Pradhan Mantri Jan-Dhan Yojna, an ambitious programme on Financial Inclusion to cover about 7.5 crore unbanked households in the country was launched here by the Prime Minister yesterday from Vigyan Bhawan. The Prime Minister has also asked that the target of opening 7.5 crore bank accounts is to be completed by 26th January, 2015.

Simultaneous launch functions were held in State Capitals and Districts through 79 Mega Camps in presence of the Union Ministers, the State Chief Ministers, MPs/MLAs and other dignitaries. In all more than 70000 camps were held all over the country and 1,84,68,000 accounts were opened.

It has been decided that henceforth, the bank will be holding such camps on weekly basis, from 8 am to 8 pm on all Saturdays so that the target of covering unbanked households is achieved well in time.

Under the scheme, a person from an unbanked household, opening an account will get a RuPay debit card with a ₹ 1 lakh accident insurance cover. An additional ₹ 30,000 life insurance cover for the accounts opened up to 26th January, 2015 was also announced by Hon’ble Prime Minister. The modalities of this additional life cover are being worked out by the Department of Financial Services.

Beneficiaries, who already have a bank account, are also eligible to take benefits of accident insurance of ₹ 1 lakh and life insurance of ₹ 30,000 under this scheme by getting a RuPay card issued from their bank branch before 26th January, 2015.

Financial inclusion drive mandates weekly bank camps and RuPay card issuance to extend accident and life insurance coverage. Banks are required to hold weekly outreach camps every Saturday from 8 am to 8 pm to meet the Jan-Dhan Yojana target of covering unbanked households. Accounts opened under the scheme must be issued a RuPay debit card, which enrolls holders into accident insurance and an additional life insurance benefit for accounts opened within the announced enrolment period; modalities for the life cover are being worked out by the Department of Financial Services. Existing account holders can access the insurance benefits by obtaining a RuPay card from their branch within the enrolment window.