Every account is a step towards joining the economic mainstream: Narendra Modi at launch of 'Pradhanmantri Jan Dhan Yojana'

Prime Minister Narendra Modi, on Thursday, launched the 'Pradhanmantri Jan Dhan Yojana' (PMJDY). The mission document was unveiled by the prime minister and the three individuals who helped suggest the name were jointly recognised with awards for their contributions. 

Speaking at the launch, Narendra modi said that the Pradhanmantri Jan Dhan Yojana efforts were to assist the poor attain freedom from poverty. "Financial inclusion is our duty and we are doing our duty.You may have seen that those who were winners were non-Hindi speakers and they gave a name in Hindi. This is national integration." said Modi.

"Opening up of bank accounts of 1.5 crore people is a huge record in banking history. There are possibilities of RuPay card, being issued with Jan Dhan Yojana gaining global acceptance. This scheme will cover both urban and rural areas and all bank accounts opened will be linked to a RuPay debit card." Modi informed.

He further added, "This may be a record even in the banking sector. It will not only be an achievement of banking sector, but also boost the confidence of people in the Government too."

Delhi: PM Narendra Modi launches 'Pradhanmantri Jan Dhan Yojana' pic.twitter.com/hPNUELiBpQ — ANI (@ANI_news) August 28, 2014

He noted that every time a person opens an account in the bank, they take their first step towards joining the economic mainstream. "If we want to get free from poverty, we need to end financial unsociability. Imagine the difference these bank accounts will make in the lives of women. They will bless us."

"PMJDY will also boost banking sector and it will also generate employment. If we all fight against poverty, we can get rid of it. Through this yojna, the poor will get renewed strength to fight poverty," he stated.

He also pointed out that the poor of the country are aware that their fourtune has begun to change since August 15. Modi said, "Those who open accounts under this scheme by January 26 will get medical insurance of Rs 30,000. Alike rich people, now the poor too will be able to own 'debit card' and this will help bridge the gap between the poor and rich."

Jan Dhan Yojana, a mega financial inclusion plan under which bank accounts and RuPay debit cards with inbuilt insurance cover of Rs 1 lakh will be provided to crores of persons with no access to formal banking facilities. The scheme seeks to provide two accounts to 7.5 crore identified households by August 2018.

On the occasion of the launch, prime minister will visited an exhibition on technology and financial literacy organised in the capital. The first phase of the mission, starting this month, would end in August next year. The second phase will start from 2015 till 2018, covering aspects such as micro insurance and pension schemes like 'Swavalamban'. Some of the Phase II activities would also be carried out in Phase I. 

In addition, the coverage of households in hilly, tribal and difficult areas would also be carried out.

PM Modi and FM Arun Jaitley at the launch of 'Pradhanmantri Jan Dhan Yojana' in Vigyan Bhawan 

Delhi: PM Modi and FM Arun Jaitley at the launch of 'Pradhanmantri Jan Dhan Yojana' in Vigyan Bhawan pic.twitter.com/p4IkRg1SpA — ANI (@ANI_news) August 28, 2014