..........The RBI's definition of financial inclusion mandates a bank to offer at least four services: savings account with an overdraft facility, business loan, remittance facility and an insurance-cum-retirement benefit product. Today, for the purpose of cash transfers, banks are offering merely a bank account. Mostly, it's a no-frill account: this does not burden an account holder with a minimum-balance requirement, but also places restrictions like a monthly cap on number of withdrawals....................
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Not long ago, PM made the following observation at a review meeting of progress made in the preparations for launching ‘Direct Cash/Benefit Transfer’ programme:
“The twin pillars for the success of the system of Direct Cash Transfers that we have envisioned are the Aadhaar Platform and Financial Inclusion. If either of these pillars is weak, it would endanger the success of the initiative.”
Anyone familiar with the happenings on the Aadhaar platform and those who have been following the chase after ‘Financial Inclusion’ since 1970’s (Lead Bank Scheme era) till date will have the same apprehensions briefly coming out in the PM’s observation. Reportedly, government has handed over the electoral rolls to the Public Sector Banks operating in the districts selected for launch of Cash Transfer from January 1, 2013 with instructions to ensure that every household in these districts has at least one bank account. Bank employees may not risk their jobs by not adhering to the ‘instructions’ from North Block. We can only wonder why electoral rolls and not AADHAAR numbers were being used. Someone says, when everything is with Elections 2014 in view, why not start with electoral rolls in the first place!
What happens to bank accounts, insurance policies, RDs, accounts with commitments to pay dues in installments by various agencies including Mutual Funds could be easily assessed, if the ‘unclaimed’ deposits in such accounts are subjected to scrutiny. But unclaimed amounts are an income source even for public sector organisations. Government is no exception and the Direct Benefit Transfer too may lead to further accumulation of ‘unclaimed’ money!
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