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PM Modi’s Gift: Overdraft amount doubled as one in each family will get Rs 10,000

If you have a bank account then be ready for a cash bonanza from PM Narendra Modi. You can expect this gift early next month. This step is being taken to the douse the fire caused by rising prices and unemployment.

Well, you may get the gift on February 1 when the Modi government announces Budget. The government is planning to extend the Pradhan Mantri Jan-Dhan Yojana, which expires in August.

Government is also considering to double the overdraft amount under the scheme, which may be used to disburse loans to promote entrepreneurship. Under the scheme, an overdraft of Rs 5000 is given if the account is operated satisfactorily for six months.

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This amount is likely to be doubled to Rs 10,000 in the budget. This facility is given to just one account per household, preferably account in name of a female family member.

The overdraft may be doubled in case of accounts that are getting direct benefit transfer via one of the schemes. Also through Budget provisions, the government may use these accounts to promote entrepreneurship by encouraging lenders to disburse loans through these accounts.


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