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August 28, 2014

Important details you should know about Pradhanmantri Jan-Dhan Yojana


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Our Prime Minister Narendra Modi today (28th August 2014) launched his pet project the ‘Jan Dhan Yojana’ ("People’s Wealth scheme" in English), which aims to provide bank accounts to the poor and end financial untouchability. The scheme is aimed at opening 1 crore bank accounts on the first day of its launch. The state leaders in turn would launch the scheme in their respective states. Here are some important details you should know about this scheme.

What is this Jan Dhan Yojana Scheme ?

This plan is aimed at providing bank accounts, insurance cover and a debit card to all the citizens of the country. The 'Jan Dhan Yojana' will provide individuals with a RuPay debit card which carries free accidental insurance cover of Rs one1 lakh. According to news reports the personal accident insurance cover would be enhanced to Rs 2 lakhs per year. This is likely to provide some cover especially to marginalized sections of society in the unfortunate event of death of the earning member due to an accident.

Highlights of Jan Dhan Yojana Scheme 2014

  • Modi had announced the scheme on Independence Day in his address to the nation. 
  • Launched on 28th August 2014 
  • The logo of the mission was created by  Priya Sharma. shown here --------------->
  • The name “Jan Dhan” was chosen through an online competition on the MyGov Platform and received more than 6000 suggestion from Indian citizens. After evaluation the jury shortlisted “Jan Dhan” which was suggested by 7 individuals. 
  • Slogan of this scheme is "Mera Khata – Bhagya Vidhaata” (My Bank Account – The Creator of the Good Fortune) 
  • The primary objective of the programme, Pradhan Mantri Jan Dhan Yojana, is to deepen financial inclusion. As many as 60000 bank camps will be conducted and about 1 crore accounts are targeted to be opened in just one day. 
  • The long term vision of the Jan Dhan Yojana is to lay the foundation of a cashless economy and is complementary to the Digital India Scheme. 
  • This scheme has set an ambitious target of bringing in more than 7.5 crore un-banked families into India’s banking system by opening more than 15 Crore bank accounts at the rate of two bank accounts per household. 
  • Every individual who opens a bank account becomes eligible to receive an accident insurance cover of up-to Rs 1 Lakh for his entire family. 
  • Once the bank account has been active for 6 months and has been linked to account holders Aadhar identity , they would become eligible for an overdraft of up to Rs 2,500 , which would further be enhanced by the bank to Rs 5000 over time. 
  • The mission will be implemented in two phases. 
    • Phase-I from 15th August 2014 to 14th August 2015 : 
      • Universal access to banking facilities for all households across the country through a bank branch or a fixed point Business Correspondent (BC) called Bank Mitra within a reasonable distance except areas with infrastructure & connectivity constraints. 
      • To cover all households with atleast one Basic Banking Account with RuPay Debit card having inbuilt accident insurance cover of Rs.1 lakh. Further an overdraft facility upto Rs.5000 will also be permitted to Adhaar enabled accounts after satisfactory operation in the account for 6 months. 
      • Financial literacy programme which aims to take financial literacy upto village level. 
      • The Mission also envisages expansion of Direct Benefit Transfer under various Government Schemes through bank accounts of the beneficiaries of. 
      • The issuance of Kisan Credit Card (KCC) as RuPay Kisan Card is also proposed to be covered under the plan. 
    • Phase-II from 15th August 2015  : 
      •  Providing micro –insurance to the people. 
      • Unorganised sector Pension schemes like Swavalamban through the Business Correspondents. 
      • The Yojana is being monitored in a Mission Mode with the Finance Minister being the Head of the Mission. 
      • It is estimated to cover 7.50 crore households with at least one account under the Yojana and also a large number of dormant accounts would be activated 
      • Electronic Transfer of subsidies under various schemes of Government would be enabled.
  • Both rural and urban areas will be covered in this scheme 
  • IDBI Bank has said that it plans to open as many as 2 lakh basic savings accounts under the Pradhan Mantri Jan Dhan Yojana. 
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  1. good step taken by government to deepen financial inclusion

  2. Thank you for such a good crisp and clean explanations

  3. thank you for all wonderful post!!!!!

  4. And what is overdraft of 2500 rs can any1 plz explain thanks in advance

  5. can anyone explain question number 16...

  6. A bank overdraft is when someone is able to spend more than what is actually in their bank account. Obviously the money doesn't belong to them but belongs to the bank so this money will need to be paid back.
    In the above case the over draft is Rs. 2,500 (negative balance). That means an account holder can spend 2,500 more than the actual amount he has in his account. The bank charges some interest to this extra money.

  7. opn in chrome..right print then save

  8. Gr8Ambitionz Team Please upload Any Pdf About current affairs for upcoming RRB/ RBI/ IBPS PO.

  9. Mine on 12 th Sep......

  10. any general candidate who has got selected.. can you plz tell me the number of questions you attempted in the exam?

