R Lester Makang
UKHRUL, September 26: The apparent lack of clear-cut targets and procedures of the revamped Financial Inclusion (FI) programme Pradhan Mantri Jan Dan Yojana (PMJDY) recently launched by the Modi-led government continues to create chaos and confusions among the public of Ukhrul district even as a large number of people have already enrolled themselves in the ambitious bank-accounts-for-all scheme since last month.
In an interaction with this Imphal Free Press correspondent, Ksh Rameshwar Singh, branch manager, State Bank of India (SBI) Somsai Branch (Ukhrul) said that many of those customers who came to open their bank accounts under PMJDY were curious and enquired if they would really receive Rs. 1 lakh accident insurance coverage even if they normally maintain zero balance.
Clarifying this common misconception, Singh maintained that unless the account holder is entitled to a financial assistance under certain other government schemes on regular basis or scholarships in the case of students, there is no point of opening a non-functioning zero-balance account just for the sake of it.
Referring to PMJDY, he further informed that the account holder has to practically maintain certain balance and not due to any mandatory stipulation by the bank. `Any account that does not execute any transaction for six months would automatically get defunct and thus cannot avail any benefits of the scheme including the overdraft facility of Rs. 2000,` he said.
Talking about the norms pertaining to Rs 1 lakh accident insurance coverage, there is a premium aspect, Singh continued while at the same time lamenting that it is still not clear to even bank officials as to who would bear the insurance premium which most customers are not aware of.
Whether existing accounts are eligible for PMJDY is another common doubt that many customers raised and the same is yet to be ascertained, he stated while pointing out that all these confusions primarily arise since the government has not clearly spelled out its targets and banking procedures for the scheme.
Informing that the scheme was opened at the branch on 18 August last, he said that as many as 900 new accounts have been opened ever since thereby adding the overall customers number up to about 10, 000 at the branch.
Meanwhile, MPJDY continues to draw a large crowd of customers at the SBI Somsai branch each day as they throng the bank to open new accounts under the FI scheme.
The bank official sources have, in the meanwhile, disclosed that a new SBI branch is likely to come up soon at Ukhrul Mini secretariat complex as the matter is appraised afresh to the Reserved Bank of India which is the licensing authority. It may be recalled the proposed branch was earlier slated for opening in March this year but had to be put off on account of security concern.
Read more / Original news source: http://kanglaonline.com/2014/09/pmjdy-continues-to-create-confusion-among-ukhrulites/