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Dark side of the Pradhan Mantri Jan Dhan Yojna: Why 14 crore bank accounts are not the yardstick to measure the scheme’s success
By Harshmeet Singh
‘Mera khaataa Bhagya Vidhata’, the motto of one of the most ambitious schemes of the central Government, the Pradhan Mantri Jan Dhan Yojna, depicts a picture which is far from the present reality. The Government has been patting its back highlighting that more than 14 crore bank accounts have been opened under the scheme till 31st March. But if just swelling up the number of accounts is the yardstick to measure the scheme’s success, UPA’s ‘Swabhimaan’ scheme, which saw more than 60 million accounts opening, should be called a similar success!
According to a recent World Bank report, the Jan Dhan Yojna, so far, has failed to address the biggest challenge – keeping the accounts active. Moreover, there is still no clarity over a number of ‘spectacular’ features that the government has been so vocal about! This gives rise to a crucial question – Is the Pradhan Mantri Jan Dhan Yojna just an empty vessel with too much noise and nothing inside? Let’s dissect the different aspects of the scheme individually (including the ones not covered in the advertisements!) before we arrive at any conclusion.
Insurance at no cost. Wait! Is it?
According to the features of the scheme, every account holder would be provided with an accidental insurance of Rs 1 Lakh and a life insurance cover of Rs 30,000. This clause comes with a ‘secret condition’ which hasn’t been mentioned in the advertisements promoting the scheme. The condition says that to be eligible for the accidental cover, you must use your RuPay debit card for a transaction at least once in every 45 days. Since the scheme majorly targets the rural population, it won’t be incorrect to assume that most of the customers would lose out on this insurance due to dormant debit cards.
This insurance is attached to the RuPay debit card which would be given to the account holder. The RuPay card is a product of RBI’s National Payments Corporation of India (NPCI). The insurance premium, in case of a mishap, would be payable by the NPCI. Since NPCI’s earnings would depend upon the usage of RuPay card by the customers, the only way for the NPCI to compensate for the insurance premiums is to ensure that the debit cards are used frequently.
The Life insurance cover, on the other hand, has its own hidden conditions. Only the account holders with the age of above 18 and below 59 would be eligible for this insurance cover. Moreover, insurance would only be provided to the account holders with valid Aadhaar card. A number of experts also say that since the account holders aren’t given any official paper guaranteeing their insurance cover, they would have a hard time in claiming the amount.
An overdraft facility of Rs 5,000! Awesome! But who pays?
One of the most talked about features of the scheme remains the Rs 5,000 overdraft facility once the account is 6 months old. According to the Government, it would depend upon the discretion of the banks to provide this facility to the account holder. The vague directions from the Government say that ‘the transactions of the first six months must be satisfactory in view of the bank’
Although there were some speculations about NABARD acting as a guarantor for the funds released through the overdraft facility, there hasn’t been any official confirmation in this regard.
Spare a thought for the Public Sector Banks please!
This scheme presents a precarious situation for the Public Sector Banks. Their bosses (Government) come out with populist schemes without consulting them and then question them if they fail! Although the Government directed the banks to open accounts on a zero minimum balance basis, these accounts collectively had a balance of over Rs 15,000 crore till 31st March. While this seems a bright spot at the first look, it only comes down to an average account balance of little over Rs 1,000.
The Banks require certain minimum account balance in order to recover the operational cost of the accounts. This ‘minimum balance’ is much more than the figure of Rs. 1,000 (Rs 10,000 – Rs 15,000 for Banking Correspondent model). In short, these accounts would put a humungous operational cost upon the already stressed Public Sector Banks. With most of these accounts remaining dormant, the banks can’t be blamed for feeling hard done by the scheme.
Banking Correspondent model – Is it the right way ahead?
The most critical aspect of financial inclusion remains the ‘last mile connectivity’. With less than 50,000 out of the total 6 lakh villages having a bank branch, the government has decided to go ahead with the Banking Correspondent Agent model to ensure financial inclusion.
A Banking Correspondent Agent usually earns 2% commission on every transaction, thus earning a monthly income of close to Rs. 2,000. With such low incomes and a tough job environment, these correspondents frequently give up their jobs. In fact, according to a recent survey by the RBI, almost 47% BCAs are missing from their jobs. There have also been instances where these BCAs have demanded illicit service charge from the rural customers. Such commissions are charged for a number of services including withdrawing money and loan processing. The current strength of BCAs, according to the RBI, is close to 3 lakh but their impact is still far from satisfactory. While the Government plans to increase the number of BCAs, it would also result in an increased operating cost for the Banks.
