Pradhanmantri Jan dhan yojana

Pradhanmantri Jan Dhan YojanaFinatix club IIM RaipurPMJDYPradhan 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 PMJDYInterest 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 lacNo 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 PMJDYLife 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 subsidyOverdraft facility :After satisfactory operation of the account for 6 months, an overdraft facility of 5000 will be permitted

Feature of basic saving accountThere 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 requiredIf 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 PMJDYPeople 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 in-built 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 mitraBusiness 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 formsCollection 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 RaipurCan 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 engagementRole of IIM RaipurGuide people on better utilization of overdraft facility for small emergency loan, Education Loan, Live Stock loanGuide people on better livelihood.Realizing potential of village based industries such as dairyInculcating better expenditure management (maintaining diary) by bringing ladies of the house to the foreProviding financial literacy to people through a comprehensive training program and best learner can be given responsibility to manage finance of whole village.