Slogan – The slogan for the Pradhan Mantri Jan Dhan mission is Mera Khata-Bhagya Vidhaata.
Under the scheme, account holders will be provided zero-balance bank account with Rupay/ debit card, in addition to accidental insurance cover of Rs 1 lakh.
Those who open accounts by January 26, 2015 over and above the Rs1 lakh accident, they will be given life insurance cover of Rs 30,000.
Six months of opening of the bank account, holders can avail Rs 5,000 loan from the bank.
With the introduction of new technology introduced by National Payments Corporation of India (NPCI), a person can transfer funds, check balance through a normal phone which was earlier limited only to smart phones so far.
Mobile banking for the poor would be available through National Unified USSD Platform (NUUP) for which all banks and mobile companies have come together.
Under the scheme, account holders will be provided zero-balance bank account with Rupay/ debit card, in addition to accidental insurance cover of Rs 1 lakh.
Those who open accounts by January 26, 2015 over and above the Rs1 lakh accident, they will be given life insurance cover of Rs 30,000.
Six months of opening of the bank account, holders can avail Rs 5,000 loan from the bank.
With the introduction of new technology introduced by National Payments Corporation of India (NPCI), a person can transfer funds, check balance through a normal phone which was earlier limited only to smart phones so far.
Mobile banking for the poor would be available through National Unified USSD Platform (NUUP) for which all banks and mobile companies have come together.
Benefits of the scheme:
RuPay cardholders will have dual insurance covers, with the government roping in the Life Insurance Corporation of India a day before unveiling its financial inclusion programmePradhan Mantri Jan Dhan Yojana.
The massive financial inclusion project to be launched across India will give unbanked customers RuPay debit card, launched by the National Payments Corporation of India (NPCI), along with free insurance cover and new bank account.
NPCI had entered into a three-year agreement with private general insurance HDFC Ergo and a similar agreement will be signed with LIC.
LIC will provide unconditional cover to RuPay cardholders. HDFC Ergo will provide cover to the cardholders in case of death or permanent disability. As per the agreement between HDFC Ergo and NPCI, a claim will be disposed only if the card is active. A card will be considered active if the cardholder has swiped it within 45 days of making a claim. The NPCI is in talks with HDFC Ergo to improvise the scheme so that the claim can be made if the card was swiped within the preceding 90 days.
The massive financial inclusion project to be launched across India will give unbanked customers RuPay debit card, launched by the National Payments Corporation of India (NPCI), along with free insurance cover and new bank account.
NPCI had entered into a three-year agreement with private general insurance HDFC Ergo and a similar agreement will be signed with LIC.
LIC will provide unconditional cover to RuPay cardholders. HDFC Ergo will provide cover to the cardholders in case of death or permanent disability. As per the agreement between HDFC Ergo and NPCI, a claim will be disposed only if the card is active. A card will be considered active if the cardholder has swiped it within 45 days of making a claim. The NPCI is in talks with HDFC Ergo to improvise the scheme so that the claim can be made if the card was swiped within the preceding 90 days.
Problems being faced:
No Rupay cards issued till now.
Poor awareness on the scheme. Many do not know benefits of the scheme.
Many don’t even use the scheme for transactions.
Strict KYC norms for giving out OD.
Poor awareness on the scheme. Many do not know benefits of the scheme.
Many don’t even use the scheme for transactions.
Strict KYC norms for giving out OD.
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