Prime Minister’s ‘Jandhan Yojana’ plan commences tomorrow!
Posted on: 27/Aug/2014 3:52:36 PM
Prime Minister, Mr. Narendra Modi, had announced the ‘Jandhan Yojana’ plan, about bank accounts for the public, during his Independence Day speech.
Jandhan Yojana plan is all set to commence from tomorrow, 28th August all over the country.
In Tamil Nadu, the scheme will start in Chennai, Madurai, and Coimbatore.
The scheme will be inaugurated at Chennai by the Central Minister, Mr. Ravishankar Prasad, at Madurai by Mr. Pon. Radhakrishnan, and at Coimbatore by Mr. Shivraj Singh Chauhan.
Under this scheme, an account will be opened for the individual without any initial deposit. The account holder will also get an insurance cover for Rs. 1 Lakh. After 6 months, the banks will issue an overdraft fund of Rs. 5000/-. If this is paid back properly, the account holder can avail a loan up to Rs. 15000/-.
This system has been introduced with the main purpose of the extremely poor people who are forced to take loan on exorbitant interest (known as ‘kandhu vatti’ in Tamil), and also pledging their jewels & other items in pawn shops.
The scheme will facilitate for the banks to give loans at low interests for the poor. Central Government has earmarked Rs. 70000 Crores for this scheme. After the account is opened in the bank, bank passbook & ATM card (called ‘Rupe’) will be given. If the account holder pays the Rs. 5000 lent as overdraft (after 6 months of account opening), facilities will be given for taking larger loans on a successive basis. The scheme is expected to raise the living standards of the poor.
No scope for cheating
The account will be linked to Aadhar card. So, false addresses cannot be given to open an account. No loans will be given for personal benefit. Loans will only be given for starting a job/company and its production oriented expenses submitted with proper proofs.
As a first stage, the scheme is set to start from tomorrow (28th August) all over the country.
The target is to open 15 Crore accounts before 14th august, 2018.
Under this scheme of ‘Jandhan Yojana’, camps will be conducted by all nationalized banks for opening an account. In Chennai, each ward will have at least one bank operating this scheme.
In the second stage,steps will be taken to include insurance & pension facilities to be linked with the account.
