PM launches Pradhan Mantri Jan Dhan Yojana

Published By : Admin | August 28, 2014 | 19:13 IST
"End financial untouchability for freedom from poverty"
""Vish-chakra se gareebon ki aazadi ka parv" – celebration of liberation of the poor from a poisonous cycle"
"A record unprecedented in economic history – 1.5 crore bank accounts opened in one day"

The Prime Minister, Shri Narendra Modi, today declared the beginning of the end of financial untouchability in India, with the opening of an estimated 1.5 crore bank accounts across the country, in an exercise unprecedented in scale in economic history. 

DSC_1708 copy
DSC_1643 copy
Formally launching the Pradhan Mantri Jan Dhan Yojana (PMJDY) at a function broadcast across the nation from Vigyan Bhawan in New Delhi, the Prime Minister described the occasion as a festival to celebrate the liberation of the poor from a poisonous cycle. (Vish-chakra se gareebon ki aazaadi ka parv)
DSC_1752 copy
Expressing satisfaction at a number of records being broken today, the Prime Minister said the nationwide success of the enrolment drive today would give confidence not just to the officials of the Department of Financial Services and banking sectors, but also to officers across the Union Government, that they can successfully achieve the goals that they set for themselves. "Never before would insurance companies have issued 1.5 crore accident insurance policies in a single day. Never before in economic history would 1.5 crore bank accounts have been opened in a single day. Never before has the Government of India organized a programme of such scale – over 77,000 locations – with the participation of so many Chief Ministers, Union Ministers, Government and bank officials." He said the success is an inspiration for achieving new heights. 
DSC_1737 copy
The Prime Minister said that though the initial target of PMJDY was to open bank accounts for 7.5 crore families in one year, he had exhorted the concerned officials to complete the task before the next Republic Day. 

Elaborating the benefits under PMJDY, the Prime Minister said this was not a mere bank account, but had other benefits including an RuPay debit card, Rs 1 lakh accident insurance cover, and an additional Rs. 30,000/- life insurance cover for those opening bank accounts before January 26th, 2015. He said the account performance would be monitored and overdraft facility would be given. The Prime Minister said he had sent 7.25 lakh bank employees, exhorting them to help reach the target of 7.5 crore bank accounts, and bring freedom from financial untouchability.

The Prime Minister referred to the five beneficiary couples who had received account opening kits in today's event at Vigyan Bhawan, and said the ladies appeared to have dressed for a festival. He said they knew that there could be no bigger festival than the opening of a bank account for empowering women. 
DSC_1694 copy

DSC_1688 copy

DSC_1684 copy

DSC_1682 copy

DSC_1675 copy
The Prime Minister said when banks were nationalized in 1969, it was done with the objective of bringing people into the economic mainstream. But that objective had not been achieved till date. After 68 years of independence, not even 68% of India's population had access to banking, he added. He said it is easy for the rich to get a loan at low interest rates. But the poor are forced to seek loans from money-lenders at five times the rate charged to the rich. Is it not the responsibility of the banking industry to provide banking access to the poor, the Prime Minister asked. 

The Prime Minister illustrated his point through the example of a mother saving money and being forced to hide it somewhere within the house. He said the bank officials who had opened an account for such a mother, had been blessed today.

He said a breakthrough was required to overcome the vicious cycle of poverty and debt, and that breakthrough had been achieved today. He said there were similarities between the poor getting access to mobile telephones, and getting access to debit cards. They both had the effect of instilling confidence and pride among the poor, he added. 

The Prime Minister referred to the ancient Sanskrit verse: Sukhasya Moolam Dharma, Dharmasya Moolam Artha, Arthasya Moolam Rajyam – which puts the onus on the state to involve people in economic activity. "This Government has accepted this responsibility," the Prime Minister said.

The Prime Minister said Indians had a habit of saving, and thinking about the future of their children. 

The Prime Minister also distributed awards to winners of the Name and Logo contest for this scheme. He observed that those who won prizes were predominantly from non-Hindi speaking states, but had won prizes for coining a name and slogan in Hindi. This is an example of national integration, he said. 
DSC_1671 copy

DSC_1667 copy

DSC_1663 copy

DSC_1660 copy
Speaking on the occasion, the Finance Minister said PMJDY would be taken forward in Mission Mode, and the first target of reaching 7.5 crore unbanked families would be achieved by January 26th, 2015.

