Pradhan Mantri Jan Dhan Yojana, a scheme to financially empower the poor, was flagged off by prime minister sri Narendra Modi on 28th august this year. To start with the title, unlike previously rolled out govt schemes with stereotypical ones, PMJDY was selected through a contest on Mygov website launched by Mr Modi last month to enable common people to share their thoughts on banking and financial inclusion. One of my cousins took part in it I remember.
When Mr. Modi introduced the scheme to the entire nation in his Independence Day speech on 15th aug, any of us hardly knew this was going to be the biggest ever financial inclusion drive carried out by any government in the world.
What was in the bag?
- A scheme that promises people a zero balance account and a RuPay debit card with an in built accidental insurance coverage of 1 lakh.
- Also an overdraft facility up to 5000 rupees after 6months provided the account holder keeps good credit to his account.
- A health insurance of Rs 30000 to the accounts opened before 26th January 2015.
As per the statistics on the inaugural day alone, approximately 1.5 crore accounts were opened across the country. Till now the number is as high as 3.5 crore and it is still growing. Although Mr. Modi aims at 7.5 crore accounts by 26th January 2015, it looks like the bankers’ aggression is at its best to even double the number.
As per the data shown by Economic Times, State Bank of India has taken the lead in flagship Jan Dhan Yojana by opening over 30 Lakhs accounts so far, followed by Punjab National Bank.
As of September 8, State Bank has opened about 21.16 lakh accounts in rural areas and 8.8 lakh accounts in urban areas, Financial Services Secretary G S Sandhu said.
In terms of state-wise tally, Uttar Pradesh is the clear leader followed by West Bengal with. Later on it was declared that the benefit of Pradhan Mantri Jan Dhan Yojana (PMJDY) can also be extended to existing account holders without opening a new account.
In Odisha on the very first day 5 lakhs accounts were opened as per the data compiled by State Level Bankers’ Committee. Uco bank topped the list followed by State Bank of India and Bank of India. There were camps taken by leading public sector banks to draw attention so also at the gram Panchayat level deliberate efforts were put forth in this regard.
So to sum up, Mr. Modi has something new this time that turned into such a phenomenal financial inclusion drive which the data above clearly says. The purpose of including every one into the institutional financial system is apparently getting fulfilled. All who could not open an account earlier due to many financial constraints are now singing Modi’s praise.