The government has made a target of opening one basic account for every household with PMJDY. This cannot be defined as a problem anymore, as more than 120 million accounts have already been opened within this plan. However, previously, the government targeted to open 75 million accounts, within 26th January 2015. This was done keeping each house in India, in mind. So, it can be well stated that already this benchmark has been managed well with the help of this scheme.
For accessing banking services well, bank outlets were opened within 5 km distance of every village. The main plan of this PMJDY is to attract the rural sector, and not quite so much the urban settings. On the day, when this plan was launched, about 78,000 camps were organized. It also helped in speeding up the procedure of opening a bank account. The government has now asked the banks to organize special camps on every Saturday.
An account holder under PMJDY will be able to receive loads of benefits under this plan. Some of the basic services for them are to withdraw cash, depositing money, transferring funds and even checking on balance enquiry. Moreover, the bank account holders will be able to get mini statements along with mobile banking facility with the help of this same account. They will be financially literate, with banks by their side to help them out at each step.
An account holder has the liberty to procure PMJD banking facilities at any of the public sector bank branches. They have to go to the requisite banks, where they have opened their accounts. But, here, the banks need to scan and even upload the thumb impression or signature along with photograph, after going through some serious core-banking systems. Individuals can even take help of the RuPay card at some ATMs and other forms of online purchases.
For opening an account with PMJDY, Aadhar card is the first hand priority. If you have it, then you will not need any other document for opening an account. In case, you do not have your Aadhar card, then you can provide anyone of the following: passport, PAN card or driving license, with permanent or current address proof. For persons without valid documents, they must present self-attested photographs attested by gazetted officers.
There are multiple benefits waiting for the account holders under PMJD. Every holder can avail of an accident-insurance coverage of 1 lakh rupees. Moreover, they will further receive a free life insurance cover, which can be of Rs. 30,000, along with a Rupay debit card.
The primary aim of PMJDY is to help every individual to have their own banking account—especially for those people with no banking account, at all. However, during the initial launching period, various existing holders managed to open accounts for procuring the benefits from government. Recently, the government has clearly clarified that even existing account holders can get an accidental coverage of 1 lakh rupees after they have received their Rupay cards. They do not have to open a separate account, for that.
At present, the issuance of Rupay debit cards is quite slow, as most of the Indian banks have not been able to adopt this new measure. Therefore, the government had already ordered these banking institutions to speed up their work and complete the procedure of RuPay debit card, as soon as possible. There are various benefits, revolving around the RuPay debit card, but mostly, it will benefit the banking institutions. You can even check out with the ATMs, where these cards can be used.
Nearly 40% of families do not have proper accessibility to banking and other financial services. To help the poorer and unprivileged sectors get access to the banking community, PMJDY came into being. Now, the people do not have to rely on any untrusted credit lenders, who otherwise charged them at heavy interest rates. The main objective is to offer account to every family with other banking services, and ensure the best finance services for all at affordable costs.
The government organized a competition on the official website of MyGov.in. It requested participants for suggesting names, taglines and logos for the plan. More than 6000 people participated in this competition. The winner of the loo was a female candidate. There were three individuals, who proposed the name ‘Jan Dhan.’ The winner of logo was awarded with Rs. 25,000 and Rs. 10,000 were given to each of the three members, who provided the name of this plan.