This story is from August 29, 2014

39,000 bank accounts opened in Madurai under PM's new scheme

A total of 39,000 new bank accounts were opened by the public in Madurai district under the ?Pradhan Mantri Jan Dhan Yojana' that was inaugurated throughout the nation on Thursday.
39,000 bank accounts opened in Madurai under PM's new scheme
MADURAI: A total of 39,000 new bank accounts were opened by the public in Madurai district under the 'Pradhan Mantri Jan Dhan Yojana' that was inaugurated throughout the nation on Thursday. Of the 39,000 accounts, 37,000 accounts have been opened by the public sector Canara Bank, which is the lead bank in Madurai district, said Pon Radhakrishnan, Union minister of state for heavy industries and public enterprises, shortly before the scheme was launched by Prime Minister Narendra Modi in New Delhi.
Talking about the scheme, Radhakrishnan said the scheme was envisaged by the Prime Minister to improve the economic condition of the people, especially those living in rural areas. Only 58.70% of the people in India have a bank account. Now, the Prime Minister has planned to take it to 100 per cent. In Tamil Nadu, 97% of the people have been covered by banking services. They have access to banks in some form or the other. It would also be taken up to 100% soon, he said.
He lauded the banks' efforts in implementing the scheme. Banks have done well to attract 39,000 new accounts under the scheme so far. In few days the number would go up exponentially. People would soon carryout all their income and expenditure transactions through the bank account. All the villages, even the remote ones would be covered under the scheme, he added.
The zero-balance bank account with RuPay debit card would be issued to the beneficiaries. It would have a life insurance cover of Rs 30,000 in addition to accidental insurance cover of Rs 1 lakh. In some time, the account holders will be provided an overdraft facility of up to Rs 5,000 under the scheme.
L Subramanian, district collector said there was a time when only the rich and educated people had access to banking facilities. People should make use of the opportunity, he said.
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