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LATEST NEWS UPDATES | Is Jan Dhan really a success? -Surabhi Agarwal

Is Jan Dhan really a success? -Surabhi Agarwal

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published Published on Nov 19, 2014   modified Modified on Nov 19, 2014
-Business Standard

Government's financial inclusion mission is well intentioned, but it may be putting a severe strain on the banking sector

Sometime in August, a rumour went around a small village near Alwar in Rajasthan and in some other parts of the country: "Sarkar jo kala dhan wapas layegi, woh Jan Dhan yojana ke khaato mein baanta jayega" (When the government brings back black money, it will be distributed among Jan Dhan accounts).

Among the droves of villagers who had descended upon a State Bank of India (SBI) branch then, many had fallen for the rumour. There were other enticements, too -an in-built accident insurance cover of Rs 100,000, an overdraft facility of Rs 2,000, extendable up to Rs 5,000, and a Rs 30,000 life insurance cover. Since the project was flagged off on August 28, the account holders make weekly/fortnightly rounds of the branch, often skipping their daily wages. Their account balance hasn't moved an inch.

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Business Standard, 19 November, 2014, http://www.business-standard.com/article/current-affairs/is-jan-dhan-really-a-success-114111900034_1.html


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