Jan Dhan Yojana is at core of our philosophy of `Sabka Saath, Sabka Vikas`: PM Narendra Modi

PM Narendra Modi said on Monday that the Pradhan Mantri Jan Dhan Yojana was at the core of their philosophy of `Sabka Saath, Sabka Vikas`.

Last Updated: Aug 25, 2014, 20:21 PM IST

Zee Media Bureau

New Delhi: Prime Minister Narendra Modi said on Monday that the Pradhan Mantri Jan Dhan Yojana, an ambitious financial inclusion scheme under which the government intends to provide every household with a bank account and insurance cover, was at the core of their philosophy of `Sabka Saath, Sabka Vikas`.

He added that the BJP-led NDA government will work towards its success and also emphasised the point that everyone needed to rise to the occasion and successfully overcome the challenge.

The PM tweeted on the micro-blogging site Twitter - “Jan Dhan Yojana is at the core of our philosophy of `Sabka Saath, Sabka Vikas` and we will work towards its success.”

In another post he said, “Bank accounts for each household is a national priority for us. We need to rise to the occasion and successfully overcome this challenge.”

He has written an email to all bank officers saying, “We need to enroll over seven crore households and open their accounts. This is a national priority and we must rise to meet this challenge. There is an urgency to this exercise as all other development activities are hindered by this single disability. I am sure we will overcome this situation collectively.”

He urged bank officers to “put your shoulder to the wheel and try your level best to ensure that no one is left without a bank account. This itself will be a source of immense satisfaction for you and your teams. I will myself recognize the achievements of the best performing branches.”
He added, “As we move rapidly forward in this knowledge era with modern banking and financial systems, it is untenable that a large majority of our population is deprived of basic banking facilities. I sometimes wonder whether we have made matters so complicated that the poor and the marginalized are those who are trapped in a perpetual cycle of exclusion and deprivation.”

The PM further wrote, “We need to break that cycle and the Jan Dhan Yojana is the first step in that direction. With a bank account, every household gains access to banking and credit facilities. This will enable them to come out of the grip of moneylenders, manage to keep away from financial crises caused by emergent needs, and most importantly, benefit from a range of financial products.”

As a first step, under the scheme every account holder will get a RuPay debit card with a Rs 1,00,000/- accident cover.

The scheme will be launched on 28 August, 2014 across the nation simultaneously. The Prime Minister will launch it formally in Delhi, with parallel functions at the state level which will be attended by Union Ministers, and also at district and sub-district levels. Camps are also to be organized at the branch level, PTI reported.

Modi had made the announcement for the schmem in his Independence Day speech.

With Agency inputs