Over 10 crores of PMJDY
accounts have been opened in bank branches all over India.
PMJDY Bank accounts have
been opened in public sector bank branches as well as private sector bank
branches.
The immediate priority of
the stake holders is to reduce the % of Zero Balance accounts in the PMJDY
bandwagon.
Routing Direct Benefit
Transfers (DBT) including LPG subsidy is the preferred method to stimulate
transactions in the PMJDY accounts.
Insurance coverage – both
accidents and life, is another tool to keep the transactions flowing.
Another attractive feature
is the INR5000/- clean overdraft facility.
The overdraft comes with
lots of strings attached. The first set of PMJDY accounts will be eligible for
OD facility after a couple of months.
As there is no precedent
for mass clean overdrafts in the banking industry, the initial conditions are
stringent.
India has a rich tradition
of student scholarships. A large number of scholarship schemes are available
for students in India. Both Central and State agencies offer scholarships.
Private trusts too offer scholarships.
Majority of the
scholarships are disbursed to the respective bank accounts. It is almost
mandatory for students to have bank accounts.
scholarshipsinindia.com
website offers good details of the various types of scholarships available in
India.
momascholarship.gov.in
displays the type of scholarships accessible to minority students in the
nation.
10 reasons as to why the
PMJDY Overdraft facility has to be offered to students too:-
a) All scholarship amounts
will be credited to such accounts.
b) Calculation of the
eligible overdraft amount is easy, as there will be scholarship credits.
c) Increase the catchment
populace of PMJDY OD accounts.
d) Inculcate financial discipline
amongst students.
e) Credit report can be
easily built at the time of processing education loans in future.
f) Students can adopt batch
of OD accounts in their locality and guide them for efficient utilisation of OD
limits.
g) Increase the visibility of
PMJDY scheme amongst the public.
h) Increase loyalty to the
ruling party, which can be redeemed at the time of elections.
i)
Tool
to reduce the number of Zero Balance Accounts.
j) No additional investment
in terms of infrastructure required. Only correct mapping required.
v
