Sep 8: The Pradhan Mantri Jan Dhan Yojana scheme is aiming for an expansion targeting to involve every adult member from eligible households under the no-frills bank account scheme. The government has revealed that every adult member in an eligible household will soon be enabled to open no-frills bank account that comes with free insurance coverage of Rs 2 lakh.
Withdrawals up to Rs 2,000 will attract no questions in these accounts from now, while the overdraft facility has been doubled as decided by the Union Cabinet. With the new limit enabled, Pradhan Mantri Jan Dhan account holders will be able to avail overdraft facility of up to Rs 10,000.
The age limit for availing the facility has also been increased to 65 years from the current limit of 60 years. The four-year expiry period has also been raised for the scheme, with the government deciding to make it open-ended, i.e. without any expiry.
Finance Minister Arun Jaitley viewed the scheme as a runaway success, adding that the mission had helped to provide access of financial services to the masses. Pradhan Mantri Jan Dhan Yojana was announced shortly after the Modi government took in power.
Over 30 crore accounts have been opened under the scheme unti now, with over Rs80,000 crore getting deposited under the accounts. The numbers are expected to grow significantly with the current government plan to enable every adult person to have access to Jan Dhan accounts.
Among the total accounts opened under the scheme, 53% are of women’s. 83% of the Jan Dhan accounts have been seeded with Aadhaar as per the official data available.