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Prime Minister’s Jan Dhan Yojna (PMJDY) is likely to be replicated in the insurance and pension sector to extend the financial services to the hinterland.
“Given the low levels of penetration of insurance and pension, there is a case for subsequently extending or replicating a project on the lines of PMJDY, to include the provision of insurance and pension services for the common man,” RBI said.
At present, penetration of insurance and pension in India is very low. Insurance penetration (premiums measured as a percentage of GDP) is just about 4 per cent.
Under the Financial Inclusion Plan, banks will have to revise their targets so as to match the targets allocated to them by the Centre under the PMJDY, the central bank said.
Revised target With revised targets for opening of basic bank accounts in place, banks will have to ensure opening of at least one account in each household by January 26, 2015. As on December 24 2014, banks have achieved the 10 crore account opening mark under the PMJDY and have issued 7.75 crore RuPay cards.
“The timeline for providing banking services in villages with populations below 2,000 under the roadmap may be advanced from March 2016 to August 2015,” the RBI said
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