Jan Dhan Yojana: Here’s a good news for those holding Jan Dhan accounts. PM Narendra Modi-led Union government has now raised the over draft limit from Rs 5000 to Rs 10,000. That mean, a Jan Dhan account holder can withdraw Rs 10,000 from his account anytime in case of need and won’t have to pay any penalty. Moreover, there is no condition for making an over draft up to Rs 2000. The age limit for making an over draft has also been increased from 18-60 years to 18-65 years. All these decisions were taken by PM Modi-led Union Cabinet on Wednesday.
The latest Cabinet decisions will benefit as many as 32.41 crore Jan Dhan account holders. These accounts currently have over Rs 81,200 crore of deposit balance, according to official data.Read more ↓
In an official release, the Ministry of Finance said: In a major boost to pro-people and pro-poor initiatives, the Union Cabinet chaired by Prime Minister Narendra Modi in its meeting held on 5.9.2018 has approved the continuation of National Mission for Financial Inclusion – Pradhan Mantri JanDhan Yojana (PMJDY) with the following changes –
– The National Mission for Financial Inclusion (PMJDY) to continue beyond 14.8.2018
– Existing Over Draft (OD) limit of Rs 5,000 to be raised to Rs 10,000.
– There will not be any conditions attached for OD upto Rs 2,000.
– Age limit for availing OD facility to be revised from 18-60 years to 18-65 years.
– Under the expanded coverage from “every household to every adult”, accidental insurance cover for new RuPay card holders to be raised from Rs 1 lakh to Rs 2 lakh to new PMJDY accounts opened after 28.8.18.
The release said, “The continuation of the Mission would enable all adults/households of the country to have atleast a basic bank account with access to other financial services, social security schemes and overdraft upto Rs. 10,000. It will, thus, bring them into the mainstream of financial services and will facilitate transfer of benefits of various subsidy schemes of the Government more efficiently.”
Pradhan Mantri JanDhan Yojana (PMJDY) was announced by PM Modi in his Independence Day Speech on 15th August, 2014. The scheme was formally launched on 28th August, 2014.