New Delhi, Aug 28 : Prime Minister Narendra Modi formally launched the Pradhan Mantri Jan Dhan Yojana here today, stating that the scheme will be the first step for many towards being a part of the economy.

The Prime Minister said, "I believe that whenever someone opens a bank account, it is their first step towards being a part of economy."

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.

He further said, "This will not only be an achievement for the banking sector, but will also boost the confidence of people in the government."

Projecting the scheme as a step towards eradicating poverty, he said, "If we have to eradicate poverty from the nation, we'll have to make our nation free from financial untouchability," adding, "This entire effort is for poor: to eradicate poverty from the nation."

Emphasizing that the opening of bank accounts of 1.5 crore people is a record in banking history, he said, "Women of the nation will bless us if they are able to open bank accounts easily".

The Prime Minister had made the announcement about the scheme in his Independence Day speech. While the main function was held in New Delhi, the scheme was simultaneously launched in every state capital today. (ANI)