Taking a cue, banks announced on Friday that they will organise camps on all Saturdays from 8 am to 8 pm to ensure that the target of opening 7.5 crore bank accounts by January 26 next year is met in time. The email, which appears on the homepage of the intra-mail network of all banks, stressed on the need to bring households into the financial system as all other development activities are hindered by this single disability.
The task is gigantic... This is a national priority and we must rise to meet this challenge... I urge you to put your shoulder to the wheel and try your level best to ensure that no one is left without a bank account. This itself will be a source of immense satisfaction for you and your teams. I will myself recognise the achievements of the best performing branches, Modi said.
On Thursday, Modi rolled out the ambitious financial inclusion programme of the government, opening about 1.5 crore accounts during the day. The scheme, Pradhan Mantri Jan Dhan Yojana (PMJDY), essentially provides an opportunity to households with no bank account to open one and avail a RuPay debit card along with a Rs 1 lakh accident insurance cover. An additional Rs 30,000 life insurance cover will be provided for accounts opened before January 26, 2015. The Finance Ministry is working out the modalities of the additional life cover.
As Modi launched the scheme here, simultaneous launch functions were held across the country through 79 mega camps. More than 70,000 camps were held all over the country to open 1,84,68,000 accounts on Thursday. The benefit of insurance cover can also be availed by households that already have bank accounts.
In the email, Modi assured bank officials of all the support required, urging them to rise to the occasion and contribute to this national endeavour in significant measure. I am there to support you.