 Lakh cover would be provided by the four state owned general insurers New India Assurance, National Insurance, United India Insurance and Oriental Insurance Company. There is minimum monthly remuneration of Rs 5,000 to business correspondents who will provide the last link between the account holders and the bank.
There are some drawbacks of this scheme. Experts stated that Jan Dhan Yojana is questionable viability of banking, insurance accounts, Priority versus freebies banking and it may burden on the taxpayer.
Lastly, it can be said that The Pradhan Mantri Jan Dhan Yojana is devised to assist people of India, especially the poor sections by providing a bank account, credit facility, insurance cover and debit card.
https://sarkariniti.wordpress.com/2017/07/25/digital-india-scheme/
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Start Up India Scheme or Stand Up India Scheme or Start Up India Scheme or Stand Up India Action Plan is all about to pace up the Start ups in India.
start up india, stand up india, start up india stand up india scheme, start up india action plan
https://sarkariniti.com/start-up-india-scheme-or-stand-up-india-scheme/
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Swachh Bharat Abhiyan or Swachh Bharat Mission is a scheme or a mission launched by India Govt to wards a cleaner India. Govt aims to move towards a clean nation and citizens through this mission.
swachh bharat abhiyan, swachh bharat mission, swachh bharat, clean india mission
https://sarkariniti.com/swachh-bharat-abhiyan-or-swachh-bharat-mission/
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Pradhan Mantri Fasal Beema Yojana or Fasal Beema Yojana is a scheme launched by the indian gov for famers.This scheme is dedicated to bringing in more than 50% of the farmers under its reach within the next 2–3 years.
https://sarkariniti.com/pradhan-mantri-fasal-beema-yojana/
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Pradhan Mantri Mudra Yojana | Mudra Scheme | Mudra Yojana | PMMY is a scheme by govt of india for banking the population of india.
https://sarkariniti.com/pradhan-mantri-mudra-yojana/
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The Kisan Vikas Patra is government initiative to lend a helping hand to farmers by providing them easy loans and saving them from preying ponzi schemes...
https://sarkariniti.com/kisan-vikas-patra-scheme-application-process-details/
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The Pradhan Mantri Jan Dhan Yoajana, more commonly known as PM Jan Dhan Yoajana is an ambitious initiative by Modi Government for the financial inclusion of the
https://sarkariniti.com/pradhan-mantri-jan-dhan-yojana-pmjdy-financial-inclusion-scheme/
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Beti Bachao Beti Padhao | Beti Bachao Beti Padhao Yojana or Scheme is launched by govt of india in order to empower the Females of India and to encourage them and stop crime against them.
https://sarkariniti.com/beti-bachao-beti-padhao-yojana/
thin their fina���賒,
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Pradhan Mantri Awas Yojana (pmay) or PM Awas Yojana or Pradhanmantri Aawas Yojna scheme launched by our honourable Prime Minister Narendra Modi that was launched to ensure that people can get themselves a house within their financial budget.
https://sarkariniti.com/pradhan-mantri-awas-yojana/
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Digital India Scheme or Digital India Project is an initiative by Govt of India for making India Digital. We have a full essay on Digital India here.
https://sarkariniti.com/digital-india-scheme-or-digital-india-project/
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Sarkari Niti is a one stop place for all the pradhan mantri yojana and gov schemes by the govt of India. Launched by Pradhan Mantri for the benefir of the people of India.
https://sarkariniti.com/
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Start Up India Scheme | Stand Up India Scheme
STARTUP INDIA
Startup India Standup India is a scheme launched by the Modi government on 16th of January in 2016. This campaign is planned to bring new opportunities for the youths of the country. PM Narendra Modi was talked about this campaign on 15th of Aug. while addressing the nation from Red Fort, New Delhi. This initiative is to encourage the young entrepreneurs to greatly involve in the entrepreneurship for better future. According to the programme, around 1.25 lakh bank branches will encourage youth (at least one Dalit or Adivasi and one woman entrepreneur) entrepreneurs by giving them loan. This campaign will create new jobs for the people in India.
Start Up India is a revolutionary scheme that has been start to help the people who wish to start their own business. These people have ideas and capability, so the government will give them support to make sure they can implement their ideas and grow. Success of this scheme will eventually make India, a better economy and a strong nation.
