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While the ‘Father of the Nation’-Mahatma Gandhi struggled to remove ‘Social Untouchability’ in India, Narendra Modi wishes to get rid of ‘Financial Untouchability’ in India.
The scheme strongly believes that every person in India should be connected to the financial system by opening bank account to every Indian, who is not having any bank account till now, as the first step towards joining them in the economic mainstream.
The Scheme will cover 7.5 crores if Indians, by 26th January 2015, the next Republic Day of India, and the account holders would be provided ‘zero-balance’ bank account with ‘RuPay Debit Card’, Life Insurance cover of Rs 30,000/– and an accidental insurance cover of Rs 1 lakh. Later the account holders will be provided an overdraft facility of up to Rs 5,000/-.
On 28th August 2014, the inaugural day of the scheme, a record 1.5 crore bank accounts were opened across the country, the largest such exercise on a single day possibly anywhere in the world.
The scheme of Narendra Modi is named as “Pradhan Mantri’s Jan Dhan Yojana”./”PMJDY”
The ‘PMJDY’ may not/cannot eradicate poverty in India/Financial Untouchability in India, by the next Republic Day of India.
However, you may appreciate the good and small beginning of some noble idea and the scheme will be providing not only banking facilities to the poor Indian, but also, Personal Insurance and Accidental Insurance benefits.
The scheme may add medical benefits/cash free medical treatment also to the poor Indians.
It is notable and appreciable that the scheme is not named after any of the past or living leaders, as is usually done by the Union Government of India and many of the State Governments in India.
Hats off! Narendra Modi!!