According to the 2011 census, only 59% households in India have a bank account. Considering the gloomy situation, the need for financial inclusion in the country is imperative. But launching schemes without a properly thought out framework would only give rise to disappointment on the part of the public and the Government itself.
By Prerana Agarwal Saxena
In all the wedding excitement, it's easy to overlook the impact a wedding has on the environment. While everyone is making their big fat Indian wedding dreams come true, they are also adding their carbon footprint and undue energy consumption. Modern couples are now looking for ways to have a wedding with a sustainably conscious mindset. It's become about incorporating less waste, locally sourced and seasonal food, natural materials over the use of plastic. Mindful wedding planning and decor includes the use of recycled paper and goods along with eco-friendly venue needs. Check out this quick guide to achieve a sustainably conscious wedding without compromising on luxury:
Choose locally sourced material to uplift artisans
Sustainable can be luxurious too, incorporate some native flavour into the decor and theme. With the use of locally sourced materials and local artisans coming into play, the wedding instantly becomes sustainable. Include the work of local vendors ensure minimal packaging requirements, thus saving on unnecessary plastic and lamination. It also decreases the need for transporting elements from other cities and hence lowers the carbon footprint. For instance, at one of our weddings, we made use of sand art for a setup in Jodhpur. This helped promote local work while also being environmentally friendly with zero wastage of other materials. In another instance from Rajasthan, the traditional glass-blown technique was used to build decor items while giving a cultural touch to the destination wedding.
Sustainable can be luxurious too, incorporate some native flavour into the decor and theme. | Photo by Jason Coudriet on Unsplash
Say yes to recycling
One should be mindful and avoid the use of plastic and other non-recyclable materials in decor wherever possible. It can be a small step such as making a conscious switch from plastic water bottles to copper jugs or glass bottles. Also use artificial floral decor thus minimising the wastage produced from real flowers. This recyclable decor is then donated to various NGOs, further ensuring sustainable use of resources. Such steps, however small they might be, keep the environment free from the release of any additional carbon footprint.
One should be mindful and avoid the use of plastic and other non-recyclable materials in decor wherever possible. | Photo by Ravin Rau on Unsplash
Go for zero-waste wedding decor
Make use of fabric as it enhances the elegance of the wedding while being sustainable. Include vibrant colours apt to the theme of the wedding and bring in bright sprightliness with breathable fabrics. Ensure to include LED lights for lighting. They can be incorporated as string lights or be used on passageways with innovative decor items. They also help conserve energy and bring in soulful energy for nighttime decor. Choose virtual invitations, keeping up with the digital times. Make a conscious choice of plated dinner menus rather than a buffet as they allow less wastage of food and ensure enough food for guests in attendance.
LEDs can be incorporated as string lights or be used on passageways with innovative decor items. | Photo by Annie Spratt on Unsplash
Include Sustainable Gifting
Gift sustainable wedding favours -- gifts that grow. Offering a plant or a succulent, is a great idea. One can also gift recycled organic fabrics and cutlery or zero-waste kitchen and bathroom essentials to use in their homes as some distinct gifting options.
Gift sustainable wedding favours -- gifts that grow. | Photo by Kira auf der Heide on Unsplash
Acting in the best interest of the environment and the society, Theme Weavers Designs has started a social cause, Weaving Hope, where a part of their earnings along with food and decor are donated to social communities. Royal Rendezvous, is an event started by us to put India on the Global Map, inviting international wedding planners to India to experience the rich culture and heritage, also employing and displaying the work of local artisans to this international audience.
By applying the values of sustainability, you can reduce the energy consumed and the resources used as much as possible. Go ahead and have a luxurious zero-waste wedding and navigate into the world of green living! (IANS/ MBI)
Keywords: Luxurious , Gift, sustainable, wedding favours, gifts that grow. Gifting, recycling, locally sourced, material. zero-waste
The Tamil Nadu health department has administered 16,43,879 lakh doses of vaccine in the second mega vaccination camp organised by it. The state public health department in a statement on Sunday said that this has taken the total vaccination to one crore since the beginning of September till date. The vaccination was administered from 7 a.m. till 7 p.m. and the compiled data was made available late at night.
The health department officials also said that as the state has almost exhausted its quota of vaccines, there would not be any vaccines on Monday. Regular vaccination will resume after the vaccine supplies arrive from New Delhi, officials said. The state health department had expected to vaccinate 15 lakh people on Sunday in 18,824 centres spread across primary health centres, anganwadis, noon meal centres, government hospitals, schools and some auditoriums.
