Pradhanmantri Jan Dhan

Yojana
Finatix club IIM Raipur

PMJDY
Pradhan Mantri Jan-Dhan Yojana (PMJDY) is
National Mission for Financial Inclusion to ensure
access to financial services, Banking Savings
account, Remittance,Credit and loan, Insurance,
Pension to everyone on the society.
It aims to provide banking access to all citizens
based on Incentives, Technology and Scale.
PMJDY focus on every households of urban as well
as rural area.

Benefit of PMJDY
Interest on deposit to users: Many people in
rural India keep their money in cash ,where they
dont get any return on their savings.
A Rupay debit card will be provided to
everyone applicable at all ATM and PoS outlets.
Accidental insurance cover of Rs.1.00 lac
No minimum balance required. However, for
withdrawal of money from any ATM with Rupay
Card, some balance is advised to be kept in
account.

Benefit of PMJDY
Life insurance cover of Rs.30,000/ Easy Transfer of money across India and
Unstructured Supplementary Service
Data technology enable people transact
money even on basic mobile phone.
Direct Benefit Transfer of government
scheme for pension, scholarship and subsidy
Overdraft facility :After satisfactory
operation of the account for 6 months, an
overdraft facility of 5000 will be permitted

Feature of basic saving

account
There is no requirement of minimum balance.
Maximum of 4 withdrawals a month including
ATM withdrawal. No such limit for deposits.
Rupay ATM card must be used once in 45 days
to avail insurance benefit.
The services available include deposit and
withdrawal of cash at bank branch as well as
ATMs receipt/credit of money through
electronic payment channels or by means of
collection/deposit of cheques.

Document required
If Aadhaar Card/Aadhaar Number is available then no other
documents is required. If address has changed, then a self
certification of current address is sufficient.
If Aadhaar Card is not available then Voter ID Card, Driving Licence,
PAN Card, Passport & NREGA Card can be used as "Proof of Identity
and Address".
If a person does not have any of the "officially valid documents"
mentioned above, but it is categorized as low risk' by the banks, then
he/she can open a bank account by submitting any one of the
following documents:
>>Identity Card with applicant's photograph issued by
Central/State
Government Departments, Statutory/Regulatory
Authorities, Public Sector Undertakings, Scheduled Commercial Banks
and Public Financial Institutions;
>>Letter issued by a gazette officer, with a duly attested
photograph of the person.

Problems with PMJDY

People are unaware of 45 day clause.
According to a news report in economic
times five crore of the seven crore bank
accounts opened under the government's
flagship financial inclusion programme,
Pradhan Mantri Jan Dhan Yojana (PMJDY),
have fallen outside the ambit of the inbuilt Rs 1 lakh accident insurance cover as
these accounts have seen no transaction
since they were opened.
People are not much aware about benefits
of overdraft facility.

Bank mitra
Business Correspondent Agents (Bank Mitras) are retail agents engaged by
banks for providing banking services at locations where opening of a
brick and mortar branch / ATM is not viable. Scope of activities of
Business Correspondents / Bank Mitra are as under:
Creating Awareness about savings and other products and education and
advice on managing money and debt counseling.
Identification of potential customers.
Collection and preliminary processing of various forms for deposits
including verification of primary information /data.
Filling of applications / account opening forms
Collection and payment of small value deposits and withdrawals.
Receipt and delivery of small value remittances / other payment
instructions.
Furnishing of mini account statements and other account information.
Any other service on behalf of the Bank, duly authorized by the
appropriate authority etc.

Role of IIM Raipur

Can organize camp at various villages to:
1-Make people aware of this scheme
2-Demonstare use of mobile facility
3-Coordinate with various NGOs
4-Teach them how to use overdraft facility
5-Can help people in financial planning
6-Coordinating and training with bank
mitra
7-Tracking of village engagement

Role of IIM Raipur

Guide people on better utilization of overdraft facility for
small emergency loan, Education Loan, Live Stock loan
Guide people on better livelihood.
Realizing potential of village based industries such as
dairy
Inculcating better expenditure management
(maintaining diary) by bringing ladies of the house to
the fore
Providing financial literacy to people through a
comprehensive training program and best learner can
be given responsibility to manage finance of whole
village.