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Jan Dhan Yojana or Empty Khajana?
by confuzzled dude Mon Sep 01, 2014 2:56 pm
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 accounts opened before January 26 next year. The government has told banks to open 7.5 crore financial inclusion accounts in the next five months.
Bankers aren't sure whether existing account holders would get Rs 1 lakh accidental insurance cover. It's also not clear as to who is going to foot the bills for the insurance premium and other costs to keep accounts running.
"The government needs to spell out clearly who are the targeted people for this scheme" said HK Pradhan, professor of finance and economics at XLRI, Jamshedpur.
http://economictimes.indiatimes.com/articleshow/41382792.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
"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 accounts opened before January 26 next year. The government has told banks to open 7.5 crore financial inclusion accounts in the next five months.
Bankers aren't sure whether existing account holders would get Rs 1 lakh accidental insurance cover. It's also not clear as to who is going to foot the bills for the insurance premium and other costs to keep accounts running.
"The government needs to spell out clearly who are the targeted people for this scheme" said HK Pradhan, professor of finance and economics at XLRI, Jamshedpur.
http://economictimes.indiatimes.com/articleshow/41382792.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
confuzzled dude- Posts : 10205
Join date : 2011-05-08
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