Madhya Pradesh has intensified preparations in view of the country-wide launch of Pradhan Mantri Jan-Dhan Yojana on August 28.
Under the scheme, every household will have bank account. Reviewing preparations for launch of Pradhan Mantri Jan-Dhan Yojana at Mantralaya here on Saturday, Chief Minister Shivraj Singh Chouhan said that it would be beginning of a major change. He directed to complete preparations in time-limit. He said that the scheme will provide financial security to weaker section people.
The meeting was informed that bank accounts of all households will be opened by next year. At present, survey on households beyond the reach of banking services is underway. Under the scheme, every bank account holder will be given a debit card with facility of upto Rs5000 overdraft. Financial literacy and credit consultancy centre in rural branches of banks will also start functioning effectively.
The Chief Minister directed to launch a state-wide campaign to increase financial literacy. He said that only Hindi should be used in making credit cards, bank accounts and other concerning documents.
Through Pradhan Mantri Jan-Dhan Yojana, people will avail benefit of fiscal services, habit of saving will increase and overdraft facility will help in dealing with contingency situations. Besides, local youths will be associated with employment through the scheme by making them business correspondents. Insurance and pension amounts will also be received at homes.
The scheme will be launched by Prime Minister Narendra Modi in New Delhi on August 28, 2014 at 4 pm. The Chief Minister will launch the scheme at the State-level at 4.30 pm at Bhopal through active cooperation of banks. The scheme will be launched simultaneously in Indore, Gwalior, Ujjain, Rewa, Sagar and Jabalpur. In all districts, the scheme will be launched at 5 pm through district-level banks’ cooperation.
The central government has fixed 6 phases for implementation of the scheme. Under the first phase of the scheme, all families will be provided banking facilities. The second phase envisages opening basic bank accounts with overdraft facility and the third phase envisages financial literacy programme.
Under phase-4 credit guarantee fund will be set up, under phase-5 arrangement of micro insurance and under phase-6 pension schemes will be launched for unorganised sector from year 2015 to 2018.