PM’s bank account scheme a game changer: SBI official

Kohima: G C Pandey, the general manager of SBI’s corporate centre in Mumbai, is optimistic that Pradan Mantri Jan-DhanYojana (PMJDY) will be a game changer for the common man, banks and the nation.
Pandey was in Kohima in connection with the launch programme of PMJDY in Nagaland on Friday.
“It would enable every household in the country to have access to banking services,” said Pandey during the launching ceremony.
It is envisaged that a customer service point will be made available within a reasonable distance where everybody will have access to open a bank account and execute transactions, he said.
He added that the nation cannot achieve inclusive growth unless every person participates in this journey.
Apart from opening bank accounts, there is a provision in the scheme to issue Rupay debit cards with an inbuilt accidental insurance cover of Rs 1 lakh.
Going forward and based on some easy terms and conditions, the account holders will also get loan facility.
In the second phase of programme, insurance and pension products will be provided to the account holders, he said.
He added, “The banks have so far covered around 3.83 lakh villages through branch and BC network and bank accounts have been opened. Under this mission, the banks will expand their network in remaining 3 lakh villages and ensure that at least one account per household is opened in the next one year.”
There could be families without a bank account even in villages which are already covered.
Such families will be covered under this mission, said Pandey.
Across the country, all banks are holding over 50,000 camps for opening accounts.
In Nagaland alone, more than 150 camps are being held, he said. He added that banks are also engaged in providing financial literacy at the grassroots level.