Jan Dhan Yojana

Prime Minister Narendra Modi launched one of the biggest inclusion programmes, calling for an end to “financial untouchability“ and urged banks to connect every person across the country . Spreading the banking net wide is one of the key policy focus areas of the Narendra Modi administration, and the launch of the scheme within 100 days of the government signals its commitment to take on the challenge of executing mega programmes.
The Jan Dhan Yojana, the massive financial inclusion drive, aims to open 7.5 crore bank accounts and provide banking facility to the vast segment of the population which still remains cut off from the financial system.
Under the scheme, a person opening an account will get a Rupay debit card, a Rs.1 lakh accident insurance policy as well as a Rs.30,000 life insurance cover.
The facility of an overdraft would be added to the accounts after keeping a watch on the credit history and operation of the accounts for six months. The central government had to defer the facility as banks had expressed concern over the move. If Mahatma Gandhi worked to remove social untouchability , if we want to get rid of poverty , then we have to first get rid of financial untouchability ,“ Modi said in his extempore speech which drew loud applause from the audience.“We have to connect every person with the financial system. And for that this programme has been given impetus,“ he said, adding, “when a bank account is opened, it's a step towards joining economic mainstream.“
Speaking in his trademark style, Modi took the opportunity to drive home broader message behind the programme to fight poverty .Using anecdotes from his life, the PM highlighted the importance of savings, financial discipline, shoring up governance and managing big ticket government programmes.
Cabinet ministers and chief ministers fanned out across the country on Thursday to launch the programme simultaneously from 600 locations. More than 77,000 camps were set up by banks to open accounts and finance minister Arun Jaitley announced that the government will achieve the target of opening 7.5 crore accounts before January 26, 2015, well ahead of the earlier schedule of August 15, 2015.
The PM said the nationwide success of the enrolment drive on Thursday would give confidence not just to the officials of the finance ministry and the banking sector, but also to those across the government, that they can achieve goals they set for themselves. “Never before would insurance companies have issued 1.5 crore accident insurance policies in a single day . Never before in economic history would 1.5 crore bank accounts have been opened on a single day ,“ Modi said. Ahead of the launch, the PM had reached out to 7.25 lakh bank employees urging them to help reach the target of 7.5 crore bank accounts.