The massive move of Narendra Modi in India part 1
Narendra Damodardas Modi is the 14th and current Prime Minister of India ,In office since 26th May 2014. He was the Chief Minister of the western Indian state of Gujarat from 2001 to 2014, and is currently a Member of the Parliament from Varanasi.He took office as the Prime Minister after the 2014 general election .
His administration has focused on reforming and modernizing India's infrastructure and government, reducing bureaucracy, encouraging increased foreign direct investment, improving national standards of health and sanitation and improving foreign relations.
Some of the flagship initiatives in 2.5 years of service include Make in India, Digital India, Clean India, Skill India, 100 Smart Cities , Jan-Dhan Yojana and Startup India Standup India .
With No doubt , I can say he is a great leader with far Vision beyond anyone's expectations and here is how it started.
In this Story , Let me Brief about it his Jan-Dhan Yojana scheme:
India is the country driven by its agricultural products .Today, India ranks second worldwide in farm output. Agriculture and allied sectors like forestry and fisheries accounted for 13.7% of the GDP (gross domestic product) in 2013, about 50% of the workforce, Yet Indian farmers don't have basic benefits like insurance,credit etc . As a result, the economic contribution of agriculture to India's GDP is steadily declining with the country's broad-based economic growth .
Having concerned about Farmers and Indian progress in Agriculture Modi has launched Pradhan Mantri Jan Dhan Yojana .
is India's National Mission for Financial Inclusion to ensure access to financial services, namely Banking Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension in an affordable manner. This financial inclusion campaign was launched on 28 August 2014. He had announced this scheme on his first Independence Day speech on 15 August 2014.
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. 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 and clear access to banking facilities' starting with "Basic Banking Accounts" with overdraft facility of ₹5,000 (US$74) after six months and RuPay Debit card with inbuilt accident insurance cover of ₹1 lakh (US$1,500) and RuPay Kisan Card. In next phase, micro insurance & pension etc. will also be added.
Under the scheme:
Account holders will be provided zero-balance bank account
of ₹30,000 (US$450) (to be given by LIC).
After Six months of opening of the bank account, holders can avail ₹5,000 (US$74) overdraft 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.Mobile banking for the poor would be available through National Unified USSD Platform (NUUP) for which all banks and mobile companies have come together.
It was reported that total of 7 Crore (70 million) bank accounts have been opened with deposits totaling more than ₹50 billion (US$740 million) as of 6 November 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 26 January 2015. On 20 January 2015, the scheme entered into Guinness book of world records setting new record for 'The most bank accounts opened in one week'.
Uttar Pradesh and West Bengal have got 29% of the total deposits under the scheme, whereas Kerala and Goa became the first states in the country to provide one basic bank account to every household.