The Jan Dhan Yojana, which was announced by Prime Minister Narendra Modi on 15th August 2014, has surpassed its original target of opening 7 crore bank accounts by 26 January 2015 by 4 crores .
The envisages that every Indian family should have a bank account which would lead to economic equality in the country. About 60% of its 125 crore population, mostly poor, does not have access to formal banking services. Pan India money transfers, speedy loan availability and repayments are a few benefits which will accrue to the account holders. It is completely free of cost to open the account after which one receives a RuPay debit card .
However after its implementation from the 28th of August, the scheme has not been free from criticism. But like the lead-a-horse-to-water adage goes, it cannot be ascertained whether or not these bank accounts will be used . Defenders of the scheme have said it would go a long way in curbing corruption, alleviating poverty, enhancing savings, reduce leakages in the economic system by facilitating direct transfer of subsidy benefits to the poor and even tackle Ponzi schemes .
However, if the ‘Acche Din’ that was promised really do come about in the near future and we see job growth, skill development and a reduction in debt and Non Performing Asset (NPA) then these accounts will be the fastest channel to bring about economic equality.
5 Comments. Leave new
very nicely written Akshita 🙂
Thank u Nitesh !
Good effort!
Got somethine new to read 😀
Good work 😀
interesting..