A start-up is an entity that is headquartered in India which was opened less than five years ago and have an annual turnover less than ₹25 crore (US$3.7 million). The government has already launched PMMY, the MUDRA Bank, a new institution set up for development and refinancing activities relating to micro units with a refinance Fund of₹200 billion (US$3.0 billion).
The Standup India initiative is also intended to encourage entrepreneurship among SCs/STs, women communities.
Main features of Startup India campaign:
· Single Window Clearance even with the help of a mobile application
· 10,000 crore INR of funds
· 80% reduction in patent registration fee
· Modified and more friendly Bankruptcy Code to ensure 90-day exit window
· Freedom from mystifying inspections for 3 years
· Freedom from Capital Gain Tax for 3 years
· Freedom from tax in profits for 3 years
· Eliminating red tape
· Self-certification compliance
· Innovation hub under Atal Innovation Mission
· Starting with 5 lakh schools to target 10 lakh children for innovation programme
· New schemes to provide IPR protection to start-ups and new firms
· Encourage entrepreneurship.
· Stand India across the world as a start-up hub.
On 16 January 2016, this campaign was launched by the finance minister Arun Jaitley. The Ministry of Human Resource Development and the Department of Science and Technology have agreed to partner in an initiative to set up over 75 such startup support hubs in the National Institutes of Technology (NITs), the Indian Institutes of Information Technology (IIITs), the Indian Institutes of Science Education and Research (IISERs) and National Institutes of Pharmaceutical Education and Research (NIPERs). The Reserve Bank of India supposed that it will take steps to help expand the 'ease of doing businesses in the country and contribute to an ecosystem that is favourable for the progress of start-up businesses.
According to this scheme, each of the bank branches will support at least one Dalit, Adivasi and women entrepreneur in order to easily encourage them. It will be proved very effective scheme in the development of India as it encourages and enables start-ups of the country who have strong mind and innovative ideas (necessary to bring nation on the new track).
This initiative will be proved a new dimension to the entrepreneurship and help new comers in setting up their businesses as well as make a live network of start-ups through connection. Highly skilled and multi talented youths of the country will be completely benefitted through this campaign and able to generate new jobs. This campaign is the result of commitment of Modi government to make India a developed country by 2022 with the availability of house, electricity, job and other basic needs to all.
https://sarkariniti.com/start-up-india-scheme-or-stand-up-india-scheme/
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Swachh Bharat Abhiyan | Swachh Bharat Mission
Swachh Bharat Mission
Prime Minister Narendra Modi launched the Swachh Bharat Mission (SBM) on October 2, 2014, the birth anniversary of Mahatma Gandhi. The ambitious programme aims to make the streets, roads and infrastructure across the country clean by October 02, 2019, the 150th birth anniversary of the Father of the Nation. It is India’s biggest ever cleanliness drive.
The relevance of the Swachh Bharat Mission
Sanitation has emerged as a key issue since the 2011 Census highlighted e glaring data on lack of toilets in the country by stating that over 26 million people in India defecate in the open. Launched with an estimated cost of around Rs 62,009 crore, Swachh Bharat Mission aims to achieve the elimination of open defecation in the country. Among its other objectives are conversion of insanitary toilets to pour flush toilets, putting an end to the inhuman practice of manual scavenging and carrying out Municipal Solid Waste Management (MSWM).
The Prime Minister has helped spread the message of Swachh Bharat by urging people through his words & action. He carried out a cleanliness drive in Varanasi as well. He wielded a spade near River Ganga at Assi Ghat in Varanasi under the Clean India Mission. He was joined by a large group of local people who cooperated in the Swachhta Abhiyan. Understanding the significance of sanitation, Prime Minister, Shri Narendra Modi has simultaneously addressed the health problems that Indians families have to deal with due to lack of proper toilets in their homes.
People from different sections of the society have come forward and joined this mass movement of cleanliness. From government officials to jawans, bollywood actors to the sportspersons, industrialists to spiritual leaders, all have lined up for the noble work. Millions of people across the country have been day after day joining the cleanliness initiatives of the government departments, NGOs and local community centres to make India clean. Organising frequent cleanliness campaigns to spreading awareness about hygiene through plays and music is also being widely carried out across the nation.
