RBI Guv Raghuram Rajan softens stance on Jan Dhan Yojana, says it is a welcome scheme
It is the job of raghuram rajan to execute the scheme properly and he is doing it.
PTI | Mumbai | Updated: Sep 30 2014, 15:16 IST
"We welcome the Jan Dhan Yojana, it is part of RBI's plan to get universal access," he told a press conference called for announcing bi-monthly monetary policy.
The RBI governor had earlier cautioned the banks on the risks involved in just hunting for numbers, asking them not to compromise on core objectives of the programme.
However, today Rajan said he wanted a proper inclusion of unbanked households into the banking system.
"What I am more concerned about is that we actually achieve proper inclusion by bringing in households that were not reached in past... We are working with the government to try and make this dream a possibility," Rajan said.
So far, over 5.1 crore accounts have been opened and Rs 3,600 crore deposited in banks.
Under the financial inclusion scheme, each Jan Dhan account comes with Rs 5,000 overdraft facility, a Rs 1 lakh accident cover, and a RuPay debit card.
Rajan said the Payments bank and Small banks for which RBI is in the process of finalising guidelines, will help in promoting financial inclusion.
The Jan Dhan accounts will be linked to the Direct Benefit Transfer (DBT) scheme, he said, adding, "let us keep the broader aim in mind and work towards achieving universal access".
RBI Guv Raghuram Rajan softens stance on Jan Dhan Yojana, says it is a welcome scheme - Financial Express