Pradhan Mantri Jan-Dhan Yojana is a government scheme to provide saving account, deposit account, remittance facility, pension, insurance, and credit in a good manner. The scheme was launched by the Government of India to offer saving bank account to every Indian.
The scheme of ‘Jan Dhan Yojana’ was launched by the Prime Minister Shri Narendra Modi on August 28, 2014 to offer bank account to each and every Indian citizen. The purpose of this scheme was to provide opportunity for saving money safely.
Originally, the scheme was launched on August 15, 2014 at the Red Fort, Delhi. However, the scheme was launched two weeks later. The Government of India’s plan was opening one crore bank accounts on the first day of launch.
A money saving scheme is always required to make an end level development especially in rural India. The scheme was an opportunity to provide safe and secure savings especially in rural India. The meaning of ‘Jan Dhan Yojana’ roughly translates to ‘People’s Wealth Scheme’ in English.
The saved money in bank account could be useful in their bad days without need of other persons. A saved money in bank account could be useful in many occasions too. A saving account can be useful for understanding better importance of money saving.
One other reason was to provide financial benefits of government schemes directly into owner’s bank account. This way, the government could eliminate the middle man in government schemes.
Under this scheme, the Government of India allowed each and every citizen above age of ten years old could open a saving bank account with zero balance. Earlier, it was difficult to open saving account in many rural areas with zero balance as there were no schemes available.
Jan Dhan Yojana also offers free accidental insurance cover up to Rs. 1 lac rupees without paying any premium charges. It is one of the most important features of this scheme.
After opening the bank account under ‘Jan Dhan Yojana’, the account holder is given ‘RuPay Debit cum ATM Card’ which can be used in all ATMs for withdrawing and depositing money. RuPay Debit cum ATM Card is also used to purchase at retail outlets and online shopping.
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Article Title: Jan Dhan Yojana Essay for Students, Kids, Children and Youth
Article last re-published on January 4, 2017. Original.