The Prime Minister, Shri Narendra Modi, today declared the beginning
of the end of financial untouchability in India, with the opening of an
estimated 1.5 crore bank accounts across the country, in an exercise
unprecedented in scale in economic history.
Formally launching the Pradhan Mantri Jan Dhan Yojana (PMJDY) at a
function broadcast across the nation from Vigyan Bhawan in New Delhi,
the Prime Minister described the occasion as a festival to celebrate the
liberation of the poor from a poisonous cycle. (Vish-chakra se gareebon
ki aazaadi ka parv)
Expressing satisfaction at a number of records being broken today, the
Prime Minister said the nationwide success of the enrolment drive today
would give confidence not just to the officials of the Department of
Financial Services and banking sectors, but also to officers across the
Union Government, that they can successfully achieve the goals that they
set for themselves. "Never before would insurance companies have issued
1.5 crore accident insurance policies in a single day. Never before in
economic history would 1.5 crore bank accounts have been opened in a
single day. Never before has the Government of India organized a
programme of such scale – over 77,000 locations – with the participation
of so many Chief Ministers, Union Ministers, Government and bank
officials." He said the success is an inspiration for achieving new
heights.
The Prime Minister said that though the initial target of PMJDY was to
open bank accounts for 7.5 crore families in one year, he had exhorted
the concerned officials to complete the task before the next Republic
Day.
Elaborating the benefits under PMJDY, the Prime Minister said this was
not a mere bank account, but had other benefits including an RuPay debit
card, Rs 1 lakh accident insurance cover, and an additional Rs.
30,000/- life insurance cover for those opening bank accounts before
January 26th, 2015. He said the account performance would be monitored
and overdraft facility would be given.
The Prime Minister said he had sent 7.25 lakh bank employees, exhorting
them to help reach the target of 7.5 crore bank accounts, and bring
freedom from financial untouchability.
The Prime Minister referred to the five beneficiary couples who had
received account opening kits in today's event at Vigyan Bhawan, and
said the ladies appeared to have dressed for a festival. He said they
knew that there could be no bigger festival than the opening of a bank
account for empowering women.
The Prime Minister said when banks were nationalized in 1969, it was
done with the objective of bringing people into the economic mainstream.
But that objective had not been achieved till date. After 68 years of
independence, not even 68% of India's population had access to banking,
he added. He said it is easy for the rich to get a loan at low interest
rates. But the poor are forced to seek loans from money-lenders at five
times the rate charged to the rich. Is it not the responsibility of the
banking industry to provide banking access to the poor, the Prime
Minister asked.
The Prime Minister illustrated his point through the example of a mother
saving money and being forced to hide it somewhere within the house. He
said the bank officials who had opened an account for such a mother,
had been blessed today.
He said a breakthrough was required to overcome the vicious cycle of
poverty and debt, and that breakthrough had been achieved today. He said
there were similarities between the poor getting access to mobile
telephones, and getting access to debit cards. They both had the effect
of instilling confidence and pride among the poor, he added.
The Prime Minister referred to the ancient Sanskrit verse: Sukhasya
Moolam Dharma, Dharmasya Moolam Artha, Arthasya Moolam Rajyam – which
puts the onus on the state to involve people in economic activity. "This
Government has accepted this responsibility," the Prime Minister said.
The Prime Minister said Indians had a habit of saving, and thinking about the future of their children.
The Prime Minister also distributed awards to winners of the Name and
Logo contest for this scheme. He observed that those who won prizes were
predominantly from non-Hindi speaking states, but had won prizes for
coining a name and slogan in Hindi. This is an example of national
integration, he said.
Speaking on the occasion, the Finance Minister said PMJDY would be taken
forward in Mission Mode, and the first target of reaching 7.5 crore
unbanked families would be achieved by January 26th, 2015.
The Minister of State for Finance, Smt. Nirmala Sitharaman, said the
lady of the house had been given priority in the PMJDY. She said this
scheme would touch the lives of everyone in a positive and constructive
way.
