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FinMin to take stock of Jan Dhan Yojana, send progress report to PM

business Updated: Sep 22, 2014 23:42 IST
Mahua Venkatesh
Mahua Venkatesh
Hindustan Times
finance ministry

The finance ministry will soon initiate a survey to assess the efficacy of the Pradhan Mantri Jan Dhan Yojana (PMJDY) and analyse how many accounts have been opened.

The report will be sent to Prime Minister Narendra Modi.

About 40 million accounts have been opened under the scheme so far. “We would soon initiate a survey to understand how many unbanked households have been covered region-wise,” a senior finance ministry official said.

“We need to understand how the programme has worked and the cities and regions that have been most covered or even those that have not been covered that extensively,” the official added.

There have been cases where people with existing bank accounts have opened new ones to avail the benefits of PMJDY. Modi is keeping a close watch on the programme, sources said.

He had also written to public sector bank employees to take up the exercise on a mission mode. The Indian Banks Association has said that the survey would be ready by year-end.

“We will prepare a report to understand the efficacy of the programme. The benefits will be extended to even those who already have zero-balance accounts,” TM Bhasin, chairman, IBA, told HT.

After six months of operation of the no-frill accounts, banks would extend an overdraft facility of Rs. 5,000 to account holders.