New Delhi: Some 1.85 crore people opened their bank accounts under the ambitious mega financial inclusion scheme Pradhan Mantri Jan Dhan Yojana to bring poor in “economic mainstream” and “eradicate financial untouchability”. The scheme was launched by Prime Minister Narendra Modi on Thursday. It envisages to open bank accounts for 7.5 crore families by 26th January 2015.
Union finance ministry said on Friday that it has been decided that banks will be hold such camps on weekly basis, from 8 am to 8 pm on all Saturdays so that the target of covering unbanked households is achieved well in time. Under the scheme every households will have atleast a basic banking account with a RuPay debit card and an inbuilt accident insurance cover of Rs 1 lakh and an additional Rs 30,000 life insurance cover for those opening bank account before January 26, 2015.
Further an overdraft facility upto Rs 5,000 will also be permitted to Aadhaar-enabled accounts after satisfactory operation of the account for six months. For bank accounts opened under the scheme, no minimum balance will be required. “An additional Rs 30,000 life insurance cover for the accounts opened up to 26th January was also announced by the Prime Minister. The modalities of this additional life cover are being worked out by the department of financial services,” said the finance ministry.
It said that beneficiaries, who already have a bank account, are also eligible to take benefits of accident insurance of Rs 1 lakh and life insurance of Rs 30,000 under this scheme by getting a RuPay card issued from their bank branch before 26 January, 2015. This is the first major scheme to be launched by Mr Modi after he came into power by winning majority the Lok Sabha elections.
