(Image source from: Full details of Pradhan Mantri Jan Dhan Yojana})

Prime Minister Narendra Modi proved true to his words. On Independence Day PM Modi had announced banking for every Indian to end the practice of poor people borrowing money from moneylenders, who charge a high rate of interest. And true to his words, on Thursday the NDA government launched PM Modi's mega scheme 'Jan Dhan Yojana'.

The 'Jan Dhan Yojana' was launced by the government declaring the scheme to be aimed at eradicating financial untouchability by providing bank accounts to India's poor.

The inaugural day of the scheme saw a record 1.5 crore bank accounts being opened all over the country. It was the largest exercise accomplished anywhere across the world on a single day.

The scheme was unveiled within 100 days of the formation of Modi government. PM Narendra Modi declared that the scheme will benefit 7.5 crore people by January 26, 2015.

Here are the five important features of the 'Jan Dhan Yojna'

1. The scheme provides zero-balance bank account with a RuPay debit card for the poor in India. The account holders will get an accidental insurance cover of Rs 1 lakh.

2. People who open accounts by January 26, 2015 will get an additional life insurance cover of Rs 30,000, which will be over and above the Rs1 lakh accident insurance.

3. After six months of opening the bank account, the account holders will be eligible for a loan of Rs 5,000 from the bank.

4. The National Payments Corporation of India (NPCI) has introduced a new technology that will enable the account holder to transfer funds and check balance using a normal phone. Earlier these facilities were available only to smart phone users.

5. Mobile banking for the poor has been facilitated through National Unified USSD Platform (NUUP). Under this platform all banks and mobile companies have collaborated to provide mobile banking to the poor.

(AW: Pratima Tigga)