Paragraph on pradhan mantri jan dhan yojna
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A democracy in its full sense gives every person in it the right to basic needs and access to institutional and economic reforms. Honorable Prime Minister Shri Narendra Modi into his first Independence Day speech of the newly elected government in May 2014 announced what created a buzz among all the people of democratic India.
As a step to include even the poor population of India, Prime Minister Modi introduced the Pradhan Mantri Jan Dhan Yojana on 28th August,2014 in a bid to provide access to financial services such as Banking, Savings & Deposit Accounts etc. It can be said that there are two sides to the introduction of the scheme. Firstly, it gave backward people to whom banks were unaccessible, the confidence that there decision to bring Modi to the fore was a risk which paid off. And, it brought about Rs.384.11 billion as of June 1,2016 into the financial services sector thereby, a positive sign in the declining banking department.
The scheme is run by the Department of Financial Services, Ministry of Finance, and on the inauguration day about 1.5 crore bank accounts were opened. The Guinness Book of World Records recognizes this achievement and awarded a certificate of creating a world record saying “The most bank accounts opened in 1 week as a part of financial inclusion campaign”. During the week i.e., 23-29 August 2014; 18,096,130 accounts were opened.
In a run up to the formal launch of the scheme, the Prime Minister personally mailed the Chairmans of all the PSU banks to gear up for the mammoth task of enrolling over 7.5 crore households and open their bank accounts. In his email, he categorically declared that a bank account for each household was a “national priority”.The scheme has been started with a target to provide ‘universal and clear access to banking facilities’ starting with “Basic Banking Accounts” with overdraft facility of ₹5,000 after six months and RuPay Debit card with inbuilt accident insurance cover of ₹1 lakh and RuPay Kisan Card. In next phase, micro insurance & pension etc. will also be added