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Jan Dhan Yojna Features & Its Imapct on Banking Sector

Jan Dhan Scheme is a good scheme launched by Prime Minister Narendra Modi and notable features of the same are as appended below:
  • The scheme will cover both urban and rural areas of India. 
  • All bank accounts opened will be linked to a debit card (RuPay Debit card), which would be issued under the RuPay scheme.
  • Accident insurance of up to 1 lakh comes free with each account. 
  • Those opening accounts before January 26 next year will also get life cover of | 30,000
  • Once the bank account has been active for six months and been linked to the account holder’s 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 scheme has set an ambitious target of bringing in more than 7.5 crore unbanked families into India’s banking system by opening more than 15 crore bank accounts at the rate of two bank accounts per household by 2018.
  • The Jan Dhan Yojana also seeks to provide incentives to business and banking correspondents who serve as a link for the last mile between savings account holders and the bank by fixing a minimum monthly remuneration of Rs 5000.
  • The scheme has much simpler know your customer (KYC) norms. An Aadhaar card is proof enough to open your the account on the spot. Attested NREGA cards, voters’ ID card are the other documentary proofs that are allowed. For those who do not possess even these, simplified rules regarding proof of identity and address allow the opening of a more basic account.
We are proud of Narendra Modi as a Prime Minister as he has taken a land mark action which can have a lot of impact on Indian people below poverty line as these are the people who will be devoid of  any bank accounts and a few freebies with it is going to be an incentive for the people to get their bank accounts opened. You can check the 5 stocks recommended to buy post Narendra Modi assuming Prime Ministership.

About 1.5 crore bank accounts were opened on a single day while about 2.14 Crore accounts were opened in two days through financial camps set up in 77,000 locations. The target is to open 7.5 crore bank accounts by January next year.

Further, such a scheme will also give a leg up to the banking system in the country. Though initially the contribution in terms of savings entering the financial system, through such a scheme, may be small, we believe as and when the awareness about the banking system and its benefits spreads, the amount will gradually see a spike. Further, it could impart a shot in the arm to PSBs, which have been losing market share to new private sector banks. Financial inclusion may have upfront costs but it begins to pay off once a certain scale has been reached.

Further, banks can later generate revenues from such accounts by offering credit facilities as well fees from distributing third-party products like insurance, MF, etc.

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