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Existing bank account holders can avail ‘Jan Dhan’ benefits

Sep 20, 2014

Clarity among people on the ambitious Jan Dhan scheme is very crucial, said a high ranking Indian official.

New Delhi: The ambitious scheme for financial inclusion, ‘Jan-Dhan Yojana’, will bring employment to the poor people and will raise their transaction capacity, said Reserve Bank of India (RBI) Executive Director, Deepali Pant Joshi.

Stressing on the need to encourage business correspondents for taking this scheme to the last mile, Joshi said, “If 50% of the people are not associated with economy it does not reflect growth with equity.”

Joshi was speaking during 37th Skoch Summit on 'Minimum government, maximum governance' in New Delhi.

Talking about the scheme, Anurag Jain, joint secretary in the Union ministry of finance, said that the, ‘Jan-Dhan Yojana’ scheme will be successful as it is being directly monitored by Narendra Modi, the Indian Prime Minister.

Jain said that all the departments are working in close coordination to make this scheme a success. Calling on the need for clarity among the people regarding the scheme, Jain said, “For the successful execution of the scheme, clarity should reach the beneficiaries at the earliest.”

Talking about the scheme, Jain said that an existing bank account holder need not open a new account to claim benefits under Pradhan Mantri Jan Dhan Yojana. Existing bank account holders can avail the benefits by getting a RuPay debit card, he clarified.

The benefits of the scheme include an accident insurance cover of Rs 1 lakh and life insurance cover of Rs 30,000.

Jayshree Vyas, MD, SEWA Bank, said that the marginalised people are stuck in poverty because they have irregular income. “Most of the poor people are living on a day-to-day basis. When there is a crisis, assets are pledged to a moneylender. This situation pushes the entire family into poverty,” she lamented.

Dr Aruna Sharma, additional chief secretary, Government of Madhya Pradesh, said that banks too will benefit from the Jan Dhan scheme. “There is money in the villages which will be channelized in a right way. Common people should be made aware of the nitty-gritty of the scheme to widen its reach among the masses,” she added.

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