Individuals who opened Jandhan savings account to be given Rs. 5000/- loan in 2 months!
Posted on: 13/Jan/2015 2:25:28 PM
Prime Minister’s Jandhan Yojana scheme has been started with the aim of every citizen having a savings account.
The savings account holders in Jandhan Yojana are provided with insurance against accidents for Rs. 1 Lakh and also issued a credit card called ‘RuPay’.
Though more than one member in a family can have Jandhan Savings Account, one person in that family will be provided with life insurance of Rs. 30000/-.
In the 1st phase of Jandhan Yojana, the account holders will become eligible for overdraft during February/March.
They will also be eligible for a loan of Rs. 5000/- as overdraft 6 months after opening the savings account.
However, in order to draw overdraft, the account holder will need some money in the account. In most cases, this is not available. Hence, the banks have requested the Finance Ministry to provide debt funds.
As only 2 months are left for the account holders to enjoy this facility, the banks have asked for immediate action on funds provision.
The eligibility for overdraft will be decided purely on the basis of the financial transactions in the account.
Overdrafts will attract an interest rate of 12% per annum.
The banks have emphasised in their request that the central government should consider that this scheme is exclusively meant for the economically most backward section of the society.
