The Chairman and Managing Director of Indian Bank informed that the bank has opened 20 lakh basic savings bank accounts under the Pradhan Mantri Jan-Dhan Yojana (PMJDY) till now,
The Prime Minister had launched the scheme on August 28. All the banks have crossed eight crore accounts across the country.
Now, the target fixed by the Finance Ministry is 10 crore accounts.
Indian Bank is set to achieve this by January 26, 2015.
The basic savings bank accounts can be opened as zero balance accounts.
All across the country, about 75 per cent of the accounts were zero balance.
The cost of deposit mobilised through these eight crore accounts was to the tune of Rs. 6000 crore.
All the accounts are being issued Rupay debit cards and have the facility of Rs. one lakh personal accident insurance and Rs. 30,000 life insurance.
The criteria are that customers should use the account within 45 days and also use the Rupay debit cards regularly
In the next phase, there will be linkage with Aadhaar and linkage with government subsidy to flow into these accounts. .
Seeing the conduct of the accounts, the banks will be offering in a phased manner the overdraft facility of up to Rs. 5,000 in each operational account.
The scheme was an effort to enable all households to have access to banking services.
This will revive and revolutionise Indian banking system in six months to one year. .
Indian Bank has not asked for a single penny as capital infusion.
Besides the ATM facility, the VIT branch will have passbook printing machine and cash deposit machine so that students and staff could complete most of the activities at one place.
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