Observing that people have mobile phones but not bank accounts, Modi said, “Today there are crores of families which have mobile phones but no bank accounts. We have to change this. The economic development must benefit poor and it should start from here.”
Under the Jan Dhan Yojana, he said, “the person who will open bank account will get a debit card and the family will get Rs 1 lakh insurance cover. This will help the family to tide over any unforeseen eventuality.”
The scheme, to be pushed by the government in a mission mode, seeks to provide two accounts to 7.5 crore identified households by August 2018.
The main features of the scheme includes Rs 5,000 overdraft facility for Aadhar-linked accounts, Ru Pay Debit Card with inbuilt Rs 1 lakh accident insurance cover and minimum monthly renumeration of Rs 5,000 to business correspondents who will provide the last link between the account holders and the bank.