PM launches Jan Dhan scheme to combat financial untouchability

August 28, 2014

New Delhi, Aug 28: Prime Minister Narendra Modi today launched his government's mega scheme 'Jan Dhan Yojana', declaring that it was aimed at eradicating financial untouchability by providing bank accounts to the poor.jan dhan pm

On the inaugural day, a record 1.5 crore bank accounts were opened across the country, the largest such exercise on a single day possibly anywhere in the world.

Unveiling the scheme within 100 days of forming the new government, Modi said, it will cover 7.5 crore people by January 26, 2015, who will be provided zero-balance bank account with RuPay debit card, life insurance cover of Rs 30,000 in addition to accidental insurance cover of Rs 1 lakh.

Later the account holders will be provided an overdraft facility of up to Rs 5,000.

"If Mahatma Gandhi worked to remove social untouchability, if we want to get rid of poverty, then we have to first get rid of financial untouchability. We have to connect every person with the financial system. And for that this programme has been given impetus," he said, adding, "when a bank account is opened, it's a step towards joining economic mainstream."

Modi recalled the bank nationalisation of 1969 with the avowed objective of spreading the reach of financial system to the doorsteps of poor. "But I regret to say that after 68 years of independence, not even 68 per cent of population is covered by the banking system," he said.

The scheme was simultaneously launched at multiple places by 20 Chief Ministers, several Union Ministers, including Information Minister Prakash Javadekar at Pune, Law Minister Ravi Shankar Prasad at Chennai, External Affairs Minister Sushma Swaraj at Bhopal, Home Minister Rajnath Singh at Lucknow and HRD Minister Smriti Irani at Surat.

There were in all 600 programmes and 77,852 camps were organised on the opening day to open bank accounts.

Modi said history has been created in the banking system with opening of over 1.5 crore account in a day. Besides, a record has been created by providing 1.5 crore accidental insurance covers of Rs 1 lakh.

The Prime Minister described the occasion as a festival to celebrate the liberation of the poor from a poisonous cycle ("Vish-chakra se gareebon ki aazaadi ka parv").

"Banks have assured me they will do this work before January 26. Those who oppen accounts by January 26, 2015 over and above the the Rs 1 lakh accident, they will be given life insurance cover of Rs 30,000. This will help the poor family," he said.

In the third phase, he said, these account holders would also be provided micro-pension facility.

"I believe when a person opens a bank account then he or she takes the first step to get connected with the economic system. Today the 1.5 crore family who got connected with the economic system this will give a boost to the economy," he said.

Going forward, he can avail Rs 5,000 loan from the bank, the Prime Minister said, adding, this facility would be available after six months of opening of the bank account.

Expressing satisfaction at a number of records being broken today, the Prime Minister said the nationwide success of the enrolment drive today would give confidence not just to the officials of the Department of Financial Services and banking sectors, but also to officers across the Union Government, that they can successfully achieve the goals that they set for themselves.

"Never before would insurance companies have issued 1.5 lakh accident insurance policies in a single day. Never before in economic history would 1.5 lakh bank accounts have been opened in a single day.

"Never before has the Government of India organised a programme of such scale – over 77,000 locations – with the participation of so many Chief Ministers, Union Ministers, Government and bank officials," the Prime Minister said.

Modi said this mission would also help in fighting corruption by plugging leakages in the government subsidy scheme, he said.

He further said it is easy for the rich to get a loan at low interest rates but the poor are forced to seek loans from money-lenders at five times the rate charged to the rich.

"Is it not the responsibility of the banking industry to provide banking access to the poor?" the Prime Minister asked.

The Prime Minister illustrated his point through the example of a mother saving money and being forced to hide it somewhere within the house. He said the bank officials who have opened an account for such a mother today, would get blessings.

He said a breakthrough was required to overcome the vicious cycle of poverty and debt, and that breakthrough had been achieved today.

He said there were similarities between the poor getting access to mobile telephones, and getting access to debit cards. They both had the effect of instilling confidence and pride among the poor, he added.

Now, the poor would be able to do normal bank transactions through non-smart phone as well because of introduction of new technology introduced by National Payments Corporation of India (NPCI).

A person can transfer funds, check balance through a normal phone. However, this facility was limited only to smart phones so far.

