With NRIs and top officials of global corporations expected to flock to the Pravasi Bharatiya Divas and the Vibrant Gujarat Summit respectively, banks under the aegis of the Indian Banks’ Association will collectively showcase their achievements under Prime Minister Narendra Modi’s pet project – the Jan Dhan Yojana.
Having opened 10.63 crore basic savings bank deposit accounts in four months flat, the Department of Financial Services feels it is time to send out a message to the world that vulnerable groups such as weaker sections and low income groups are being brought into the economic mainstream.
Down the line, these vulnerable groups are expected to move up the economic ladder to consume goods and services, thereby attracting foreign investments into the country.
Over the next seven days, Gujarat capital Gandhinagar will be a beehive of activity as Pravasi Bharatiya Divas (PBD) and Vibrant Gujarat Summit (VGS) will be held from January 7 to 9 and January 11 to 13, respectively
While PBD is an annual convention organised by the Ministry of Overseas Indian Affairs to connect India to its vast overseas Diaspora and bring their knowledge, expertise and skills on a common platform, the VGS is an investment promotion exercise which provides a platform to its participants to understand the potential of Gujarat in various sectors.
Under the Pradhan Mantri Jan-Dhan Yojana (PMJDY), which was launched on August 28, 2014 as a National Mission for Financial Inclusion, banks have collectively opened 10.63 crore basic savings bank deposit accounts up to January 3, 2015.
About 78 per cent of these accounts are with zero balance. The remaining 2.30 crore accounts have balances aggregating ₹8369 crore.
PMJDY is intended to give access to various financial services like basic savings bank account, need based credit, remittance facility, insurance and pension to the financially excluded sections — weaker sections & low income groups at an at affordable cost.