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RBI Caution to Banks – Be careful on the ‘Jandhan’ Scheme!!
Posted on: 22/Sep/2014 3:20:51 PM
The Executive Director of the Reserve Bank of India, Mr. Vijay Bhaskar has cautioned that that there is scope form misuse of the newly introduced scheme ‘Jandhan’, intended with the idea of extending bank facilities to all classes, especially the lower communities.
The RBI Executive Director informed that Jandhan offers an insurance cover for Rs. 1 Lakh while opening a bank account. However, with this in mind, there is a good possibility of many individuals starting more than one account. People can use their PAN Card, Aadhar card, etc to open different accounts in different banks.
He suggested that all banks should come together to devise monitoring schemes to facilitate complete data about account holders for exchange of information on duplication.
The executive Director also informed that ‘Hawala’ swindlers can also play a strong role to misuse this facility.
In a good sudden development, Mr. Bill Gates, the founder of Microsft, has come forward to offer financial help through his endowments. He has conveyed this to the Finance Minister, Mr. Jaitley.
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