Though it not the first time that Indian government tried to launch the Clean India campaign. In 1999, the government of India launched the “Total Sanitation Campaign” which was later renamed as “Nirmal Bharat Abhiyan” by then prime minister Manmohan Singh. But, his time under the label of “Swachh Bharat Abhiyan” PM Modi made it a national priority. It was an unexpected move, no one could have imagined a PM will give such importance to cleanliness. We, Indians kind of used to being a dirty country. We see it everywhere but we ignore. We blame government, system for unavailability of infrastructure. PM Modi made it a national level campaign and urged the fellow citizens to take part. He himself took the broom in hand cleaned the road. Some may see it as a marketing or political stunt, but what it did was it made us think about cleanliness.
Sikkim, Himachal Pradesh and Kerala are the three states that have been declared Open Defecation Free (ODF) this year. As per government data, as of December 16, over 58% of Indian households have become open defecation free. According to the Union Ministry of Drinking Water and Sanitation, Haryana, Uttarakhand, Gujarat and Punjab will achieve the ODF status by March 31, 2017.
Conclusion: Though the government is putting forward its best efforts, yet we have so far not received the desired result on the front of cleanliness. There is need of an attitudinal change on the part of all citizens to fulfil the mission of a clean India in its true spirit.
https://sarkariniti.com/swachh-bharat-abhiyan-or-swachh-bharat-mission/
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Pradhan Mantri Fasal Bima Yojana | Fasal Beema Yojana
Pradhan Mantri Fasal Bima Yojana
To provide financial support to farmers suffering crop loss/damage arising out of unforeseen events, a new scheme namely, Pradhan Mantri Fasal Bima Yojana (PMFBY) has been approved for implementation in all States and Union Territories from Kharif 2016 season in place of National Agricultural Insurance Scheme (NAIS) and Modified National Agricultural Insurance Scheme (MNAIS). PMFBY is a marked improvement over the earlier schemes on several counts and comprehensive risk coverage from pre-sowing to post-harvest losses has been provided under it. A budget provision of Rs.5501.15 crore has been made for the scheme during 2016-17.
The PMFBY is compulsory for loanee farmers availing crop loans for notified crops in notified areas and voluntary for non-loanee farmers.
Scale of Finance declared by the District Level Technical Committee has been taken as Sum Insured of the crops under the Scheme. There is no capping in premium, however, premium payable by farmers has been substantially reduced and simplified and there is one premium rate on pan-India basis for farmers which would be maximum 1.5%, 2% and 5% for all Rabi, Kharif and annual horticultural/commercial crops, respectively.
Pradhan Mantri Fasal Bima Yojana
Salient Features of PMFBY
i) Provide comprehensive insurance coverage against crop loss on account of non-preventable natural risks, thus helping in stabilising the income of the farmers and encourage them for adoption of innovative practices.
ii) Increase the risk coverage of Crop cycle - pre-sowing to post-harvest losses.
iii) Area approach for settlement of claims for widespread damage. Notified Insurance unit has been reduced to Village/Village Panchayat for major crops
iv) Uniform maximum premium of only 2%, 1.5% and 5% to be paid by farmers for all Kharif crops, Rabi Crops and Commercial/ horticultural crops respectively.
v) The difference between premium and the rate of Insurance charges payable by farmers shall be provided as subsidy and shared equally by the Centre and State.
vi) Uniform seasonality discipline & Sum Insured for both loanee & non-loanee farmers
vii) Removal of the provision of capping on premium and reduction of sum insured to facilitate farmers to get claim against full sum insured without any reduction.
viii) Inundation has been incorporated as a localized calamity in addition to hailstorm and landslide for individual farm level assessment.
ix) Provision of individual farm level assessment for Post harvest losses against the cyclonic & unseasonal rains for the crops kept in the field for drying upto a period of 14 days, throughout the country.
x) Provision of claims upto 25% of sum insured for prevented sowing.
xi) On-Account payment upto 25% of sum insured for mid season adversity, if the crop damage is reported more than 50% in the insurance unit. Remaining claims based on Crop Cutting Experiments (CCEs) data.
xii) For more effective implementation, a cluster approach will be adopted under which a group of districts with variable risk profile will be allotted to an insurance company through bidding for a longer duration upto 3 years.
xiii) Use of Remote Sensing Technology, Smartphones & Drones for quick estimation of crop losses to ensure early settlement of claims.
xiv) Crop Insurance Portal has been launched. This will be used extensively for ensuring better administration, co-ordination, transparency and dissemination of information.
