Jan Dhan: 18.4 mn accounts opened; bank camps on all Saturdays

Over 18.4 million bank accounts have been opened under the Jan Dhan scheme and banks will organise camps from 8 a.m. to 8 p.m. on all Saturdays to reach out to unbanked households, the government said Friday.

"It has been decided that henceforth, the banks will be holding such camps on weekly basis, from 8 a.m. to 8 p.m. on all Saturdays so that the target of covering unbanked households is achieved well in time," a finance ministry statement said.

Prime Minister Narendra Modi Thursday launched the pan-India financial inclusion scheme called "Jan Dhan Yojana", a flagship project of his government, under which bank accounts and RuPay debit cards with an insurance cover of Rs.100,000 will be provided to millions still without access to formal banking facilities.

More than 70,000 camps were held all over the country and 1,84,68,000 accounts opened Thursday, the statement said.

The finance ministry further said that beneficiaries, who already have a bank account, are also eligible for the benefit of accident insurance of Rs.100,000 and life insurance of Rs.30,000 under this scheme by getting a RuPay card issued from their bank branch before Jan 26, 2015.

"The modalities of this additional life cover are being worked out by the Department of Financial Services," the statement added.

"This whole exercise is aimed at lifting the poor out of the poverty line. After today's breakthrough momentum, I don't think it (Jan Dhan Yojana) will stop," Prime Minister Narendra Modi had said while launching the scheme here Thursday.