Pradhan Mantri Jan Dhan Yojana(Hindi: प्रधानमंत्री जन धन योजना, English: Prime Minister's People Funding Scheme) is an ambitious scheme for comprehensive financial inclusion launched by the Prime Minister of India, Narendra Modi on 28 August 2014 He had announced this scheme on his first Independence Day speech on 15 August 2014.
Run by Department of Financial Services, Ministry of Finance, on the inauguration day, 1.5 Crore (15 million) bank accounts were opened under this scheme. By September 2014, 3.02 crore accounts were opened, with around 
1500 crore (US$240 million) were deposited under the scheme, which also has an option for opening new bank accounts with zero balance.
1500 crore (US$240 million) were deposited under the scheme, which also has an option for opening new bank accounts with zero balance.
SBI, India's largest bank had opened 11,300 camps for Jan Dhan Yojana over 30 lakhs accounts were opened so far, which include 21.16 lakh accounts in rural areas and 8.8 lakh accounts in urban areas. On the contrast, even taking together all the major private sector banks, have opened just 5.8 lakh accounts.
Purpose
In a run up to the formal launch of this scheme, the Prime Minister personally mailed to CEOs of all PSU banks to gear up for the gigantic task of enrolling over 7.0 crore (75 million) households and to open their accounts. In this email he categorically declared that a bank account for each household was a "national priority".
The scheme has been started with a target to provide 'universal access to banking facilities' starting with "Basic Banking Accounts" with overdraft facility of Rs.5000 after six months and RuPay Debit card with inbuilt accident insurance cover of Rs. 1 lakh and RuPay Kisan Card. In next phase, micro insurance & pension etc. will also be added.[1]
Under the scheme:
1. Account holders will be provided zero-balance bank account with RuPay debit card, in addition to accidental insurance cover of Rs 1 lakh.
2. Those who open accounts by January 20, 2015 over and above the 1 lakh ₹ accident, they will be given life insurance cover of Rs 30,000.
3. After Six months of opening of the bank account, holders can avail 5,000 ₹ loan from the bank.
4. With the introduction of new technology introduced by National Payments Corporation of India (NPCI), a person can transfer funds, check balance through a normal phone which was earlier limited only to smart phones so far.
5. Mobile banking for the poor would be available through National Unified USSD Platform (NUUP) for which all banks and mobile companies have come together
Performance
Due to the preparations done in the run-up, as mentioned above, on the inauguration day, 1.5 Crore (15 million) bank accounts were opened.The Prime Minister said on this occasion- "Let us celebrate today as the day of financial freedom." By September 2014, 3.02 crore accounts were opened under the scheme, amongst Public sector banks, SBI had opened 30 lakh accounts, followed by Punjab National Bank with 20.24 lakh accounts, Canara Bank 16.21 lakh accounts, Central Bank of India 15.98 lakh accounts and Bank of Baroda with 14.22 lakh accounts. It was reported that total of 7 Crore (70 million) bank accounts have been opened with deposits totaling more than 5000 crore Rupees (approx 1 billion USD) as of November 6, 2014.
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