Friday, September 21, 2018
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Simplify savings-accounts in banks
ActIT Jammu, Projects, Java,, C# Training Jammu
Dear Editor,

Union Cabinet on 06.09.2018 decided to further encourage scope of Pradhan Mantri Jan Dhan Yojna -PMJDY earlier aimed to target every household, now aiming for every adult to open bank-accounts under the scheme. It is indeed necessary that more and more citizens may be attached with banking-network with ultimate aim to have a bank-account by every adult citizen.

But instead of encouraging unsecured loans like freebies under PMJDY, an aspect likely to be misused by opening multiple bank-accounts by an individual in different banks to avail multiple loans under the scheme, government should better simplify normal savings-accounts in all banks by abolishing requirement of minimum bank-balance and providing free insurance-covers in all savings-accounts thus abolishing concept of Jan-Dhan accounts altogether. Existing Jan-Dhan accounts can be converted in normal savings-accounts. However it should be ensured that free insurance-cover may not be misused by claiming multiple times from different bank-accounts of an individual. Such simplified rules should be for even private-sector banks. Free insurance-covers can be provided by banks under provisions of Corporate Social Responsibility -CSR.

--Subhash Chandra Agrawal

1775 Kucha Lattushah

DELHI 110006 (India)

News Updated at : Saturday, September 8, 2018
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