While the existing banking network would be geared up to open bank accounts of the uncovered households in both rural and urban areas, the banking sector would be expanding itself to set up additional 50,000 Business correspondents, more than 7,000 branches and more than 20,000 new ATMs in the first phase, he said

The Prime Minister said with the launch of this mission, there has been transformation. Now the bank is coming to one's doorstep for opening of bank account instead of closing of account.

Narrating his personal account, the Prime Minister said he got a bank account opened in his school with Dena Bank which remained inactive for 20 years as he had little money to deposit in the account.

So, the bank officials kept making rounds of his house to get the account closed as they had to carry out operational procedures year after year, he added.

Meanwhile, Finance Minister Arun Jaitley said around 58 per cent population in the country have bank accounts.

"In simple words it means still there are 10 crore families that are away from banking services as they do not have access to banking services, they are also deprived of means of savings," he said.

The ultimate motive of this scheme is that no family should be deprived of this service, he added.

The Finance Minister said mobile banking for the poor would be available through National Unified USSD Platform (NUUP) for which all banks and mobile companies have come together.

Normal bank transaction can be done through any phone across the country, he added.

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Agencies
June 9,2020

Srinagar, Jun 9: Suspended Jammu and Kashmir DSP Davinder Singh, who was nabbed while ferrying two Hizbul Mujahideen terrorists on the Srinagar-Jammu Highway, moved a Delhi court on Tuesday seeking interim bail.

Besides Singh, two other accused -- Syed Naveed Mushtaq and Imran Shafi Mir -- have also sought bail. The Special Cell of the Delhi Police is probing their role in the alleged planning of a terror attack.

The trio has sought bail asserting that there is no evidence to show that there was any conspiracy to commit an act that would threaten the sovereignty of the country. The court has listed the matter for hearing on Wednesday.

"The accused are wrongly and falsely implicated in the case. There is also no material to substantiate that the accused had the intention or conspired to carry out a terror strike," the plea stated.

Singh is currently under judicial custody at the Hira Nagar Jail in J&K till June 16. Besides Singh, three other accused -- Javed Iqbal, Syed Naveed Mushtaq and Imran Shafi Mir -- are also under custody.

Delhi Police's Special Cell had brought him from Hira Nagar Jail to the national capital in March for interrogation in another case.

The police had earlier told the court that Mushtaq, who was the commander of Hizbul Mujahiddeen in Shopian district, along with other militants were planning to execute a terror attack in Delhi and other parts of the country and targeted killings of protected persons.

In connection with this, the Delhi Police had filed an FIR which stated that the youth of Jammu and Kashmir and Punjab are being trained for carrying out terrorist activities. Singh was taken into custody under this FIR and was also interrogated regarding the Khalistan angle.

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News Network
February 11,2020

New Delhi, Feb 11: The government has decided to rename National Institute of Financial Management (NIFM), Faridabad, as Arun Jaitley National Institute of Financial Management, an official statement said on Tuesday.

Set up in 1993 as a registered society under the Department of Expenditure, NIFM trains officers of Finance and Accounts Services recruited by the Union Public Service Commission (UPSC) as also officers of Indian Cost Accounts Service. The Union Finance Minister is the President of the NIFM Society.

"Aligning the vision and aspiration of the Institute for the future with the vision and contribution of late Arun Jaitley, the Government has decided to rename National Institute of Financial Management (NIFM) as the Arun Jaitley National Institute of Financial Management(AJNIFM)," the statement said.

NIFM has become a premier resource centre to meet the training needs of the central government for senior and middle level of management in the fields of public policy, financial management, public procurement and other governance issues for promoting highest standards of professional competence and practice.

Padma Vibhushan awardee Jaitley was the Union Minister for Finance and Corporate Affairs during May 26, 2014 to May 30, 2019.

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News Network
May 28,2020

New Delhi, May 28: BJP national spokesperson Sambit Patra has been admitted to a private hospital in Gurgaon after he showed symptoms of COVID-19, sources said.

He is admitted to the Medanta hospital in Gurgaon, hospital sources said on Thursday.

The BJP leader has shown symptoms of COVID-19, a source said.

Patra is one of the most visible BJP faces on news channels.

He is also very active on social media and posted several tweets on Thursday as well.

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