NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Thursday, August 28, 2014

New Delhi: Prime Minister Narendra Modi on Thursday launched 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.

A film on ’Financial Inclusion’ was screened and the Prime Minister unveiled a Logo and a Mission Document on Financial Inclusion. He has dedicated the mobile banking facility on the basic mobile phone (USSD) to the nation.

Addressing the function, PM Modi said that it is a big record in the history of the banking as well as the insurance sector which has never seen account opening and accidental insurance of 1.5 crore people in a single day.

Modi said that Rs 30 thousand extra life insurance cover will be given for account opened till 26 January.

Stating that economy plays an important role to fight poverty, the PM stressed upon the need to remove financial untouchability to eradicate poverty.