Guinness book of
World Records Recognises the Achievements Made Under PMJDY; FM: PMJDY is a Game
Changer for the Economy as it Provides the Platform for Direct Benefits
Transfer (DBT) which in Turn will help in Plugging Leakages in Subsidies and thereby
Provide Savings to the Exchequer
The Union Finance Minister Shri Arun
Jaitley said that the financial Inclusion is one of the top most priorities of
the government. He said that exclusion of a large number of people from any
access to financial services inhibits the growth of our country. Highlighting
the achievements made under Pradhan Mantri Jan Dhan Yojana (PMJDY), the biggest
financial inclusion initiative in the world, the Finance Minister Shri Jaitley
said here today that against the original target of opening bank accounts for
7.5 crore uncovered households in the country by 26th January, 2015,
banks have already opened 11.50 Crore accounts as on date 17th
January 2015 after conducting survey of 21.02 Crore households in the country. The
Finance Minister Shri Jaitely said that Guinness Book of World Records has also
recognized the achievements made under Pradhan Mantri Jan Dhan Yojana (PMJDY)
and has given certificate stating that the “Most bank accounts opened in one
week as part of the Financial Inclusion Campaign is 18,096,130 and was achieved
by the Department of Financial Services, Government of India from 23rd
to 29th August, 2014.” He said that the coverage of 99.74% of the
surveyed households has been achieved. The Finance Minister Shri Jaitely further
said that the survey was conducted in about 2.27 Lakh Sub Service Areas (SSAs)
in rural areas and wards in urban areas in a record time of 4 months. He said
that out of the accounts opened, 60% are in rural areas and 40% are in urban
areas. Share of female account holders is about 51%, the Minister added.
The Finance Minister Shri Jaitely further
said that Rupay cards have been issued to more than 10 crore beneficiaries who
will get a benefit of personal accidental insurance of Rs. 1.00 Lac under the
Yojana. In addition there is a life insurance cover of Rs.30, 000 for eligible
beneficiaries. Shri Jaitley said that a deposit of Rs. 9,188 crore has been
mobilized in the accounts opened under PMJDY.
The Union Finance Minister Shri Jaitley
said that the PMJDY is a game changer for the economy as it has provided the
platform for Direct Benefits Transfer (DBT) which, in turn, will help in
plugging leakages in subsidies and thereby provide savings to the exchequer.
Under the PAHAL scheme which is the Direct Benefits Transfer in LPG subsidy, he
said that an amount of Rs. 1,757 crore has been transferred to the beneficiary
accounts through the banking network since 15th November, 2014. Shri Jaitley further said that so far 19 schemes out of 35
DBT schemes have been rolled-out across the country, including MGNREGS in 300
districts. The Finance Minister informed that the State Governments have also
been requested to transfer cash/benefits directly in the bank accounts of
beneficiaries thereby cutting layers in the delivery process.
The Union Finance Minister Shri Jaitley
said that the earlier campaign on financial inclusion started in 2011 had a
limited objective. The focus was on the coverage of villages with population of
2000 or more with banking services. He said that the major shift in PMJDY is
that households were targeted instead of only villages as targeted earlier. The
Finance Minister Shri Jaitely further informed that both rural and urban
areas are covered this time as against only rural areas targeted earlier. He
said that the present plan pursued digital financial inclusion with special
emphasis on monitoring by a Mission headed by the Finance Minister. The Finance
Minister said that a mission office comprising of bankers, IT professionals and
data analytic was set up for coordination, collation and follow up with various
State Governments, Banks and other stakeholders. He said that there was weekly
monitoring of the efforts made by the Banks in PMJDY. Banks organized account
opening camps on every Saturday with a mega camp on last Saturday of the month
form 8.00 A.M. to 8.00 P.M. in coordination with District Authorities for
opening of bank accounts. Financial literacy camps with a counter for Aadhar
enrolment and insurance companies were also part of camps organized by the
Banks, the Finance Minister added.
The Union Finance Minister Shri Arun
Jaitley also informed that to provide universal access to banking facilities
for all households across the country through a bank branch or a fixed point
Business Correspondent (BC) called Bank Mitra, 1.23 Lacs Bank Mitr have been
set-up in the country. He said that steps are being taken to ensure that the
Bank Mitr are provided with device capable of on line interoperable transactions
using Rupay cards and Aadhaar enabled payment system. The Finance Minister
said that use of Rupay cards at other access points will help in reduction in
cash transactions and making them digital which will move the economy towards a
less cash society.
Earlier the Pradhan Mantri Jan Dhan
Yojana (PMJDY), the biggest financial inclusion initiative in the world, was
announced by the Prime Minister Shri Narendra Modi on 15th August
2014 from the ramparts of the Red Fort and launched by him on 28th
August 2014 across the country. While launching the Yojana, the Prime Minister had
described the occasion as a festival to celebrate the liberation of the poor
from a vicious cycle. The Prime Minister had referred to the ancient Sanskrit
verse: Sukhasya Moolam Dharma, Dharmasya Moolam Artha, Arthasya Moolam Rajyam –
which puts the onus on the state to involve people in economic activity. “This
Government has accepted this responsibility,” the Prime Minister had said. The
Prime Minister had also sent email to an estimated 7.25 lakh bank employees,
exhorting them to help reach the target of 7.5 crore bank accounts, and bring
freedom from financial untouchability.
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DSM/KA