Tribune News Service
New Delhi, August 30
The government today said the Pradhan Mantri Jan Dhan Yojana (PMJDY) would not burden the banks as the scheme made a reasonable business case for them and there were enough inbuilt safeguards in the scheme. Finance Minister Arun Jaitley said 2.14 crore accounts had been opened under the scheme in less than two days.
The government today said the Pradhan Mantri Jan Dhan Yojana (PMJDY) would not burden the banks as the scheme made a reasonable business case for them and there were enough inbuilt safeguards in the scheme. Finance Minister Arun Jaitley said 2.14 crore accounts had been opened under the scheme in less than two days.
The Finance Ministry in a statement said the experience of certain banks was observed and it was found that financial inclusion makes a reasonable business case for the banks due to current and savings account deposits from such accounts.
The PMJDY will develop infrastructure for direct benefit transfer (DBT) schemes to be rolled-out soon. This will improve governance and plug leakages. In principle approval of 2% commission to be paid for the DBT Scheme has already been granted.
At present, an accidental insurance scheme is part of the RuPay Debit Card. The National Payments Corporation of India pays the premium out of the revenue generated from card transactions. There is no burden on the banks, the statement said.
The guidelines for the life insurance cover announced by the PM will be issued shortly. There will be no burden on the banks on this account. The ministry said Rs 5,000 overdraft limit would be given after satisfactory operation of the account for six months."
(RK Sahni)