Pradhan Mantri jan Dhan Yojana, access to a bank account.
I got my monthly hard-earned money from my labour work, where can I save it ? If I don't save it, I might end up spending money on liquor or rats might eat the currency notes in my home. I have no safe place to save it, or I am neither educated enough to understand banking systems. How can I save this money for my daughter's wedding?
All these questions are for the poor people who have no access to saving their own money and are far away from government systems using only currency notes.
The government of India has initiated to include every individual having a bank account. It ensures financial inclusion through banking systems, allowing poor and illiterate citizens to participate in and learn the banking process.
The eligibility required to open a Pradhan Mantri Jan Dhan account. All you need is an Aadhar card and an age above 10. It will help by giving zero-balanced accounts and an insurance cover of 2 lakh rupees accidental insurance coverage and 30,000 life coverage.
56 crore accounts have been opened till now and 55% of accounts have been opened by women. 20% of accounts are not operated. Some accounts have duplicate accounts by opening accounts by opening twice in other states by migrant labour. There is a huge connectivity issue in rural areas and security concerns about OTPs, banking procedures or ATM cards. Overall, it helps poor and marginalised citizens help with connecting banking systems and save money in banks.
