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Tuesday, September 23, 2014

Gujarat covers 8 lakh households under Jan Dhan Yojana

After the announcement of ambitious financial inclusion programme, Pradhan Mantri Jan Dhan Yojana (PMJY) by the Prime Minister Narendra Modi on August 15, banks in Gujarat have so far opened about 14 lakh new accounts, covering nearly 8 lakh households in the State, a report claimed.

After the State Level Bankers’ Committee meeting held on Tuesday here, bankers informed that while 14 lakh accounts were opened so far under the PMJY, a strategy was chalked out to open 28 lakh more accounts by January 26 to achieve the target.

“There has been remarkable headway in the PMJY scheme in Gujarat. Banks have successfully achieved household coverage of as high as 93 per cent in Mehsana district,” said Ashwani Kumar, CMD, Dena Bank - SLBC convener in the State.

Notably, among the public sector banks, Bank of Baroda and Dena Bank topped by opening over 3 lakh accounts each since the announcement of the scheme, while the distant third was Central Bank of India with 1.01 lakh new account opening.

As per the SLBC data, till July 31 public sector banks had outperformed their private sector counterparts in the State with higher coverage against the allotted target for financial inclusion.

According to the data most of the public sector banks had achieved over 60 per cent household coverage, while private sector majors including HDFC Bank, ICICI Bank, Federal Bank and Yes Bank among several others could not even reach halfway mark. While State Bank of India, Dena Bank and Bank of Baroda among the public sector players had maximum coverage of 77 per cent and 75 per cent respectively, HDFC and ICICI Bank could achieve 48 per cent each, while YES Bank and Federal Bank among the private players had 43 per cent coverage as on July 31, 2014.

“Banks have been aggressive in financing. We have seen 43 per cent year-on-year growth in MSME advances. These are the symptoms that economy is reviving and we are hopeful to see credit growth taking place in areas like housing and education loan,” Kumar told mediapersons.

According to Kumar, banks in the State performed well during the first quarter ended June 2014 by achieving about 33 per cent of their targeted service area plan for the year 2014-15.

Source : The Hindu


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