jan dhan yojana
PM Narendra Modi's Jan Dhan Yojana: Fake accounts may cloud the plan
Atmadip Ray, ET Bureau Sep 1, 2014, 06.38AM IST
Tags:
UPA|
Narendra Modi|
Manmohan Singh|
Jan dhan Yojana| accounts (Modi’s financial inclusion…)
KOLKATA: Prime Minister Narendra Modi's financial inclusion drive is off to a flying start, but some who enrolled under the Pradhan Mantri Jan Dhan Yojana may have accounts elsewhere and could have been persuaded to open new ones because of the attached insurance cover.
This could account for about a fifth of the newly opened accounts, top bankers said, although there's absolutely no way of knowing for sure yet. On the launch day, August 28, banks opened 1.5 crore accounts through 77,852 special camps held across the country, finance minister Arun Jaitley said.
That exceeded the 1 crore target. The programme is aimed at making financial services available to every household instead of taking a villagebased approach followed by the previous Manmohan Singh-led United Progressive Alliance government.
Some senior bankers estimate those who already have accounts at 15-20% of the total. "At present, we are opening new accounts under the Jan Dhan scheme for everyone who is coming to us. The screening will be done later," United Bank of India executive director Deepak Narang told ET.
"A survey has to be done at the rural level to identify the financially excluded population." State Bank of India deputy managing director Sunil Srivastava said there could be some duplication of financial inclusion accounts, but it would be difficult to put a number to it.
"Even if there is 5-10% repetition, still 90% people have received new accounts. This is going to be a game-changer," Srivastava said. The accounts come bundled with Rs 1 lakh accidental insurance cover, a Rs 5,000 overdraft (after six months of operation), a micro-pension and a RuPay debit card.
What's more, Prime Minister Narendra Modi has announced Rs 30,000 life insurance cover on
Atmadip Ray, ET Bureau Sep 1, 2014, 06.38AM IST
Tags:
UPA|
Narendra Modi|
Manmohan Singh|
Jan dhan Yojana| accounts (Modi’s financial inclusion…)
KOLKATA: Prime Minister Narendra Modi's financial inclusion drive is off to a flying start, but some who enrolled under the Pradhan Mantri Jan Dhan Yojana may have accounts elsewhere and could have been persuaded to open new ones because of the attached insurance cover.
This could account for about a fifth of the newly opened accounts, top bankers said, although there's absolutely no way of knowing for sure yet. On the launch day, August 28, banks opened 1.5 crore accounts through 77,852 special camps held across the country, finance minister Arun Jaitley said.
That exceeded the 1 crore target. The programme is aimed at making financial services available to every household instead of taking a villagebased approach followed by the previous Manmohan Singh-led United Progressive Alliance government.
Some senior bankers estimate those who already have accounts at 15-20% of the total. "At present, we are opening new accounts under the Jan Dhan scheme for everyone who is coming to us. The screening will be done later," United Bank of India executive director Deepak Narang told ET.
"A survey has to be done at the rural level to identify the financially excluded population." State Bank of India deputy managing director Sunil Srivastava said there could be some duplication of financial inclusion accounts, but it would be difficult to put a number to it.
"Even if there is 5-10% repetition, still 90% people have received new accounts. This is going to be a game-changer," Srivastava said. The accounts come bundled with Rs 1 lakh accidental insurance cover, a Rs 5,000 overdraft (after six months of operation), a micro-pension and a RuPay debit card.
What's more, Prime Minister Narendra Modi has announced Rs 30,000 life insurance cover on