xv) Focused attention on increasing awareness about the schemes among all stakeholders and appropriate provisioning of resources for the same.
xvi) The claim amount will be credited electronically to the individual farmer's Bank Account.
xvii) Adequate publicity in all the villages of the notified districts/ areas
xviii) Premium rates under Weather Based Crop Insurance Scheme (WBCIS) have also been reduced and brought at par with new scheme. Further, capping on Actuarial premium and reduction in sum insured has been removed in this scheme also.
xix) In addition, a Unified Package Insurance Scheme (UPIS) has also been approved for implementation on pilot basis in 45 districts of the country from Kharif 2016 season to cover the other assets/activities like machinery, life, accident, house and student-safety for farmers along- with their notified crops (under PMFBY/ Weather Based Crop Insurance Scheme - WBCIS).
https://sarkariniti.com/pradhan-mantri-fasal-beema-yojana
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Pradhan Mantri Mudra Yojana | Mudra Scheme
Pradhan Mantri Mudra Yojana
The Prime Minister Narendra Modi launched the Micro Units Development and Refinance Agency Ltd. (MUDRA)—a Bank on 8 April in New Delhi. In the budget for Financial Year 2015-16 creation of a Micro Units Development Refinance Agency (MUDRA) Bank, with a corpus of Rs.20,000 crore, and credit guarantee corpus of Rs.3,000 crore.
MUDRA, to be set up through a statutory enactment. Since the enactment for MUDRA is likely to take some time, it is proposed to initiate MUDRA as a unit of SIDBI to benefit from SIDBI’s initiatives and expertise.
It would be responsible for developing and refinancing through a Pradhan Mantri MUDRA Yojana, all Micro-finance Institutions (MFIs) which are in the business of lending to micro/small business entities engaged in manufacturing, trading and service activities.
MUDRA would also partner with State/Regional level coordinators to provide finance to Last Mile Financiers of small/micro business enterprises.
Further, the approach goes beyond credit only approach and offers a credit–plus solution for these enterprises spread across the country.
Roles Envisaged for MUDRA
Laying down policy guidelines for micro enterprise financing business
Registration of MFI entities
Accreditation /rating of MFI entities
Laying down responsible financing practices to ward off over indebtedness and ensure proper client protection principles and methods of recovery
Development of standardised set of covenants governing last mile lending to micro enterprises
Promoting right technology solutions for the last mile
Formulating and running a Credit Guarantee scheme for providing guarantees to the loans/ portfolios which are being extended to micro enterprises
Support development and promotional activities in the sector
Pradhan Mantri Mudra Yojana
Creating a good architecture of Last Mile Credit Delivery to micro businesses under the scheme of Pradhan Mantri MUDRA Yojana
These measures to be taken up by MUDRA are targeted towards mainstreaming young, educated or skilled workers and entrepreneurs including women entrepreneurs. According to the NSSO Survey of 2013, there are some 5.77 crore small business units, mostly individual proprietorship, which run manufacturing, trading or services activities. These encompass myriad of small manufacturing units, shopkeepers, fruits/vegetable vendors, truck & taxi operators, food-service units, repair shops, machine operators, small industries, artisans, food processors, street vendors and many others. Most of these Own Account Anterprises (OAE) are owned by people belonging to Scheduled Caste, Scheduled Tribe or Other Backward Classes.
The biggest bottleneck in the growth of entrepreneurship in this sector is the lack of financial support. A vast part of the non-corporate sector operates as unregistered enterprises and formal or institutional architecture has not been able to reach out to meet its financial requirements. Providing access to institutional finance to such micro/small business units/enterprises will not only help in improving the quality of life of these entrepreneurs but also turn them into strong instruments of GDP growth and employment generation.
The primary product of MUDRA will be refinance for lending to micro businesses/units under the aegis of the Pradhan Mantri MUDRA Yojana. The initial products and schemes under this umbrella have already been created and the interventions have been named Shishu, Kishor and Tarun to signify the stage of growth/development and funding needs of the beneficiary micro unit/entrepreneur.
Shishu: Covering loans up to Rs. 50,000
Kishor: Covering loans above Rs. 50,000 and up to Rs. 5 lakh
Tarun: Covering loans above Rs. 5 lakh and up to Rs. 10 lakh
Businesses/entrepreneurs/units covered would include proprietorship/partnership firms running as small manufacturing units, shopkeepers, fruits/vegetable sellers, hair cutting saloon, beauty parlours, transporters, truck operators, hawkers, co-operatives or body of individuals, food service units, repair shops, machine operators, small industries, artisans, food processors, self-help groups, professionals and service providers etc. in rural and urban areas with financing requirements up to Rs.10 lakh.
