Financial Inclusion Program (PM Jana Dhana Yojana) was started in 2006 by then UPA Govt. From March 2010 till March 2014, the flatform / backbone for financial inclusion that yielded results and pushed for speedier financial inclusion are elaborated here: 1. In 4 years (March 2010 to March 2014), a total of 10.9 crs basic savings bank deposit accounts were added in rural areas, taking total number of basic savings bank deposit accounts to 18.2 crs. 2. Now as per finance ministry estimates only 7.5 cr households dont have a basic savings bank deposit account (which is the target for Modi Govt), which means that more than 60% of the work was done in previous UPA regime. 3. Banking outlets in villages increased from 67,694 in March 2010 to around 2,68,000 in March 2014 4. While 13,000 rural branches closed down in 2 decades (1990-2010), in four years alone we saw opening up on 7,400 rural branches, to ensure financial inclusion is possible 5. To make financial inclusion possible and economically viable, Business Correspondent outlets / agents were enrolled and in last 4 years total number of business correspondents increased 6 times taking the count to around 2 lakh outlets in FY2013 (before Modi elections started). 6. RBI and then UPA Govt have invested enormous efforts and thought in making financial inclusion economically viable to ensure success, which included coupling transactions, savings, overdraft, remittances, and insurance in basic savings bank deposit account by joining hands with LIC, non-life / general insurance companies for health and agri insurance, setting up IT backbone for evaluating whether banks can lend / issue overdraft to depositors and we saw issue of Kisan Credit Cards and insurance to small and marginal farmers. This was based on feedback and suggestions of Bankers on making financial inclusion truly inclusive to support BPL account holders with whole host of financial products and services. 7. To make financial inclusion and basic savings bank deposit accounts of BPL depositors viable, UPA Govt came out with the scheme of DBT and direct deposits of subsidies, etc in the said account, and just Indian Posts has handled remittance and deposit of more than 50% of NREGA payments into beneficiaries accounts.
Posted on: Sat, 30 Aug 2014 05:02:55 +0000
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