Indian Prime Minister Narendra Modi, launched Jan Dhan Yojana today 28 August 2014 Thursday, it is a mega financial inclusion plan in which Bank Accounts & Debit Cards with inbuilt insurance of Rs. 1 lakh. will be provided to crores of Indians who still don`t have the bank accounts.
More than 10 crore Indians don`t have bank accounts therefore they don`t have the savings, said finance minister Arun Jaitley. He also said Indian government will reach to more than 7.2 crore families by February 2015.
First phase of PMJDY (Pradhan Mantri Jan Dhan Yojana), will start by this month, & will end in August 2015. Second phase will start from August 2015 & end till 2018.
Banking network will have to gear up to expand its 7000 plus branches, 20,000 plus ATM`s in first phase, to open bank accounts of the not recognized families in both rural & urban areas.