  11. Selected in my 1st attempt... Thanks GR8ambitionz.. u guys are doing a GR8 job.. thanks for all free of cost tips n materials :)

  12. as bankers adda provided u can download there

  13. here you can have a look of daily current affairs....

  14. It seems NDA Government also going to rush our people to link their bank Ac with Aadhar card in the name of Jan dhan pla plab....

  15. thanks mam,i need this article pls provide it in pdf file

  16. mam when will u provide quick reference guide for rrb exam

  17. Guys link got activated...

    You can download your call letters for interview and GD of BOB

    ALL THE BEST..:) :)

  18. where is quick reference guide for IBPS RRB OFFICER

  19. thanks for such a good information .mam after what period of time a bank account becomes DORMANT account.....

  20. thanx ...its to imporatnt for the exam point of view

  21. please upload quick reference guide for ibps rrb officer scale I exam

  22. Thanks Neeraj Sir for this post.

  23. please upload quick reference guide for ibps rrb officer scale I exam


  25. Mam Please Can U give me details to Participate Digital India LOGO

  26. Please upload financial que related to rrb po exam....

  27. thanx a lot mam.........mam plz upload previous paper of ibps po 3 ( 2013 )........plz mam upload kar dijiye..

  28. Mam still waiting for quick reference guide for rrb po....

  29. Mam still waiting for rrb po quick reference guide...

  30. both of us need to practice more

  31. first off, i'd say thanks for adding disqus api. its far better than google comment system.

    i have asked my query here for several times( seems admins couldn't have a look over there to even verify that comment). My query is : "what topics should be covered in reasoning section(ibps clerk) ?". i'm entirely new to banking exams and want to prepare for it on my own.

    i'd say please create such an article which is totally focused on beginners.Because we have a confusion about what topics to cover.And That article will certainly help beginners to create a strategy for preparation.

    i was wondering if you could explain this(topics / sub-topics) for every section(i mean what types of questions appears in exam from maths / reasoning / english section).


  32. Mam, is this basic savings account equal to the BSBDA accounts or is it like the normal bank accounts. And Can a person avail overdraft facility through savings account, like it is mentioned in this scheme.

  33. Wonderful scheem by goverenment.

  34. Thanx dear madam...

  35. Can Anyone having bank account already open another account under this scheme.

  36. he some one please tell me who have already bank account can open account under this scheme

  37. Overdraft facility are only availed to current account holders not to savings account holder
    Like businessman or by name of any firm

  38. In general, a low-balance savings account which has shown no activity (deposits and/or withdrawals) over a long period, other than posting of the interest and/or service charges. Statute of limitations usually does not apply to dormant accounts, and their funds can be claimed by their owner or beneficiary at any time

  39. Intrest will be charge after given period of time
    Not on exact day of withdrawl

  40. Shiv Rk your source of above posts I came to know. Ramoji Rao will not let you go :P.. But I appreciate your efforts... Thanks to the Eenadu team & shiv Rk for bringing this in e-form :) ;)

  41. answer dene mai kanjusi kyu krte ho? kitno mai to sirf option likha aa rha hai answer mai..

  42. Whether it is applicable to urban co op banks

  43. yes some banks have joined under these scheme to provide banking services to the rural people, eg: Andhra Pradesh Grameen Vikas Bank

  44. I thank the Prime Minister Shri. Nrarender Modi Ji for is innovative Pradhan Mantri Jan Dhan Yojana (PMJDY), that would help Poorest of Poor of Indians to open Bank account without having a RuPay in his pocket but in return he gets RuPay debit card, Rs. 1 lakh accident insurance cover and an additional Rs.30,000/- life insurance cover. I request the Prime Minister of India to relax 6 month Bank account Active rule and enhance overdraft up to Rs.5000/- which may be further enhanced to Rs.10,000/- on personal guarantee. Kolla Gangadhar, Advocate, Human Rights Defender, The President, Democratic Lawyers Forum, India.

  45. Hi,

    Is this account required for each individual in the family or one common account will work for them all?
    Also, does that 1 Lac accidental insurance covers accidental death of any person in the family or is there any limitation for that?

  46. Good sceem by indian government....

  47. i have secured 89 and belongs to obc cat,what about my chance

  48. It's a encoraging step that depicts NDA's linking with the poor. Yes by pushing financial services to the remote level certain benefits can be ascertained:
    a) More SAVING by the rural people
    b) Putting money in the bank means more CAPTAL FLOW to the economy and less investments in property,buildings.
    c) Better CREDIT FACILITIES to poor through bank rather from friend, moneylendors
    d) Availment of INSURANCE BENEFITS.
    e) LESS CORRUPTION especially under NREGA schem when rural people will get money in their banks directly rather from panchyat

  49. Its a better plan to give banking awareness and service benifits to the untouched people

  50. Gud thoughts

  51. plz help me to know dat can a person who is already having an account in some other bank, is also eligible to open this account under the jan dhan scheme

  52. I got exactly the cut off in bob manipal........ is there any
    chance to clear the gd & I heard the chance is very less if
    marks is low

  53. Can anyone help me...i have already account in another bank so can i got this schemes???

  54. plz can u put all yr gk and recent news in pdf files so that we can get it print then get it properly read plz

  55. I got Selected In Both BOB and IDBI . Bob Marks 100 . What are my Chances. . n how to prepare for Interviews. .

  56. scheme converts the cash economy of India into cashless economy. can anyone explain this statement

  57. kaveri grammena bank also joined...

