PRADHAN MANTRI JAN-DHAN YOJANA

EPS is honored to be the only ATM Technology Service Provider in India to be invited by the Ministry of Finance to participate in the formal launch of the Pradhan Mantri Jan-Dhan Yojana (PMJDY) which means ‘Prime Minister Scheme for People's Wealth’. It is an ambitious scheme for comprehensive financial inclusion launched by the Hon’ble Prime Minister of India, Shri. Narendra Modi at a function broadcast across the nation from the Vigyan Bhawan in New Delhi, on August 28, 2014.

The Hon’ble Prime Minister declared the beginning of the end of financial untouchability in India, with the opening of an estimated 1.5 crore bank accounts across the country, in an exercise unprecedented in scale in economic history. Elaborating the benefits under PMJDY, the Hon’ble Prime Minister said this was not a mere bank account, but had other benefits including an RuPay debit card, Rs. 1 lakh accident insurance cover, and an additional Rs. 30,000/- life insurance cover for those opening bank accounts before January 26, 2015. He said the account performance would be monitored and overdraft facility would be given. The Hon’ble Prime Minister said he had sent 7.25 lakh bank employees a message, exhorting them to help reach the target of 7.5 crore bank accounts and bring freedom from financial untouchability. The Hon’ble Prime Minister said when banks were nationalized in 1969, it was done with the objective of bringing people into the economic mainstream. But that objective had not been achieved till date. After 68 years of independence, not even 68% of India’s population had access to banking, he added.

The Financial Services Secretary of India Mr. G. S. Sandhu described this scheme as an important step towards converting Indian economy from a cash based one into a cashless and digital economy. Speaking on the occasion, the Finance Minister Mr. Arun Jaitley said PMJDY would be taken forward in Mission Mode, and the first target of reaching 7.5 crore unbanked families would be achieved by January 26, 2015.

The New National Mission on Financial Inclusion aims at bridging the gap and learning from the past; Focusing on households - rural and urban; Online accounts in CBS; Fixed Business Correspondent, Account Openings integrated with DBT, Credit, Insurance, Pension, Inter-operability through RuPay Debit Cards, Mobile wallets and National Unified USSD Platform (NUUP) based mobile banking, Minimum remuneration for Business Correspondent INR 5,000/- , Financial Literacy, Brand visibility through Campaigns, Advertising & Media, OD limit of INR 5,000/- after successful account operation of 6 months; Focus on BC and their sustainability and making BC a viable business model etc.

The invitees were predominately senior members and ministers from the Indian Government, Members of Parliament from the Lok Sabha / Rajya Sabha, Financial Institutions, Banks, Reserve Bank of India (RBI), NABARD, Indian Banks’ Association (IBA), National Payments Corporation of India (NPCI) & other related ministries and media representatives.

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