Jam trinity final

JAM Trinity: Jan Dhan Yojana, Aadhaar and Mobile number

Indian’s finance buzzword - found place in two important documents recently:

- The Economic Survey 2014-15- Union Budget 2015-16- According to the Economic Survey of 2014,

there are about:- 125.5 million Jan Dhan bank accounts- 890 million Aadhaar numbers, and - 904 million mobile phones

Facts - JAM

Pradhan Mantri Jan-Dhan Yojana (PMJDY) is National Mission for Financial Inclusion to ensure access to financial services, namely, Banking/ Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension in an affordable manner

Jan-Dhan Yojana

No Minimum Balance Interest on deposit RuPay Debit Card   Life insurance cover of Rs. 30,000 Amount collected Rs 380.47 billion Beneficiaries of Government Schemes will get

Direct Benefit Transfer in these accounts

 Features of Jan Dhan Bank accounts

Launched in January 2009 Unique Identification number Aadhaar Card serves as an Address Proof and an

identity proof 76.83 crore Aadhaar numbers generated,out of a

total population of 121.01 crore (Census 2011),February 15,2016

Rs 6678.32 crore has been spent until august 2015 on the project

Aadhaar

In Aadhaar uniqueness is determined through the biometric

Any resident of India including infants can enrol for Aadhaar

No fees charged at any stage under this scheme Aadhaar number remains valid for life Aadhaar number helps providing access to services like

banking, mobile phone connections and other Govt and Non-Govt services in due course

The Unique Identification Authority of India (UIDAI) is the regulatory body on the behalf of government

Features of Aadhaar

LPG Subsidy  Passport  Buying new vehicle and Driving

License  Bank Account Voter Card Linking Monthly Pension New SIM Card  Digital Locker  Provident Fund

Usage of Aadhar card

904 million mobile phones Direct Transfer of Funds Cut out all the intermediaries Biometric identification of citizens with

accuracy

Advantages of JAM

No Bank Ac Lack of access Points Financial illiteracy  lack of awareness Poor penetration

Challenges

Amit Walawalkar

Amit Walawalkar