Don’t bank on it, yet
On August 15, Prime Minister Narendra Modi announced the Pradhan Mantri Jan Dhan Yojana, a financial inclusion scheme that will ensure that at least one member of each and every family in India not only has a bank account with a debit card, but is also provided an overdraft facility of Rs 5,000, a life insurance policy of Rs 30,000 and accident insurance cover of Rs 1,00,000. Even after a bank account is opened, it has to be ensured that the account is capable of receiving funds from government welfare schemes that are directly transferred to the holder of an Aadhaar card. Details of providing accidental insurance cover and a life insurance policy to those who open new bank accounts are not known yet. The way the PMJDY has been highlighted so far appears to indicate that the government is more keen on meeting targets of opening new bank accounts than in ensuring that the poor of the country are able to not just enter the financial system, but also participate in productive economic activities.
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