Under the scheme (roughly translated to prime minister’s people’s wealth scheme), the government aims to provide two accounts each to 75 million households in the next four years.
The finance ministry said in a statement: "About 76 mega functions will also be organized at prominent places throughout the country to mark the launch of scheme which will be attended by the union ministers and the state chief ministers along with other dignitaries.
"It is estimated that about one crore (10 million) accounts will be opened on this day."
During the phase one of the scheme, each account holder will receive a RuPay debit card with accident coverage of INR100,000 ($1,654.29).
The second phase will begin in August 2015 and will provide the account holders with insurance cover and pension products.
For Adhaar-enabled accounts operating for six months, the scheme will provide an overdraft facility of INR5,000 ($82.7).
The ministry said: "This will enable them to come out of the grip of moneylenders, manage to keep away from financial crises caused by emergent needs, and most importantly, benefit from a range of financial products."
Image: Indian Prime Minister Narendra Modi will launch the Pradhan Mantri Jan Dhan Yojana on 28 August 2014. Photo: courtesy of Narendra Modi / Flickr.
