Piyush Goyal launches ‘Pradhan Mantri Jan Dhan Yojana’ in Mumbai

Mumbai : Union Minister for Power, Coal and New & Renewable Energy Sources Piyush Goyal presented Bank Account Welcome Kit and RuPay Debit Cards to ten beneficiaries after launching the Pradhan Mantri Jan Dhan Yojana in Mumbai.

The scheme aims at the national mission of financial inclusion aimed at making banking coverage universal. It will focus on providing universal banking access with basic banking, limited overdraft, debit card and an in-built accident cover of Rs.1 lakh along with a life insurance cover of 30,000 rupees.

Financial literacy programmes are also on the agenda. The PMJDY will provide bank accounts to each household and make available basic banking services like withdrawal and deposits, money transfer, balance enquiry, debit card and mobile banking.

40,000 villages in Maharashtra shall be mapped into a sub-service area (SSA) comprising 1,000-1,500 households, with each SSA covering three-four villages. These would be covered through a combination of banking outlets, either branch banking or branch-less banking.

For this purpose, 7,000 new bank branches will be opened, 20,000 new ATMs installed and 50,000 banking correspondents recruited in the first phase to properly implement the PMJDY. As per the 2011 census, only 58.7 percent households in India, and 68.9 percent in Maharashtra have access to banking services. According to estimates, of the 24.67 crore households in India, six crore in rural areas and 1.5 crore in urban centres need to be covered under the financial inclusion mission.

“Financial inclusion has been the priority of the NDA government and extension of banking services to all households would promote savings and contribute to overall economic growth. By announcing the PMJDY, Prime Minister Narendra Modi has given the ‘gift of empowerment’ to the poor,” Goyal said.

He said financial inclusion should not just be the responsibility of the state or the bank managers, but should be a people-driven programme with participation of each citizen.

The PMJDY was launched in Pune by Environment Minister Prakash Javadekar, and in Nagpur by Minister for Shipping, Surface Transport and Highways Nitin Gadkari.

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