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Prime Minister Narendra Modi will formally launch the 'Pradhan Mantri Jan Dhan Yojana' across the nation on Thursday under which the government would provide every household with a bank account and an insurance cover.
The scheme, to be launched across the country simultaneously, will benefit every household.
Each account holder will be provided with a 'RuPay' debit card and Rs 1 lakh accident cover.
Hailing the ambitious project, Nalin Kohli Of BJP said, "Jan Dhan Yojna is an important step towards financial inclusion. Govt believes in action and will deliver the promises it made"
"Govt is committed to the welfare of people, the whole idea is to put India on the path of growth and progress," added Union Law Minister Ravi Shankar Prasad.
The Prime Minister had made the announcement about the scheme in his Independence Day speech.
Elaborate arrangements have been made by public sector banks for smooth rolling of the scheme which will be covered in both rural and urban areas.
About one crore accounts are expected to be opened on the first day.
While the main function will be held in Delhi, the scheme is being launched in every state capital today.