MUDRA would also adopt a credit plus approach and take up interventions for development support across the entire spectrum of beneficiary segments.
Other proposed offerings such as MUDRA Card, Portfolio Credit Guarantee and Credit Enhancement are also envisaged.
MUDRA will build on experiences of some of the existing players who have demonstrated ability to cater to the Non Corporate Small Business segment to build a financing architecture and right ecosystem for both the entrepreneurs as well as the last mile financiers to the segment. Access to finance in conjunction with rational price is going to be the unique customer value proposition of MUDRA. The establishment of MUDRA would not only help in increasing access of finance to the unbanked but also bring down the cost of finance from the Last Mile Financiers to the informal micro/small enterprises sector. The approach goes beyond credit only approach and offers a credit–plus solution for these myriad micro enterprises, creating a complete ecosystem spread across the country.
See more at : https://sarkariniti.com/pradhan-mantri-mudra-yojana/
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Kisan Vikas Patra
Kisan Vikas Patra
A day after its relaunch, the Kisan Vikas Patra on Wednesday drew concerns over know-your-customer (KYC) requirements, which were not clearly stated in the government's official press release or the September 23 notification on the scheme. The fear was that the scheme might be used for routing unaccounted money back into system.
Officials in the finance ministry, however, maintained that the Reserve Bank of India's (RBI) KYC norms for national savings schemes were applicable to post offices and banks since January 2012, so those would be applicable to the Kisan Vikas Patra (KVP) as well. They also said they expected to rake in at least Rs 35,000 crore through the scheme in 2015-16.
According to the KVP notification, a payment by a depositor can be made in cash or cheque, meaning the person's identity proof will be recorded but the source of the payment, if made in cash, might be difficult to trace.
Leading the criticism of the scheme's new avatar was former finance minister, P Chidambaram. "The government's ostensible purpose in relaunching the Kisan Vikas Patra is to promote savings. The argument seems suspect, as there are other fixed-income instruments that offer better returns," Chidambaram said.
He added the government needed to clarify whether the payments were to be made by cash or cheque/bank drafts, and whether quoting the permanent account number (PAN) would be required or dispensed with.
Kisan Vikas Patra
"What are the KYC norms, if any, that will be applicable to an investment made in KVP? And, will a KVP be freely transferable, without any limit on the number of transfers? If so, what is the use of applying KYC to the first purchaser," Chidambaram asked.
Rajeev Gowda, formerly professor of the Indian Institute of Management, Bangalore, and a Rajya Sabha member, said: "Questions can be raised about the sincerity of the government in tracking down black money when they introduce instruments that can be misused to launder black money."
Gowda added: "On the face of it, KVP appears to be targeted at those in the rural areas who do not have enough investment options. But in its current avatar, it is open to everyone. In an era of KYC norms, if you introduce an instrument that does not require one to disclose where one got the money from, it will be seen as invitation to black money."
At the re-launch of KVP on Tuesday, Finance Minister Arun Jaitley had said, in the first phase of the scheme, the certificates would be bearer instruments, without the holder's name.
The official said, as part of KYC requirements, apart from identity proof, a deposit of Rs 50,000 and above will require the holder to furnish his or her PAN details; and a deposit above Rs 10 lakh would require him or her to additionally give the proof of the source of income.
KVP, originally launched in 1988, was disbanded in November 2011, despite being a very popular small savings scheme, with gross collections of Rs 21,631.16 crore in 2009-10.
Kisan Vikas Patra
"That was 2010-11. This is 2014-15. In these four years, KYC norms have only become stricter. Our hope is that these norms will deter people trying to route black money through the scheme," said the official. The view was echoed by some personal finance experts. "I do not see the KYC concerns as an issue. Currently, even post offices ask for your identity and address proof," said Vineet Arora, head of product & distribution at ICICI Securities.
But Arora pointed out that KVP offered a lower rate of returns than some other savings schemes that also gave incentives like tax breaks (interest earned on KVP is fully taxable).
