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PM Modi Launches Jan Dhan Yojana, 1.5 Crore Bank Accounts Opened

By NDP newsroom

Prime Minister Narendra Modi launched the government's ambitious financial inclusion program, the Pradhan Mantri Jan Dhan Yojana (PMJDY), aimed at providing a bank account for every Indian household. Finance Minister Arun Jaitley announced that 1.5 crore accounts were opened on the first day of the initiative, which is expected to reach 7.5 crore accounts by January 26, 2015.

The scheme is seen as the first comprehensive financial inclusion effort in India, aiming to eliminate financial untouchability and eradicate poverty. It is also designed to empower women by offering them a safe place to save their money.

Under the scheme, each account holder will receive a RuPay debit card with a Rs 1,00,000 accident cover, and those who open accounts by January 26 will also be entitled to a life insurance policy worth Rs 30,000. Additionally, an overdraft facility of up to Rs 5,000 will be available to Aadhaar-enabled accounts after six months of satisfactory operation.

To facilitate the process, the Reserve Bank of India (RBI) relaxed some Know Your Customer (KYC) norms, allowing users to submit just one address proof and enabling the opening of 'small accounts' through self-attestation for individuals lacking valid documents. These small accounts will have limited transactions and balances but can be extended for an additional year.

PM Modi hailed the scheme as a monumental step in India's banking history and a significant move towards financial inclusion.

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