Jan Dhan may win Guinness record for Modi, but duplicate accounts can burden banks

Tuesday, November 18, 2014

he Narendra Modi government is in dialogues with the Guinness World Records team to bag a record for the government for opening maximum number of bank accounts in minimum number of days, according to persons familiar with the development.

A global consulting firm is assisting the committee and the government to verify this claim, the persons said. If the Guinness team indeed verifies the claim, Modi will get into Guinness book of world records for his rocket-speed financial inclusion programme.

However, Firstbiz could not independently confirm the development.

Under Modi’s massive bank account opening programme, Prime Minister’s Jan Dhan Yojana, launched on 28 August this year, banks have so far opened 7.25 crore bank accounts and has garnered over Rs 5,600 crore deposits, even though this amount has come from just a quarter of the total accounts opened.

Source: FirstBiz (link opens in a new window)

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banking, Base of the Pyramid, financial inclusion, governance