Ask a Banker about PMJDY

My last blog on this massive financial inclusion drive named as Pradhan Mantri Jan Dhan Yojana(PMJDY) clearly shows how Mr.Modi has successfully set a milestone, within just 100 days of his ministry.

But there is a different side of the story. Much before the whole country begun to sing Modi’s praise, the scheme had already started taking its toll on all the bank employees across the country, especially of public sector banks.

Days before inauguration of the PMJDY, banks had been instructed by authorities to carry out camps in rural areas and and open as many accounts as possible under the scheme. There were no sundays this time. Executives had to personally visit the branches to mark the number of accounts opened.

Banking hours started with hundreds of application forms on the table, to be opened and be issued Rupay card and pass book, all in the same day. Keeping the signatures up to date in the system was even more of a task. Not only this, rest of the other banking operations were also to be done at the same time.

Small or newly opened branches where staff was small in the beginning did found it more difficult to carry such things off. It was tough and hectic for bank employees .

Apart from all this, problems and doubts related to information came up that were terribly annoying at times.

  • Guidelines were not clearly stated. Atleast there had to be an information book with minute details and FAQs on the scheme. But branches were only given targets , that’s all.
  • KYC norms were not met properly. Nobody gave a valid address proof which is the most important part of KYC rules. Banks were in a way, forced to liberalize this.
  • Overdraft facility was confusing. Banks were not sure if atleast 50%of those accounts would stay active after 6months. Same was the case in 2012 when the then govt introduced No Frill accounts.
  • People who already had saving accounts were also lined up for this. Multiplicity would lead scheme to nowhere. Some people were lured by this money spinning scheme, there were instances of people opening the same account at different banks as they could not be filtered. Multiplicity was posing a threat to the fulfillment of the purpose of the scheme.

In short, it seemed bank employees have just turned into daily wage earners and got no other way but get the things done before they leave, no matter how long it takes. Frustrated and tired, most of them started showing their anger over the mounting work load on Facebook, twitter, media. They expressed their resentment but were never answered back.

I feel Atleast a heartfelt Thank You note would have been good enough. Bank employees also do need encouragement through incentives because it’s only their hard work that lies behind the success of PMJDY. The kind of efforts the public sector banks have shown to reach every corner of the country is trully remarkable. This is something that can never be overlooked.

However as a bank employee I take it as a matter of pride that I am a part of this drive and that I have done my bit no matter how badly I have  had back aches after a day’s work. It has indeed brought a sense of satisfaction to see how it has helped crores of people. I hope the purpose of safe guarding every single household financially through PMJDY is served to its best.

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