Jan Dhan Accounts CSP

On 15 August 2014, Prime Minister Narendra Modi launched India’s biggest ever financial inclusion drive. Pradhan Mantri Jan-Dhan Yojana is the 1st flagship programme launched by PM Modi which was the country’s National Mission for financial inclusion that ensures access to financial services, i.e. savings accounts, remittance, credit, insurance, pension in an affordable manner.

Prime Minister’s move was to provide access to formal banking services to more than 15 per cent of the unbanked population in the country, which helped PM Modi re-establish his image as the leader of the masses. Jan Dhan Yojna is not just about banking, but also about several other benefits that PM Modi offered with the accounts.

Under this scheme, if a person holds an account for more than six months, he/she is allowed an overdraft of up to ₹5,000. Jan Dhan accounts holders are also able to claim accidental insurance cover of ₹1 lakh. The scheme also provides life cover of ₹30,000 payable on the death of the beneficiary. PM Modi tapped over 15 per cent country’s population with just one economic policy.