The Pradhan Mantri Jan Dhan Yojana was launched by Union Minister of State for Heavy Industries and Public Enterprises Pon. Radhakrishnan here on Thursday.
The scheme was simultaneously launched across the country, and by Prime Minister Narendra Modi in New Delhi. In the district, the scheme is spearheaded by the District Consultative Committee for Banking Development under the Lead Bank Scheme of Canara Bank.
Mr. Pon Radhakrishnan said so far, 39,000 bank accounts had been opened in Madurai district under the Jan Dhan Yojana. “People who open bank accounts under this scheme are entitled to an insurance cover of Rs.1 lakh and can avail themselves of an overdraft facility of up to Rs.5,000. In Tamil Nadu, nearly 97 per cent of people have bank accounts and we will soon achieve the 100 per cent target,” he said at the launch function on Madurai Medical College campus.
The Union Minister said the scheme would make banking facilities more accessible and was launched with the aim of having at least one bank account per household.
“Opening a bank account will open one’s life and lead to better living. This scheme will reach the common man across cities and villages and lead to the development of the nation,” he said. He also distributed Savings Bank Kits to the beneficiaries of the scheme.
Collector L. Subramanian said while bank accounts used to be only for the rich in the past, it had become accessible to all and was now a necessity.
“Many people in rural areas fall prey to unscrupulous moneylenders or small-time financers who cheat them or levy heavy interest on loans. By opening bank accounts, the people can be assured of fair transactions and can save as well,” he said.
Executive Director of Indian Overseas Bank A.D.M. Chavali said all the banks in the district were committed towards ensuring the success of the Jan Dhan Yojana. “All the banks in the district have extended their cooperation towards taking this scheme to the people and working for their benefit,” he said.