The health department officials also said that as the state has almost exhausted its quota of vaccines, there would not be any vaccines on Monday. | Photo by Mat Napo on Unsplash
Of the 16,43,879 people who were inoculated, a total of 10,85,097 received their first dose and 5,58,782 their second dose of vaccine, the statement said, A total of 9,66,568 people in the age group of 18-44 were vaccinated on Sunday and vaccines were administered on 5,02,578 people aged between 45- 59 in the mega vaccine camps.
State health minister Ma Subramanian, who inaugurated the vaccination at Pollachi, also visited the centres in six districts -- Coimbatore, Erode, Namakkal, Tiruppur, Dharmapuri and Salem. The state government, according to the health minister, is to receive the next allotment of vaccines on September 21. Minister while speaking to IANS said, "We will be receiving the next allotment of vaccines on September 21 itself and we will resume vaccinations immediately. The state has already touched one crore vaccine-mark in the month of September till date." (IANS/MBI)
Keywords: COVID, vaccine, vaccination camp, Tamil Nadu, India, vaccinated, mega camp
Festivals are just around the corner and while you brainstorm about OOTDs (outfit of the day), don't forget the right makeup. Hanisha Kapoor, COO, ArchiesBeauty.com shares makeup trends experimented by these Bollywood divas throughout 2021 for inspiration. While some stuck to the classics, others mixed it up... take a look:
The Classic Red Lip
We don't see a future where classic red lips go out of fashion. The right way to achieve this celebrity look is to focus on accentuating your lips and keeping the rest of the face minimal. Give your lips a good scrub to plump them, moisturize and follow it up with a red lip liner to define the shape of your lips. Now go on with the perfect shade of red and finish your look with a slick of eyeliner, minimal concealer, and foundation.
We don't see a future where classic red lips go out of fashion. | Photo by Ina Garbé on Unsplash
No Makeup Look
Deepika Padukon is the perfect example of a no-makeup look. This natural beauty does a wonderful job of achieving the minimal soft look by softly cover any dark spots or blemishes and highlighting features she's most proud of. To achieve this start with concealer and use small dots to brighten your darker areas like under eye, corner of the nose or upper lip, and any visible spots, and set it up with loose powder. Apply a soft pink lipstick, light blush, and mascara.
Deepika Padukon is the perfect example of a no-makeup look | Wikimedia Commons
This look shouts pink. When it comes to rosy looks, Janhavi Kapoor does a phenomenal job. Everyone should try a rosy look once in a while. As we are focusing on only one shade, this look is pretty easy to achieve. Bring out your favourite pink lipstick, favourite pink blush, and a matching shade of eye shadow. Start with the base - concealer, and foundation and set it up with loose powder. Follow it up with eyeshadow, lipstick, and blush. Remember to draw a line by not using any pink mascara, eyeliner, or a bold shade of lipstick, as this is meant to be soft on the eyes.
When it comes to rosy looks, Janhavi Kapoor does a phenomenal job. | Wikimedia Commons
Glass Skin Makeup
The glass skin makeup is inspired by Korean skincare. This look is slightly complex with an equal focus on skin before makeup, so slather on those moisturizing serums and creams to prep your skin first. Start with a highlighting primer, keep your foundation and concealer minimal to avoid looking cakey. Follow it up with soft blush & nude lips and lots and lots of highlighter. Use the highlighter on the main points of your face, like upper cheekbones, the centre of the forehead, the tip of the nose, cupid bone, and chin. If you are feeling a bit extra, don't hesitate to put some on your shoulders and collar bones. This celebrity makeup look makes your skin glow without the need for a spotlight.
The glass skin makeup is inspired by Korean skincare. | Photo by 邱 严 on Unsplash
Pop It Up
Put a zing to your party look with the pop of funky colour. This look is meant to get you in the mood of partying all night. This works with your eye makeup while keeping the rest of the face minimal. Start with the base - concealer, apply a bit extra on your eyelids to make the colour pop. Don't mind going the extra mile and colour blocking your eyes with complementary colours on eyelids and under the eye. Apply nude lipstick and a soft blush to balance your look.
This look is meant to get you in the mood of partying all night. | Pixabay
(Article originally published by N. Lothungbeni Humtsoe) (IANS/ MBI)
Keywords: Celebrity, makeup, Deepika, Jhanavi, Korean, Red Lipstick, Glass Makeup, Pop makeup