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Brief about Pradhan Mantri Jan Dhan Yojana (PMJDY)

Pradhan Mantri Jan Dhan Yojana’ a comprehensive Financial Inclusion Package has been launched across the country on 28th of August 2014. The objective of the scheme is ensuring access to various financial services like availability of basic savings bank account, access to need based credit, remittances facility, insurance and pension to the excluded sections i.e. weaker sections & low income groups. This deep penetration at affordable cost is possible only with effective use of technology.

PMJDY is a National Mission on Financial Inclusion encompassing an integrated approach to bring about Comprehensive Financial Inclusion of all the households in the country. The plan envisages universal access to banking facilities with at least one basic banking account for every household, financial literacy, access to credit, insurance and pension facility. In addition, the beneficiaries would get RuPay Debit card having inbuilt accident insurance cover of Rs. 1 lakh. The plan also envisages channeling all Government benefits (from Centre / State / Local Body) to the beneficiaries’ accounts and pushing the Direct Benefits Transfer (DBT) scheme of the Union Government. The technological issues like poor connectivity, on-line transactions will be addressed. Mobile transactions through telecom operators and their established centres as Cash Out Points are also planned to be used for Financial Inclusion under the Scheme. Also an effort is being made to reach out to the youth of this country to participate in this Mission Mode Programme.

The mission mode objective of the PMJDY consists of the following six pillars which is to be achieved in two phases:

Phase I (15 Aug, 2014 - 14 Aug, 2015)

    1. Universal access to banking facilities: - The first and basic pillar of this plan is the expansion of banking network of the country to reach out to the financially excluded segments of the population. In the year 2013-14, the Public Sector Banks (PSBs) set up 7840 branches across the country of which about 25% were in rural areas. More than 40,000 ATMs were also set up pursuant to the Budget announcement of 2013-14 of providing an ATM at every branch. In the year 2014-15, the Public Sector Banks propose to set up 7332 branches and 20130 new ATMs. However given the staff constraints of banks and the viability of opening full fledged branches in rural areas, the demands for branch expansion far exceed the supply. The efficient and cost effective method to cover rural areas is by way of mapping the entire country through Sub Service Area (SSA) approach and deploying fully enabled BC outlets.
    2. Mapping of each district into Sub Service Area (SSA) catering to 1000-1500 households in a manner that every habitation has access to banking services within 5 Km is to be completed by 14th August, 2015. Parts of J&K, Himachal Pradesh, Uttarakhand, North East and the 82 Left Wing extremism affected districts which have telecom connectivity and infrastructure constraints would be covered by the end of Phase II of the program (14th August, 2018).

    3. Providing Basic Banking Accounts for saving & remittance and RuPay Debit card with inbuilt accident insurance cover of Rs. 1 lakh: - The second pillar of this plan envisages providing basic bank accounts to all adult citizens starting with coverage of all households. The effort would be to first cover all the uncovered households with banking facilities by August 2015 by opening two bank accounts - one for the husband and one for the wife. This would need to be then continued on an ongoing basis to cover those households who have only one account per family. Facility of an overdraft of Rs. 5000/- through RuPay debit card after six months of satisfactory performance of saving / credit history to every basic banking account holder and should be extended to only the lady member of the household. This card shall have an inbuilt accidental insurance cover of Rs. one Lakh.

    4. Financial Literacy Programme: - The third important pillar focuses on preparing the people for financial planning and availing credit. It has been seen from the experience of microfinance firms as well as Self Help Groups (SHGs) that before availing credit, people need to be made aware of the advantages of access to formal financial system, savings, credit, importance of timely repayments and building up a good credit history. A total of 718 Financial Literacy Centres (FLCs) have been set up across the country upto 30th March, 2013. A total of 2.2 million people were made aware through awareness camps/ seminars and lectures during 2012-13. However most of these FLCs have not been set up in rural areas. The present plan aims to expand the FLCCs to the block level. The focus would be on availing credit and coming out of the exploitation by informal financial system.

