Goa will be India’s first state to achieve 100% financial inclusion, say officials

Thursday, October 30, 2014

Panaji: With 95% of the house-to-house survey completed and the procedure to allot accounts to Goans done, Goa may well be the first state to be entirely covered under the Prime Minister’s Jan Dhan Yojana. With this, Goa will be the first state to achieve complete financial inclusion, officials close to the development said.

“Banks have already appointed corporate service providers to visit households twice a week to help open accounts in unbanked areas. The process has already started,” an official with the State Bank of India said. “In the next 10-15 days we expect to declare 100% coverage.”

Prime Minister Narendra Modi had announced the Jan Dhan Yojana in his address on August 15. The scheme aims to provide banking services to all un-banked individuals in India. PMJDY, as the scheme is known, aims to provide a bank account to over 75 million people. Additionally, account holders would receive an overdraft facility of 5,000 each and would be provided with a RuPay debit card and 1-lakh accident insurance cover.

Source: Times of India (link opens in a new window)

financial inclusion, governance