  58. important lines and borders..

    Durand Line is the line demarcating the boundaries of Pakistan and Afghanistan. It was drawn up in 1896 by Sir Mortimer Durand.

    Hindenburg Line is the boundary dividing Germany and Poland. The Germans retreated to this line in 1917 during World War I

    Mason-Dixon Line is a line of demarcation between four states in the United State.

    Marginal Line was the 320 km line of fortification on the Russia-Finland border. Drawn up by General Mannerheim.

    Macmahon Line was drawn up by Sir Henry MacMahon, demarcating the frontier of India and China. China did not recognize the MacMahon line and crossed it in 1962.

    Medicine Line is the border between Canada and the United States.

    Order-Neisse Line is the border between Poland and Germany, running along the Order and Neisse rivers, adopted at the Poland Conference (Aug 1945) after World War II.

    Radcliffe Line was drawn up by Sir Cyril Radcliffe, demarcating the boudary between India and Pakistan. Siegfried Line is the line of fortification drawn up by Germany on its border with France.

    17th Parallel defined the boundary between North Vietnam and South Vietnam before two were united.

    24th Parallel is the line which Pakistan claims for demarcation between India and Pakistan. This, however, is not recognized by India

    26th Parallel south is a circle of latitude which crosses through Africa, Australia and South America.

    30th Parallel north is a line of latitude that stands one-third of the way between the equator and the North Pole.

    33rd Parallel north is a circle of latitude which cuts through the southern United States, parts of North Africa, parts of the Middle East, and China.

    35th Parallel north forms the boundary between the State of North Carolina and the State of Georgia and the boundary between the State of Tennessee arid the State of Georgia, the State of Albama, and the State of Mississippi.

    36th Parallel forms the southermost boundary of the State of Missouri with the State of Arkansas.

    36degree30' Parallel north forms the boundary between the Tenessee and the Commonwealth of Kentucky between the Tennessee River and the Mississippi River, the boundary between Missouri and Arkansas west of the White River, and the northermost boundary between the Texas and the Oklahoma.

    37th Parallel north formed the southern boundary of the historic and extralegal Territory of Jefferson.

    38th Parallel is the parallel of latitude which separates North Korea and South Korea.

    39th Parallel north is an imaginary circle of latitude that is 39 degrees north of Earth's equatorial plane.

    40th Parallel north formed the original northern boundary of the British Colony of Maryland.

    41st Parallel north forms the northern boundary of the State of Colorado with Nebraska and Wyoming and the southern boundary of the State of Wyoming with Colorado and Utah.

    42nd Parallel north forms most of the New York - Pennsylvania Border.

    43rd Parallel north forms most of the boundary between the State of Nebraska and the State of South Dakota and also formed the northern border of the historic and extralegal Territory of Jefferson.

    The Parallel 44o north is an imaginary circle of latitude that is 44 degrees north of the Earth's equatorial plane.

    45th Parallel north is often the halfway point between the Equator and the North Pole. The 45th parallel makes up most of the boundary between Montana and Wyoming.

    49th Parallel is the boundary between USA and Canada.

  59. Dear Sir,

    Kindly clarify this facility can be availed by any / all citizen, is there any specification on base of annual Income, existing account holder shall open new account for availing the said PM Jan Dhan Yojana Benefits. is there any restictions amoungs the citizens bases on income/ property etc. etc

  60. Dear Sir,iz it possible to convert my existing account under this scheme to avail this facility. note am a asses to tax for 2 decades

  61. this facility is for one and all or specific people kindly reply at the earliest. I do request the authorities to kindly publish this scheme in all media so that it will be clear and useful. the porpoise will serve.

  62. solution of question no. 2 plz

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  64. 16 ans 3^3-2=25


  65. When the ac is not used for transactions fora long time

  66. Guys have any one got call from HR in the panel
    today 3 of my friends who have done their interview n gd on the same day of mine they got the call from HR n he asked about marks n mentioned that he is calling for the members who he feels suitable

    is there any chance of changing marks now or any bribing is possible at this moment

    i am just disappointed with this news

    how can a panel member take the number of the aspirant n call them to ask their well wishes

    they are saying it is not a fake call they have his photo too in their watsapp contact

    so dissappointed..:-( :-( :-(

  67. was the paper in 2014..give some suggestions to prepare for 2015 to many hours..wht r the areas to concentrate more??guide me ..this is the first time i am going to write BOB po exm...i want to crack it.. :)

  68. Hi ..What will be the difficulty level of BOB PGD Exam?? Please reply


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