The Minister of State for Finance, Smt. Nirmala Sitharaman, said the lady of the house had been given priority in the PMJDY. She said this scheme would touch the lives of everyone in a positive and constructive way.

DSC_1776 copy

Explore More
No ifs and buts in anybody's mind about India’s capabilities: PM Modi on 77th Independence Day at Red Fort

Popular Speeches

No ifs and buts in anybody's mind about India’s capabilities: PM Modi on 77th Independence Day at Red Fort
Railways cuts ticket prices for passenger trains by 50%

Media Coverage

Railways cuts ticket prices for passenger trains by 50%
NM on the go

Nm on the go

Always be the first to hear from the PM. Get the App Now!
...
Viksit Bharat Ambassador Meet-Up in Pune: Volunteers Assemble To Pledge Towards Building a Developed India
February 28, 2024

Volunteers in Pune responded to PM Narendra Modi's call to become "Viksit Bharat Ambassadors" by hosting a national meet-up on February 28th at the Sumant Moolgaokar Auditorium, MCCIA. The objective of this meet-up was to gather local support for the Viksit Bharat Ambassador movement, which aims to make a developed India (Viksit Bharat) a reality by 2047.

The event was attended by Shri Rajeev Chandrasekhar, Hon'ble Minister of State for IT, Skilling and Entrepreneurship. Distinguished entrepreneurs, institution owners, corporates, and professionals from Pune were also present.

"In 2014, the economy that was left behind was one of the fragile five. 16 quarters of runaway inflations, 18 quarters of declining growth, a financial sector that had been shattered beyond bits, and an overall image of dysfunctional governance that was causing investors to pause and re-look at India. That was from 2004-14, which we refer to as a lost decade. From 2014-19, PM Modi rebuilt the economy and financial sector... The second term was about building the New India..." said Union Minister Rajeev Chandrasekhar at the 'Viksit Bharat Ambassador Meet'.

The Vision of Viksit Bharat: 140 crore dreams, 1 purpose

The Viksit Bharat Ambassador movement aims to encourage citizens to take responsibility for contributing to the development of India. To achieve this goal, VBA meet-ups and events are being organized in various parts of the country. These events provide a platform for participants to engage in constructive discussions, exchange ideas, and explore practical strategies to contribute to the movement.

Join the movement on NaMo App:

https://www.narendramodi.in/ViksitBharatAmbassador

The NaMo App: Bridging the Gap

Prime Minister Narendra Modi's personal app, the Narendra Modi App (or NaMo App), is a crucial technological link in taking this vision forward. The NaMo App has provided a platform for citizens to join, stay informed and create events around the Viksit Bharat Ambassador movement. Participants can easily track down and engage with various initiatives in their locality and connect with other like-minded individuals. The 'VBA Event' section in the 'Onground Tasks' tab of the 'Volunteer Module' of the NaMo App allows users to stay updated with the ongoing VBA events.


Ravi Petite, Managing Director of Agni Solar Pvt Ltd, highlighted the significant impact of PM Modi's vision on the booming solar energy industry, expressing confidence in its continuous growth without any signs of slowdown.

Dr. S Sukanya Iyer, Chairperson of the Mentoring Panel at CII's BYST, highlighted PM Mdoi’s commitment to inclusivity with the motto 'Sabka Sath, Sabka Vikas, Sabka Vishwas, and Sabka Prayas’ and inclusive approach for balance regional development from Kashmir to Kanyakumari.

Hemant Thakkar, the Technical Director of Pawar Rubber Products, acknowledged significant changes over the past 8-10 years, particularly highlighting government initiatives aimed at supporting entrepreneurs and MSMEs.

Investment Advisor Mandar Shende proposes that if all 140 crore Indians support the PM's vision of Viksit Bharat, India could achieve developed status by 2037 instead of 2047. He emphasized that this goal is not solely PM Modi's but belongs to every Indian.

Anurag Dhooth, MD of Epitome Component Pvt Ltd, emphasized that Viksit Bharat represents progress for all sections of society, noting ongoing transformative developments and global attention towards India.

Indraneel Chitale of Chitale Bandhu Mithaiwale commended the campaign, remarking that it effectively portrays India's narrative on the global stage.

Union Minister Rajeev Chandrasekhar encouraged citizens of Pune to join the movement towards building Viksit Bharat as envisioned by PM Modi by becoming Viksit Bharat Ambassadors. He highlighted India's remarkable transformation over the past decade, evolving from a fragile economy to one among the top five globally, and now serving as an inspiration to nations worldwide.