Prime Minister Narendra Modi's ambitious financial inclusion scheme kicked off on August 28,2014. The scheme aims to accomplish the objective of providing basic banking accounts with a debit card with inbuilt accident insurance. Its main features include Rs.5000 overdraft facility for Aadhar -linked accounts. Rupay Debit Card with inbuilt Rs. 1 lakh accident insurance cover and minimum monthly remuneration of Rs. 5000 to business correspondents who will provide the last link between the account holders and the bank. The banking network is all set to open bank accounts of the uncovered households in the both rural and urban areas. In fact, the banking sector would be expanding itself to set up an additional 50,000 business correspondents, 20000 new ATMs in the first phase.
The long term vision of the Jan Dhan Yojona is to lay the foundation of a cashless economy and is complementary to the Digital India Scheme.
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