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Saturday, September 13, 2014

PMJDY masterstroke to add 3.49 Crore Accounts – What an Idea Sirji!!


            The (Mahatma Gandhi National Rural Employment Guarantee Act ) NREGA Act 2005 provides enhancement of livelihood security, giving 100 days of guaranteed wage employment in every financial year to every household, whose adult members volunteer demanded unskilled manual work.

Panchayats at districts, intermediate and village levels will be the principal authorities for planning and implementation of the scheme.

MNREGA was set up on Feb 2, 2006 from district Anantapur in the state of Andhra Pradesh, India and originally protected 200 real "poorest" zones of the nation.

One of the major complaints of the workers under the NREGA Act 2005 was the consistent delay of wages.

Over the years the process got streamlined with migration from Cash based disbursements to Electronic based payments.

The absence of a wide-spread banking network was seen as a major hurdle in the roll-out of the electronic based payment system.

The Indian Posts with its comprehensive network  prompted the Rural Ministry to advise the workers to open savings accounts in Post Offices.

Now, with PMJDY generating wide spread interested amongst the rural populace, the Ministry of Rural Affairs is contemplating of nudging the workers to open PMJDY accounts in the Banks.

On the accounts being opened under PMJDY the wages mode would be modified from Post Office/Cooperative Bank to PMJDY Bank accounts.

The immediate impact would be an addition of 4.41 crores bank accounts if the residuary NREGA workers opt for PMJDY Bank Accounts.

What an Idea!



The conversion of accounts from Post Office to Banks under PMJDY mode is part of the MGNREGA PRC Agenda scheduled on 18th - 19th Sept 14

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