11/7/2017 Blogs

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Pradhan Mantri Jan Dhan Yojana (PMJDY)
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Pradhan Mantri Jan Dhan National mission for financial inclusion.

Yojana (PMJDY)

Objective To ensure access to financial services, namely, Banking/ Savings & Deposit A
Pension in an affordable manner.

Timeline for Financial Phase I (15 Aug, 2014 - 14 Aug, 2015)

Inclusion Plan 1. Universal access to banking facilities in all areas except areas with infrastr
parts of North East, Himachal Pradesh, Uttarakhand, J&K and 82 Left Wi
2. Providing Basic Banking Accounts and RuPay Debit card which has inbuil
3. Aadhaar number will be seeded to make account ready for DBT payment.
4. Financial Literacy Programme.
Phase II (15 Aug, 2015 - 14 Aug, 2018)
1. Overdraft facility up to ` 5000/- after six months of satisfactory operation
2. Creation of Credit Guarantee Fund for coverage of defaults in A/Cs with o
3. Micro Insurance
4. Unorganized sector Pension schemes like Swavalamban

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Some of the Phase II activities would also be carried out in Phase I. In additio
hilly, tribal and difficult areas would be carried out. Moreover, this phase wou
in the households and students.

Implementation In 2012, the State-Level Bankers Committees (SLBCs) were mandated to pre
villages of population less than 2,000 and notionally allot these villages to ba
time-bound manner.
The notional allotment was only intended to ensure that all villages have at le
banking services and does not deny or bar any other bank from operating in t
potential.
While preparing the roadmap for this scheme through a combination of busin
the RBI said it should be ensured that there is a brick-and-mortar branch to p
about 8-10 at a reasonable distance of 3-4 kilometers.
Since PMJDY was launched on August 28, banks collectively have opened 10
accounts and issued 8.38 crore RuPay debit cards up to December 30.
About 73 per cent of the total accounts opened have zero balance. The remain
8,044 crore.

Documents required to
open an account under
Pradhan Mantri Jan-Dhan
Yojana
Account can be opened in any bank branch or Business Correspondent (Bank
PMJDY accounts are being opened with Zero balance. However, if the accoun
he/she will have to fulfill minimum balance criteria.
If Aadhaar Card/Aadhaar Number is available then no other documents is re
certification of current address is sufficient.
If Aadhaar Card is not available, then any one of the following Officially Valid
Card, Driving License, PAN Card, Passport & NREGA Card. If these documen
both as Proof of Identity and Address.
If a person does not have any of the officially valid documents mentioned abo
banks, then he/she can open a bank account by submitting any one of the foll
Identity Card with applicant's photograph issued by Central/State Governme
Authorities, Public Sector Undertakings, Scheduled Commercial Banks and P
Letter issued by a gazette officer, with a duly attested photograph of the perso

Benefits under PMJDY 1. Interest on deposit.

Scheme 2. Accidental insurance cover of Rs.1.00 lac.
3. No minimum balance required.
4. Life insurance cover of Rs.30,000/-
5. Easy Transfer of money across India.
6. Beneficiaries of Government Schemes will get Direct Benefit Transfer i
7. After satisfactory operation of the account for 6 months, an overdraft fa

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8. Access to Pension, insurance products.

9. Accidental Insurance Cover, RuPay Debit Card must be used at least on
10. Overdraft facility upto Rs.5000/- is available in only one account per h
household.

Source http://www.pmjdy.gov.in/scheme_detail.aspx

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