Jan Dhan Yojana – World Record Set & Challenges
Jan Dhan Yojana Day-1 Update
Finally Jan Dhan Yojana was launched on 28 August 2o14. And here are the highlights from day-1 and world records which were made:
- Within a day over 1.5 crore accounts were opened across India which in turn boost the economy and prevent poor people from the claws of money lenders
- This number of account opened in a single day itself is a world record
- 1.5 lakh insurance policies were issued which again is a world record
- First time in the world history such a scheme was launched with participations by Chief ministers, Union minister, Information minister, Law minister, home ministry and others
- Programmes were launched from over 77,000 camps for educating people about this scheme
- Before the launch, 7.5 lakh E-mails were sent to the public sector banks informing them about the financial inclusion scheme
- On day-1, Rs. 30, 000 life cover as an incentive was declared for those opening the account before 26 January 2015. This cover would be provided by LIC.
- On all Saturdays, banks will run camps from 8am-8pm so that more and more accounts can be opened and people can be educated about this scheme
Although the Yojana is a success, there are few issues which needs to be addressed:
- How to avoid account going dormant
- Whether existing bank account holders are eligible to open account? And whether insurance cover would be given to them or not?
- Any savings interest applicable or not
- Who will bear the cost of overdraft facility
- Most of the people from rural areas are illiterate and cannot sign. So can such people provide thumb print?
- What is the insurance premium
Read an interesting discussion between a banker and poor family and how the banker succeeds in convincing them to open the bank account.