Government officials agreed there were better schemes but added those were for people with taxable income and access to bank accounts. KVP, on the contrary, was aimed primarily at people in the lowest income groups who were uneducated and without access to banks, they said. These people lost their money by investing in Ponzi schemes and fly-by-night cons promising 'unrealistic' returns, the officials claimed.
The finance ministry and the department of posts is planning a huge information and advertising campaign, with a budget of more than Rs 1.5 crore, officials said.
"You may not see money being spent on buying advertising space in big cities like Delhi or Mumbai. But there will be a lot of that in villages, once the campaign starts." The finance ministry had roped in public broadcaster Doordarshan to spread information on KVP, they said.
A LOOK AT THE SCHEME
Critics point to KVP's closure three years ago, say scheme can be used to launder black money
Analysts say investors should go for other schemes with tax sops, better returns
KVP notification says payments can be made in cheque or cash; latter's source harder to track
FinMin says stronger KYC norms will dissuade people from putting in black money
FinMin says post offices will need identity, address proof
The ministry also says KYC norms for national savings schemes applicable for KVP
FinMin sees Rs 35,000 cr of deposits from KVP in FY16
https://sarkariniti.com/kisan-vikas-patra-scheme-application-process-details/
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Pradhan Mantri Jan Dhan Yojana | PMJDY | Financial Inclusion Scheme
Pradhan mantri jan dhan yojana
Jan Dhan Yojana is a people money saving scheme launched by the Indian Prime Minister, Narendra Modi 28th of August 2014. It is so called as the Pradhan Mantri Jan-Dhan Yojana which is actually a People’s Wealth Scheme to make some opportunity for common Indian people living in the rural areas. This scheme was launched by the prime minister to enable poor people to money saving. To make India an independent India in real mean is to make its living people independent. India is a country which is still counted as the developing country because of the backwards conditions of the people living in the rural areas. The rate of people living under the poverty line is high in India because of the improper education, inequality, social discrimination and many more social issues.
Pradhan Mantri Jan Dhan Yojana | PMJDY | Financial Inclusion Scheme
It is very necessary to increase the awareness among people about the money saving habit so that they can be independent and grow some confidence to do something better in the future. Through the saved money they can help themselves in their bad days without the need of other. When each and every Indian people have their own bank account they can better understand the importance of money saving.
The Jan-Dhan Yojana is aimed to provide basic banking accounts with a debit card with inbuilt accident insurance. The Government plans to open at least one crore bank accounts on the first day itself. Other State Governments also flagged-off this scheme. Prime Minister also revealed a logo and a Mission Document on Financial Inclusion. He also dedicated the mobile banking facility on the basic mobile phone to the nation. Its main features include Rs 5,000 overdraft facility for Aadhar-linked accounts, RuPay Debit Card with inbuilt Rs 1 lakh accident insurance cover and minimum monthly remuneration of Rs 5,000 to business correspondents who will provide the last link between the account holders and the bank. The banking network is all set to open bank accounts of the uncovered households in both rural and urban areas.
finance| financial inclusion| jan dhan, pm jan dhan
This effective scheme has a national mission on financial inclusion in order to cover all households in the country with banking facilities and having a bank account for each household. The scheme has an objective to provide two accounts to 7.5 crore identified households by August 2018. PMJDY works on the principles of Sab Ka Sath Sab Ka Vikas.
The first phase of the mission, which started on 28 August 2014, would end in August next year. The second phase will began from 2015 till 2018 that will cover aspects such as micro insurance and pension schemes like 'Swavalamban'. Rs. 5,000 overdraft facility for Aadhar-linked accounts. The National Payments Corporation of India has tied up with HDFC Ergo to provide the 1 Lakh initial cover while the additional 1 Lakh cover would be provided by the four state owned general insurers New India Assurance, National Insurance, United India Insurance and Oriental Insurance Company. There is minimum monthly remuneration of Rs 5,000 to business correspondents who will provide the last link between the account holders and the bank.
There are some drawbacks of this scheme. Experts stated that Jan Dhan Yojana is questionable viability of banking, insurance accounts, Priority versus freebies banking and it may burden on the taxpayer.
Lastly, it can be said that The Pradhan Mantri Jan Dhan Yojana is devised to assist people of India, especially the poor sections by providing a bank account, credit facility, insurance cover and debit card.
https://sarkariniti.com/pradhan-mantri-jan-dhan-yojana-pmjdy-financial-inclusion-scheme/
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