Total of 5.8 million accounts registered under Pradhan Mantri Jan Dhan Yojana till September 2014; PMJDY and financial inclusion programme created 8.8 million accounts
The Pradhan Mantri Jan Dhan Yojana (PMJDY) has collected Rs 1,16,500 crore in savings in the first half-year period ending September 2014, registering about 5.8 million accounts, according to the data put out by RBI in its Financial Stability Report released on Monday. The PMJDY project may be replicated to include the provisions of insurance and pension services for the common man. PMJDY and the financial inclusion programme together have created 8.8 million accounts with outstanding balance of Rs 1,16 500 crore until September 30, 2014.
Banking outlets, which includes ATMs, bank branches and business correspondents, increased by 62,948 in the first half year period up to September 2014, taking the total banking outlets to 446,752 resulting in higher transactions during this period.
As a result of these initiatives, RBI said more bank finance flowed into the rural segments. The Kisan credit cards, which reflect the flow of credit towards farm sector entrepreneurial activities, increased by 1.2 million transactions during the half year and general credit cards used for non-farm entrepreneurial activities, increased by 1.3 million transactions.
RBI adviced banks that while offering the overdraft facility of Rs 5000, they will need to follow proper due diligence and satisfactory operations in the account for six months. The accounts will also have an accident cover.
A senior official, who is in charge of financial inclusion in his bank, said, "However government has added riders for all the benefits. For example, if the insurance money is to be claimed then the Rupay card has to be swiped at least once in the past 45 days. The account has to be opened in the name of the head of the family only then are they eligible for insurance. So have to now undertake a lot of due diligence."
RBI along with the banks have been implementing the financial inclusion programme in the unbanked areas from 2010. The accounts opened were called basic savings and basic deposit accounts, which were essentially zero balance and no frills accounts. The timeline for providing banking services to villages with a population of 2000 under the road-map may be advanced to August 2015 from the earlier date of March 2016.
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