Congress Rajya Sabha member Shantaram Naik on Tuesday criticised the central government for “unrealistic time frame” fixed for coverage of 45 per cent of non-banked areas across the country under the Pradhan Mantri Jan Dhan Yojana.
The scheme, meant to be a beginning of the end of “financial untouchability in India,” has a target to open 7.5 crore accounts in the next five months.
Prime Minister Narendra Modi has announced Rs.30,000 life insurance cover on accounts opened before January 26 next year.
Addressing a press conference here at the party headquarters, Mr. Naik feared that this pressure on the bankers could lead to enrolment of new accounts of those who have accounts elsewhere and could have been persuaded to open new ones because of the attached insurance cover or simply to meet the target.
Referring to similar concerns reflected in the media by some bankers, Mr. Naik said that this could account for a very significant part of the newly-opened accounts, thus defeating the whole idea behind the scheme.
‘New banking structure needed’While hailing the objective of the scheme, Mr. Naik said instead of going ahead with this kind of scheme putting unwarranted pressure on the existing banking structure, what is required was creation of new banking structure.
In that context he sought to remind that the UPA government had announced a plan for opening 8000 branches across the country.
The scheme targets would be easily achieved in Goa where the uncovered banking area was around 15 per cent only, Mr. Naik noted.