The new Prime Minister of the country Mr. Narendra modi in his first speech that he gave on Independence Day announced a new program Pradhan Mantri Jan Dhan Yojna in parallel with the banking system.
The target of the program was to open 10 million zero balance savings account on its launch date i.e. 28 august and the result significantly exceed the expectations. With the help of private and public sector banks around 15 million accounts were opened on the same day.
All around the country over 77,000 day long camps were made to accomplish the target and many chief ministers and high ranking officials also contributed in the same.
The scheme is itself an attraction in the sense that those who will get the accounts opened before 26 January 2015 will get their account credited with Rs. 5,000; Rs. 1,00,000 insurance cover and Rs. 30,000 life insurance cover.
The idea is naïve and the motive of the Prime Minister is also undoubtedly correct. There is a huge potential in the scheme but the fact that the process is easy and the checkpoint are few will lead to duplicity of accounts can’t be neglected.
Since the scheme is good people who already have their accounts in bank may also get it opened again, so how many out of those 75 million of people who didn’t had the account opened earlier are actually benefited is difficult to estimate.
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