Phase II (15 Aug, 2015 - 15 Aug, 2018)

    1. Creation of Credit Guarantee Fund - The fourth pillar of this plan is the creation of a Credit Guarantee Fund to cover the defaults in overdraft accounts. As per RBI estimates, up to March 2013, 3.95 million Basic banking  accounts availed Over draft  facility of Rs.1.55 billion (These figures respectively, were 0.18 million and 0.10 billion in March, 2010). However, considering that 182 million such accounts were opened by March, 2013, the overdraft facility has been availed in a very small fraction of these accounts.
    2. Micro Insurance: - The 5th Pillar of the Comprehensive Financial Inclusion Plan is to provide micro insurance to the people. Insurance regulatory and Development Authority (IRDA) has created a special category of Insurance coverage among economically vulnerable sections of Society. The Micro Insurance Policy can be a general or life insurance policy with a sum assured of Rs. 50,000/- or less. The process is to be accomplished by 14 August 2018 and then on an ongoing basis.
    3. Unorganized sector Pension schemes like Swavalamban: - The sixth and final pillar of this plan relates to old age income security to encourage workers in the un-organized sector to save voluntarily for their old age, an initiative called “Swavalamban Scheme”, a co-contributory pension scheme was launched on 26.09.2010, wherein the Central Government would contribute a sum of `1000 per annum in each National Pension Scheme (NPS) account opened and having a saving of Rs. 1,000 to Rs. 12,000 per annum for a period not exceeding five years.  A total of 3,01,980 subscribers during 2010-11, 6,43,979 subscribers during 2011-12 and 11,01,079 subscribers during 2012-13 have been benefitted . During the financial year 2013-14, a total of 15,94,790 subscribers have been benefitted. The process is targeted to be completed by August 2018 and then on an ongoing Basis.

Main highlights of the new programme viz, Pradhan Mantri Jan Dhan Yojana

  • The campaign focus on coverage of full geography.
  • The unit for coverage is households instead of villages.
  • The plan focuses on both rural as well as urban Financial Inclusion.
  • There is Brand visibility for the programme and Business Correspondent.
  • Telecom connectivity problems have been resolved by mutual consultation with the stakeholders and banks work to use the National Optical Fiber Network (NOFN).
  • Opening of at least 2 bank accounts per households with one account being that of the lady of the house in the villages, SSAs and Urban wards covered by the banks.
  • Accounts have to be integrated with EBT, credit, Insurance and Pension.
  • Interoperability have to be facilitated by National Payment Corporation of India (NCPI) through Aadhar Enabled Payment System (AEPS) with RuPay Debit Card.
  • Accounts are to be converted into online mode by migrating on Core banking Solution (CBS) platform with Mobile Banking Facility.
  • State level and District level monitoring committees have been set up for direct involvement with states/districts.
  • Minimum remuneration of the BCs has been fixed at `5,000/- pm comprising of fixed amount and additional transaction /activity based variable component. 
  • Uniform Financial Literacy material has to be designed in consultation with DFS and utilized for creating awareness and educating the customers in rural and urban centers.
  • Credit facilities in the form of overdraft with the limit up to ` 5,000/- shall be provided to only the lady member of the household. This card shall have an inbuilt accident insurance cover of `1.00 Lakh.
  • For ease of opening of accounts, a one page account opening form has been designed with simplified KYC/e-KYC approach.
  • There would be a Grievance Redressal at SLBC and IBA levels with a toll- free number.
  • A web portal shall be created by NIC/DFS for online monitoring the creation of Business Correspondent Agents that will act as a tool for monitoring the coverage of villages.
  • Besides those households that were covered under the earlier campaigns and have only one account per family would need to be provided with two accounts- one for the husband and one for the wife.
  • The present plan shall be implemented as a Mission Mode Project with pre defined roles of various stakeholders with timeline for every activity.

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Mr. Baldev Prakash
MD & CEO
Convenor J&K UTLBC
The Jammu & Kashmir Bank Ltd.
Corporate Headquarters
M.A Road, Srinagar,
Jammu and Kashmir, India
Phone: 0194-2481900,
Fax: 0194-2481902

Mr. Syed Rais Maqbool
General Manager,
UTLBC / Lead Bank Department, J&K Bank
Corporate Headquarters
M.A Road Srinagar,
Jammu and Kashmir, India
Telephone/ Fax: 0194-2502906
Email: srais@jkbmail.com

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Email: convenorbank@jkbmail.com

 

 


 
 
 

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