Agra: Long queues were seen at banks in Agra to open accounts under the new Jan Dhan scheme and the response from the “under-privileged” section of the society was surprising, officials said yesterdas.
Over 18.4 million bank accounts have been opened under the scheme, the government said on Friday.
Prime Minister Narendra Modi on Thursday launched the pan-India financial inclusion scheme, under which bank accounts and RuPay debit cards with an insurance cover of Rs100,000 will be provided to millions still without access to formal banking facilities.
P N Agarwal, a banking researcher said: “This (Jan Dhan scheme) clearly is a master-stroke, a positive step by the Modi government.”
Rohan Dayee, a dalit woman, said: “Yes, so what if I am not literate, I will have a bank account and beema (insurance) also.” Her college going granddaughter Sarita clutching her mobile firmly echoed her sentiment as she moved ahead in the queue.
“Our traditional banking system was low-cost, reached every nook and corner of India and fulfilled the needs of all. The ownership of the system was not concentrated in few hands but spread over hundreds and thousands of moneylenders, merchants and jewellers. Both the banker and the borrower knew each other well having lived together for generations,” Agarwal said.
But the modern banking frittered away the advantages. “Our leaders chose a very leaky socialist model. Banking suffered serious setbacks one after the other,” Agarwal said.
The scheme opens new frontiers and poses challenges too. But “if we sensibly leverage technology and use multi-platforms to reach and bring the under-privileged to the mainstream of the financial system, it will unleash tremendous aspirations that could see India catapulting growth,” Agarwal said.
“Prime Minister Narendra Modi’s stress on empowering women particularly through bank accounts, is a step in right direction and will yield good results,” said retired bank manager Narendra Singh.
On Thursday, more than 70,000 camps were held all over the country and 1,84,68,000 accounts opened. The finance ministry further said that beneficiaries, who already have a bank account, are also eligible for the benefit of accident insurance of Rs100,000 and life insurance of Rs30,000 under this scheme by getting a RuPay card issued from their bank branch before January 26, 2015.
Public sector lender Indian Bank said yesterday that it has opened 758,000 basic savings bank deposit (BSBD) accounts under the scheme.
The bank said three regional rural banks sponsored by it — Sapthagiri Grameena Bank, Pallavan Grama Bank and Puduvai Bharthiar Grama Bank — have together opened 120,000 accounts.
The bank’s 1,814 branches across India held a savings account opening campaign while mega campaigns were held in Puducherry and Tirupathi, a statement said.
Meanwhile, Bahujan Samaj Party (BSP) supremo Mayawati trashed the scheme and said that it was not going to benefit the poor and the weaker sections.
Talking to reporters in Lucknow, the Dalit leader said her party did not approve of the scheme as it will never benefit the ‘real beneficiaries’. She also said there was nothing to write home about the 100 days of the NDA government at the centre led by Modi.
“They had made many promises in the run up to the Lok Sabha polls but in the past three months this government has disappointed every one,” she said adding that the insurance dole in the Jan Dhan Yojna was never going to benefit the people as the insurance claims were never honoured in the country. “Insurance sector has a poor record, the least said the better,” she said.
IANS
