RBI Governor calls PM Jan Dhan Yojana biggest financial development

Reserve Bank of India (RBI) Governor Raghuram Rajan said here on Monday that Prime Minister Narendra Modi's Pradhan Mantri Jan Dhan Yojana (PMJDY) is the biggest development in terms of financial inclusion.

"When we talk of financial inclusion, the biggest development has been Prime Minister's Jan Dhan Yojana, financial access has to be a national priority. Jan Dhan Yojana is a good scheme, the target should be universal reach, not speed and numbers," said Rajan.

Prime Minister Narendra Modi had announced about the Pradhan Mantri Jan Dhan Yojana in his Independence Day speech and had formally launched it on August 28 this year, stating that it will be the first step for many towards being a part of the economy. The scheme was simultaneously launched in every state capital on same day.

The Pradhan Mantri Jan Dhan Yojana is an ambitious scheme under which the government will provide every household with a bank account and an insurance cover. The scheme was launched simultaneously across the country and each account holder will be provided with a 'RuPay' debit card with an insurance cover of Rs 1 lakh.