Jan Dhan Yojana: KPMG to validate number of accounts opened by banks

The Finance Ministry has roped in professional services firm KPMG to undertake a validation exercise of the number of basic bank accounts opened by the banks under the Pradhan Mantri Jan Dhan Yojana (PMJDY).

KPMG’s confirmation of the number of accounts opened will help the Centre pitch for an entry into the Guinness Book of World Records for the maximum number of bank accounts opened in a day, banking industry sources said.

It would also provide some comfort to the Finance Ministry that the numbers submitted by the banks were accurate and reflected the true picture.

On August 28, the launch date of the PMJDY, the banking system had opened between 1.8 crore to 2 crore bank accounts, say bankers.

If one were to count the efforts of the next few days as well, then estimates put the number of accounts that may have been opened under the PMJDY at close to 3 crore accounts.

KPMG has already commenced work for this purpose and have approached banks to share information on the number of accounts opened under the PMJDY, sources close to the developments said.

Under the PMJDY, the Government is looking to open at least 7.5 crore basic bank accounts for 7.5 crore unbanked families in the country.

A basic bank account is not the same as a normal savings account and the simplest know-your-customer norms are being adopted for PMJDY so that the unbanked could have access to banking account and its facilities.

If high value transactions have to be entered into by the account holder, then the bank concerned can always upgrade the basic bank account to a regular savings account, a banker said.

The Jan Dhan accounts will be governed by the RBI guidelines for small accounts and therefore certain stipulations like maximum amount of ₹ 1 lakh to be deposited in a financial year in such accounts and maximum balance of Rs50,000 at any time in an account would have to be followed.

srivats.kr@thehindu.co.in.

Source : The Hindu