New secy reviews Jan Dhan progress

Target of opening 7.5 crore accounts to be achieved much before the deadline, but some of the issues flagged earlier remains relevant

GN BUREAU | November 14, 2014



The finance ministry is leaving no stone unturned to make the pradhan mantri jan dhan yojna (PMJDY) a success. It has now advised banks to undertake a “campaign to disseminate information and awareness among the masses”.

Hasmukh Adhia, the new secretary of the department of financial services, ministry of finance, reviewed the progress in implementation of PMJDY with state level banking committee (SLBC) conveners of all states. The meeting called for the active engagement of the state governments for successful implementation of PMJDY.

Till November 12, 7.33 crore accounts have been opened under PMJDY -- 4.34 crore accounts in rural area and 2.98 crore in urban areas.

Kerala, which tops many social indices like literacy rate and sex ratio, has also done well in financial inclusion. On November 11 it was declared as ‘100 percent saturated state’ (in terms of coverage of all households with at least one bank account) by the finance Minister of Kerala.

In addition, Goa, Chandigarh, Puducherry, Lakshadweep, and three districts of Gujarat (Porbandar, Mehsana, Gandhi Nagar), have also covered all households under PMJDY with at least one bank account.

The task of conducting the survey to ascertain the number of households with at least one bank account is also proceeding towards completion. According to the finance ministry, 83 percent of the survey work has been completed and banks have been asked finish the job by the end of the month.

According to the department of financial services, initial results indicate that on an average about 80 percent of the households surveyed have now got at least one bank account.

To incentivise the bankers, a scheme of rewards has been framed and communicated to them.

However, some of the issues that were flagged earlier remain relevant. One of the concerns was that in the absence of tailor-made financial products to suit the needs of the poor, the scheme might lead to many dormant accounts, and eventually make the scheme irrelevant.

The fact that of the total 7.33 crore accounts opened 5.53 crore accounts are with zero balance hints at validity of the concern. Also, of the total 7.33 accounts opened only 4.06 crore RuPay debit cards have been issued till date.

Comments

 

Other News

Take action, NSUI tells police over varsity clash

The National Students Union of India (NSUI) on Thursday sought action against those who had assaulted students and teachers of Delhi university at a protest march on Wednesday.` “Our sole motive is to compel the police to take some strict actions against the lawbreakers who brutally manhand

BMC polls throw up fractured mandate

 It’s a hung verdict in the elections to the BrihanMumbai Municipal Corporation, which is India’s richest civic body. Shiv Sena bagged 84 seats closely followed by BJP that won 81 seats. Congress with only 31 seats  performed badly as compared to  52 seats  that it

A poem that gives a perspective on Indian Muslims

A beautiful poem on modern Indian Muslims has caught the imagination of the social media users. “Hindustani Musalmaan” by Hussain Haidry has gone viral on the net. Not just for being crisp, but also for conveying what it means to be a Muslim in this country. There

Demonetisation posed a new challenge to growth: IMF

The Indian economy has recorded strong growth in recent years, helped by a large terms of trade gain, positive policy actions including implementation of key structural reforms, a return to normal monsoon rainfall, and reduced external vulnerabilities, said the International Monetary  Fund (IMF).

The Nirbhaya of Naliya: a gang-rape in Gujarat involving BJP leaders

  The “Forum of Concerned Citizens for Naliya Incident” sent a fact-finding team to Kutch on February 20. The members of the team were Dineshbhai Sanghvi, Meenakshi Joshi, Balendra Vaghela, Dr Jharna Pathak and advocate Shabana Mansuri. Based on their report, the Forum ha

A blotch of saffron on Indian universities

University of Hyderabad, Jawaharlal Nehru University and now University of Delhi…the free space for discourse is steadily being squeezed out of universities in India as the Rashtriya Swayamsevak Sangh (RSS) backed Akhil Bharatiya Vidyarthi Parishad (ABVP) imposes its will and forcibly blocks out alt

Video

यूपी चुनाव: सपा-बसपा समर्थकों के बीच हिंसा
Digital Transformation Summit

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter