Still in its early days, PMJDY is
already subject to an Audit. No, it is not audit of the PMJDY scheme, but the
validation of basic bank accounts opened by various Indian Banks under PMJDY.
The Indian Finance Ministry has given the
mandate to KPMG to validate the number of basic banks claimed to have been
opened by banks under PMJDY.
The KPMG certification is an
important tool for the NaMo ministry move to seek an entry into the Guinness
Book of World Records, for the maximum number of bank accounts on a single day.
The other spinoff the KPMG
validation will be the comfort to the finance ministry on the claimed number of
basic bank accounts opened by the banks.
10 reasons why an ePortal should be
the preferred monitoring tool rather than an Audit: -
01) Ease of data transfer from the respective banks
CBS to the ePortal
02)Banks have been advised to open the PMJDY Bank Accounts under
the Basic Banking Account product, which is uniform across all banks.
03)Reports of various types i.e District level, State level etc
can easily be customized
04)After the initial set-up, no need of human intervention.
05)Real time availability of data
06)Reduces dependence on banks to submit the data manually
07)Cost effective, as no Maker-Checker will be required
08)Turnover in the account can be monitored
09)Steps can be taken to increase the stickiness of the accounts
to the account holders
10) The ePortal can go live in 3 weeks i.e by
Mahatma Gandhi’s Birthday
