Operational difficulties complicate India’s ambitious financial inclusion scheme

Tuesday, October 7, 2014

Banks in a tizzy over shortage of cards, duplication of accounts

After the initial euphoria over Jan Dhan Yojana, operational difficulties are casting clouds over the execution of the ambitious financial inclusion scheme.

The most serious concern for the government is delay in issuing the RuPay cards by banks after opening of the accounts, apart from significant duplication of the accounts.

“These are the issues which have been observed by us nationally. Proper data on the issue of RuPay cards should also be maintained,’’ N Srinivasa Rao, Director, Ministry of Finance, said at a bankers’ meeting here last week.

According to the Ministry, 5.29 crore bank accounts were opened as on October 2, 2014 and 1.78 crore RuPay cards have been issued. It had also asked all banks to set up exclusive grievance cells to provide service to the account holders.

Source: The Hindu (link opens in a new window)

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banking, Base of the Pyramid, financial inclusion, financial services