Rajnath unveils financial inclusion scheme Jan Dhan Yojana in UP

The scheme is aimed at providing two bank accounts to 75 million households by Jan 2015

Union Home Minister Rajnath Singh today unveiled the ambitious financial inclusion scheme Prime Minister Jan Dhan Yojana in Uttar Pradesh.

The scheme, which was announced by Prime Minister Narendra Modi on August 15, is aimed at providing two bank accounts to 75 million households by January 2015.

The process of enrolling customers had been on for the last 3 days and a total of 1.6 million accounts were targetted to be opened in UP by today evening. Each family would be provided with passbook, Rupay ATM Card with inbuilt Rs one lakh accidental insurance cover.

The accounts holders would also get Rs 5,000 overdraft facility.

Addressing a ceremony here, Singh said India's development could not be realised unless the entire population is financially included.

UP chief secretary Alok Ranjan said per branch population ratio in UP stood at 16,000 against the national average of 13,000, which needs to be improved for better credit off take and resultant development.

He exuded confidence the banks would achieve the target of opening 1.6 million bank accounts in UP.

According to an estimate, 46 percent of the population has no access to banking facilities and the scheme is meant to financially include this segment.

Meanwhile, Allahabad Bank opened 14,000 accounts in Lucknow on the inaugural day of the scheme.

Six union ministers launched the ambitious scheme in UP viz. Rajnath Singh (Lucknow), MSME minister Kalraj Mishra (Varanasi), minister of state Santosh Gangwar (Bareilly), Manoj Sinha (Allahabad), Sanjeev Baliyan (Agra) and General V K Singh (retired) (Ghaziabad).

The various banks had been operating roadside stalls distributing forms for Aadhar linked accounts and educating general public about the scheme.