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Inclusive Growth Is Beyond Just Opening Bank Accounts

720 words - 3 pages

Inclusive growth is beyond just opening Bank Accounts


Prime Minister Jan Dhan Yojana (PMJDY) has become a national priority. It is designed to end financial untouchability through Financial Inclusion and to convert our country into a digital India. PMJDY aims to provide all the citizen of India– especially the poor masses- Bank Account, Credit Facility, Insurance Cover and Debit Card. Under the scheme, a record 1.5 crore bank accounts is reported to have been opened across the country on a single day. The speed and number at which such accounts are being opened, the set-target of 7.5 crore ...view middle of the document...

In this context, Mr. Raghuram Rajan, Governor, RBI, in his speech at FIBAC has rightly remarked, “The objective of the scheme is universality of bank accounts, it is not just speed or number. The system is going to be waste, if what we do generates a whole set of duplicate accounts. It is going to be a waste if those accounts are not used, they open and they languish. Therefore, a screening and filtering system should be put in place so as to arrest fake accounts, weed out duplication of accounts and to present a realistic picture on PMJDY to the nation and to the world, as well.
There has been much sound on PMJDY & two help lines-- 1800-180-111 and 1800-110-001 -- have been set up to answer queries related to the scheme, but all do not see much light in it. Some say it is an attempt to please the targeted group. Some others say it is like old wine in new bottle. Whether simply opening of bank accounts will actually generate ‘Dhan’ for ‘Jan’ is a matter of debate.
However, the fact remains that success of PMJDY depends not only on the...

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