Monday October 22, 2018
Home Opinion Is Prime Mini...

Is Prime Minister Narendra Modi’s pet scheme Jan Dhan Yojna a flop show? World Bank numbers suggest so

1
//
492
Republish
Reprint

Prime-Minister-Narendra-Modi-releases-Pradhan-Mantri-Jan-Dhan-Yojana

By NewsGram Staff Writer

There might be an increase in the number of bank accounts being opened in India under Prime Minister Narendra Modi’s pet scheme Jan Dhan Yojna, but the country suffers high dormancy rates, said a World Bank report.

The number of account holders in India has gone up to 12 crore but only 57 per cent of these accounts have been found to be active in real sense, according to the World Bank report.

“The dormancy rate in India is quite high at 43 per cent and accounts for about 195 million of the 460 million adults with a dormant account around the world,” the report said.

In August 2014, India launched Pradhan Mantri Jan Dhan Yojana scheme for financial inclusion with the goal of helping unbanked with a bank account. The scheme now looks good only on papers with most families not making a use of it.

According to the report, opening of new accounts was only an initiative by the government to push its financial inclusion. Now we need to think again if this Jan Dhan Yojna is only an attempt by the government to prove its sincerity towards its promises.

Moreover, only 39 per cent of all account holders in India own a debit or an ATM card, it said.

The World Bank said: “18 per cent of adults in south Asia own a debit card, compared to 31 percent in developing countries on average.”

Click here for reuse options!
Copyright 2015 NewsGram

  • Kes

    The fact that most accounts are empty is a VERY good thing.

    1) It means that most accounts belong to poor people.

    2) It means these are new accounts.

    It will be easy to divert subsidies into these accounts, but it is heartening to know that these are genuine accounts of poor people.

Next Story

Kejriwal’s Door to Door Donation Drive is a Farce: Munish Raizada

Chanda Bandh Satyagraha makes an appeal that AAP should immediately restore donors' list on its website and then only seek new donations.

0
Kejriwal
Dr. Munish Raizada along with his Chanda Bandh Satyagraha team led to the office of AAP MLA Jarnail Singh (Tilak Nagar)

Chicago: The Aam Aadmi Party Convener and Delhi CM Arvind Kejriwal has launched a door to door campaign seeking donations for the AAP.  According to former overseas co-coordinator of Aam Aadmi Party, Dr. Munish Raizada, this is nothing more than a misleading campaign!

Raizada says that Kejriwal has no moral right to seek donations from common man as he has dismantled financial transparency in AAP by removing donors list from its website. Displaying donors’ list showing real time donations and making the income and expenditure accounts available online were the basis and the promise of the AAP, emphasised Raizada.

Now, after hiding donors’ list and its balance sheets from the public, the AAP cannot claim to be practising alternative politics.

Munish Raizada, kejriwal
Lack of financial transparency in the Arvind Kejriwal-led AAP has prompted a group of NRIs, who once worked to mobilise funds and support for the party, to turn against it.

It may be noted that AAP removed the list of donors from its website in June 2016. Moreover, since then AAP has been surrounded with controversies related to donations. AAP had also received Rs 30.67 crore Income Tax notice, last year in November, implying that all is not well with AAP’s accounts, says Raizada.

He further questions Kejriwal, that if AAP has nothing to hide about its accounts and if AAP is honest with its account keeping then why is Kejriwal hiding the donations?

Even the donation policy that was earlier the pride of every AAP volunteer has been done away with. The donation policy on AAP website used to state: “Every single rupee donated to the party will be published on the website immediately along with the details of the donor. Every expense done by the party will also be published on the website.”

But rather than putting the donors’ list in public domain, the party’s corrupt leadership started blaming BJP and I.T. Department for harassing its donors.

 

munish raizada, kejriwal
Chanda Bandh Satygrah promises its supporters to restore the lost values in AAP

 

Opaque political funding is the fountain head of corruption. Further, Raizada says that if the party cannot be transparent in its political funding, then talking about fighting corruption and graft is a mere rhetoric. He said that the appeals by Chanda Bandh Satyagraha have fallen on deaf ears as far as the party’s

leadership is concerned. 

Chanda Bandh Satyagraha makes an appeal that AAP should immediately restore donors’ list on its website and then only seek new donations. Chanda Bandh Satyagraha was started by AAP’s volunteers in 2016, with an appeal to the public not to donate to AAP unless it makes its donation lists open and transparent.