Prime
Minister Narendra Modi is set to give a big boost to the ongoing
financial inclusion drive by unveiling a comprehensive programme, to
be announced at the Red Fort in his address to the nation on the
Independence Day. The proposed comprehensive financial inclusion
programme envisaging insurance and pension cover, apart from a
default cover for lenders is likely to envisage opening 15 crore more
bank accounts, 12 crore of which will be in rural areas over next
four years, according to a note sent to the Indian Banks Association
(IBA) by financial services Secretary G S Sandhu. According to the
note, Modi's new comprehensive financial inclusion programme has
three major shifts from the one pursued by the previous government.
First, the earlier efforts at financial inclusion had villages as the
unit for coverage while the present plan focuses on coverage of
households. Secondly, only rural areas have been the focus so far
while both rural and urban areas have been included now, says the
ministry note. Thirdly, the present plan is proposed to be
implemented as a 'mission mode' project. It envisages a comprehensive
coverage of all excluded households by a six-pillar approach in two
phases, according to the note. The first phase of the programme,
which begins from August 15 this year and ends August 14, 2015 will
provide basic banking accounts with overdraft facility of Rs 5,000
and RuPay debit card with inbuilt accident insurance cover of Rs 1
lakh and creation of credit guarantee fund for coverage of defaults
in overdraft accounts, according to the ministry. The second phase,
which will begin on August 13, 2015 and conclude by August 14, 2018,
will cover micro-insurance and unorganised sector pension schemes
like Swavlamban. When contacted, IBA said already state-owned banks,
insurers and regulators are working overtime to ensure a smooth
kick-start. "We are currently busy chalking out the modalities
of implementation of the project, which will be implemented in the
entire country after it is declared by the Prime Minister on August
15," IBA Chairman K R Kamath, who is also the Chairman of Punjab
National Bank, told PTI. It's a good scheme as it envisages going
beyond the geographical boundaries and promises of connecting each
and every household, he said, adding more than being commercially
viable, it is important to link every household with the banking
system.
"Through this programme, we
are looking at providing two savings bank account facility—one each
for the husband and the wife—to all those households which not
served by the banking system so far. "Of course, these basic
banking accounts will come with some in-built overdraft facility and
RuPay debit cards with an inbuilt accident cover of Rs 1 lakh. We are
awaiting the final announcement of the scheme by the Prime Minister,"
Kamath explained. Inclusive pension is also one of the pillars of the
proposed comprehensive financial inclusion programme. "Pension
under 'the mission mode' will lay emphasis on this facility for the
lower income segment and the unorganised workers," Pension Fund
Regulatory and Development Authority (PFRDA) acting Chairman R V
Verma said. "We will seek to achieve and expand the scope of the
National Pension Scheme (NPS) to serve the disadvantaged sections of
the population through active involvement and participation of all
categories of intermediary institutions like banks, NBFCs, MFIs,
NGOs, corporates and annuity service providers, Verma added. Though
micro-insurance will come in the second phase of the programme,
insurers have already started working on it. "While the already
existing 4,000 micro offices of the four PSU general insurers would
be strengthened, over 2 lakh existing business correspondents will be
asked to sell micro insurance products to ensure the last mile
connectivity," New India Assurance Chairman and Managing
Director G Srinivasan said. "Though micro-insurance will come in
the second phase only, we have already started working on it,"
he added. The premium for the low-cost insurance products, which is
to be paid by the beneficiaries or from subsidy under the Rashtriya
Swasthya Bima Yojana scheme, will range between Rs 100 and Rs 300 per
annum, New India Assurance general manager K Sanath Kumar said.
Nabard will provide the initial Rs 1,000 crore to create a credit
guarantee fund to cover possible defaults on overdraft accounts under
the scheme, a Nabard official said. Several rounds of meetings have
already been held by the Department of Financial Services with all
the stakeholders of the programme, including state-owned banks,
insurance companies and pension regulator PFRDA. The banking sector
would be expanding itself to hire an additional 50,000 business
correspondents (BCs), launch over 7,000 branches and more than 20,000
new ATMs in the first phase, Sandhu told the IBA, adding that around
50,000 BCs are likely to be appointed in rural areas for the
programme alone.
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