Finance Ministry Finalises Premium Payment For Life Cover Under Jan Dhan Yojana
By PTI
In order to spread financial inclusion, banks have been asked to open 7.5 crore accounts by January 26. PMJDY scheme envisages to provide one account to 15 crore unbanked households across the country in the first phase.
For this, banks have been asked to set up camps from 8 AM to 8 PM on every Saturday to facilitate account opening.
Two helplines-- 1800-180-111 and 1800-110-001 -- have been set up to answer queries related to the scheme.
The new scheme, sources said, is a significant improvement over the UPA's financial inclusion programme.
The earlier scheme had no focus on households and no emphasis was given on urban financial inclusion, according to some experts. Besides, they maintained that there was a cumbersome Know Your Customer formality, restricting account opening.
Other deficiencies cited included lack of credit disbursement and 47 per cent of business correspondents being untraceable, resulting in inactive accounts.
The new scheme, sources said, has tried to address all the possible deficiencies and its monitoring would be done at state and district levels.
The 'mission mode' approach has been envisaged with the Finance Minister as head of the mission.
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