Jump to content

Pradhan Mantri Jan Dhan Yojana: Difference between revisions

From Wikipedia, the free encyclopedia
Browse history interactively
← Previous editNext edit →
Content deleted Content added
VisualWikitext
No edit summary
No edit summary
Line 32: Line 32:
*2)Violation of Article 39( c) of the Constitution of India --
*2)Violation of Article 39( c) of the Constitution of India --
Pradhan Mantri Jan Dhan Yojana violate Article 39( c) of the Constitution of India which says that the operation of the economic system does not result in the concentration of wealth and means of production to the common detriment. The reason for this is that above poverty lines are also taking the benefit of the said scheme .
Pradhan Mantri Jan Dhan Yojana violate Article 39( c) of the Constitution of India which says that the operation of the economic system does not result in the concentration of wealth and means of production to the common detriment. The reason for this is that above poverty lines are also taking the benefit of the said scheme .
*3)Misuse of the Income Tax Department --
*3)Misuse of the Department of Revenue --
Fund raised through the tax collection from the tax payers is again returning to the tax payers in the form of Pradhan Mantri Jan Dhan Yojana.Thus the Income Tax Department under the Ministry of Finance is wasting money and time to collect income tax .
Fund raised through the tax collection from the tax payers is again returning to the tax payers in the form of Pradhan Mantri Jan Dhan Yojana.Thus the Department of Revenue under the Ministry of Finance is wasting money and time to collect income tax .


==References==
==References==

Revision as of 07:10, 13 January 2015

Pradhan Mantri Jan Dhan Yojana(Template:Lang-hi, Template:Lang-en) is a scheme for comprehensive financial inclusion launched by the Prime Minister of India, Narendra Modi on 28 August 2014[1] He had announced this scheme on his first Independence Day speech on 15 August 2014.

Run by Department of Financial Services, Ministry of Finance, on the inauguration day, 1.5 Crore (15 million) bank accounts were opened under this scheme.[2][3] By 10 January 2015, 11.76 crore accounts were opened, with around ₹8,698 crore (US$1.0 billion) were deposited under the scheme,[4] which also has an option for opening new bank accounts with zero balance.

SBI, India's largest bank had opened 11,300 camps for Jan Dhan Yojana over 30 lakhs accounts were opened so far, which include 21.16 lakh accounts in rural areas and 8.8 lakh accounts in urban areas. On the contrast, even taking together all the major private sector banks, have opened just 5.8 lakh accounts.[5]

Purpose

In a run up to the formal launch of this scheme, the Prime Minister personally mailed to Chairmans of all PSU banks to gear up for the gigantic task of enrolling over 7.5 crore (75 million) households and to open their accounts.[6] In this email he categorically declared that a bank account for each household was a "national priority".

The scheme has been started with a target to provide 'universal access to banking facilities' starting with "Basic Banking Accounts" with overdraft facility of Rs.5000[7] after six months and RuPay Debit card with inbuilt accident insurance cover of Rs. 1 lakh and RuPay Kisan Card. In next phase, micro insurance & pension etc. will also be added.[1]

Under the scheme:

1. Account holders will be provided zero-balance bank account with RuPay debit card, in addition to accidental insurance cover of Rs 1 lakh(to be given by 'HDFC Ergo').

2. Those who open accounts by January 26, 2015 over and above the 1 lakh ₹ accident, they will be given life insurance cover of Rs 30,000(to be given by LIC).

3. After Six months of opening of the bank account, holders can avail 5,000 ₹ overdraft from the bank.

4. 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.

5. Mobile banking for the poor would be available through National Unified USSD Platform (NUUP) for which all banks and mobile companies have come together[8]

Performance

Due to the preparations done in the run-up, as mentioned above, on the inauguration day, 1.5 Crore (15 million) bank accounts were opened.[2] The Prime Minister said on this occasion- "Let us celebrate today as the day of financial freedom." By September 2014, 3.02 crore accounts were opened under the scheme, amongst Public sector banks, SBI had opened 30 lakh (3 million) accounts, followed by Punjab National Bank with 20.24 lakh (2 million) accounts, Canara Bank 16.21 lakh (1.62 million) accounts, Central Bank of India 15.98 lakh (1.59 million) accounts and Bank of Baroda with 14.22 lakh (1.42 million) accounts.[5] It was reported that total of 7 Crore (70 million) bank accounts have been opened with deposits totaling more than 5000 crore Rupees (approx 1 billion USD) as of November 6, 2014. As the government met the target, Union Finance Minister Arun Jaitley has revised the target for opening of bank accounts under the Pradhan Mantri Jan Dhan Yojana (PMJDY), the ambitious financial inclusion scheme launched by the government, from 7.5 crore to 10 crore by January 26, 2015.[9] [10]

Criticisms

  • 1)Anti- welfare economics –

As the guidelines of Pradhan Mantri Jan Dhan Yojana do not keep any chapter for the criteria to be a beneficiary under the said scheme BPL as well as APL are also taking the benefit . Thus Pradhan Mantri Jan Dhan Yojana is anti- welfare economics . [11]

  • 2)Violation of Article 39( c) of the Constitution of India --

Pradhan Mantri Jan Dhan Yojana violate Article 39( c) of the Constitution of India which says that the operation of the economic system does not result in the concentration of wealth and means of production to the common detriment. The reason for this is that above poverty lines are also taking the benefit of the said scheme .

  • 3)Misuse of the Department of Revenue --

Fund raised through the tax collection from the tax payers is again returning to the tax payers in the form of Pradhan Mantri Jan Dhan Yojana.Thus the Department of Revenue under the Ministry of Finance is wasting money and time to collect income tax .

References

  1. ^ a b "Prime Minister to Launch Pradhan Mantri Jan Dhan Yojana Tomorrow". Press Information Bureau, Govt. of India. 27 August 2014. Retrieved 28 August 2014.
  2. ^ a b ET Bureau (28 August 2014). "PM 'Jan Dhan' Yojana launched; aims to open 1.5 crore bank accounts on first day". The Economic Times. Retrieved 28 August 2014.
  3. ^ "Modi: Banking for all to end "financial untouchability"". Reuters. 28 August 2014. Retrieved 29 August 2014.
  4. ^ http://www.pmjdy.gov.in/account-statistics-country.aspx
  5. ^ a b "SBI takes lead in opening bank accounts under Jan Dhan Yojana". The Economic Times. 11 Sep 2014. Retrieved 2014-09-30.
  6. ^ "PM's email to all bank officers". Press Information Bureau, Govt. of India. 25 August 2014. Retrieved 28 August 2014.
  7. ^ JanDhanYojana.Net (28 August 2014). "PM 'Jan Dhan' Yojana". JanDhanYojana.Net. Retrieved 29 August 2014.
  8. ^ pavan1804 (25 November 2014). "PM 'Jan Dhan' Yojana". pmjandhanyojana.co.in. Retrieved 25 November 2014.{{cite web}}: CS1 maint: numeric names: authors list (link)
  9. ^ http://trak.in/tags/business/2014/11/06/pm-jan-dhan-yojana-success/
  10. ^ http://netindian.in/news/2014/11/27/00031611/target-bank-accounts-under-pmjdy-raised-10-crore-january-26-2015
  11. ^ [http:// pib.nic.in/archieve/others/2014/oct/d2014101101.pdf "Guidelines of Saansad Adarsh Gram Yojana (SAGY"] (PDF). {{cite web}}: Check |url= value (help); Text ")" ignored (help)
Retrieved from "https://en.wikipedia.org/enwiki/w/index.php?title=Pradhan_Mantri_Jan_Dhan_Yojana&oldid=642273449"