Some More Schemes For Banks

PM commends bank officers and staff for successful roll-out of Pradhan Mantri Jan Dhan Yojana

 

The Prime Minister, Shri Narendra Modi, has commended bank officers and staff, on the excellent work put in by them in rolling out the Pradhan Mantri Jan-Dhan Yojana successfully. 

In an email, the Prime Minister said he is delighted by the unprecedented response it has received so far. Over 5 crore bank accounts have been opened within 5 weeks of launch against a target of 7.5 crore accounts in the first year. 

“This is primarily due to your diligence and commitment. I had urged you to ensure that no one is left behind without a bank account. I always had faith in the ability of our system to rise to any challenge and with your unflinching dedication, sense of purpose and hard work, your results have far exceeded expectations,” the Prime Minister said. 

“However, as we move ahead from here, the journey is bound to become more difficult and achievements harder to come by. Reaching the last few who do not have bank accounts is going to be progressively more difficult. We must not slacken our efforts in ensuring full coverage,” the Prime Minister added. 

“This is also the time to reflect and make mid-course corrections as required. A lot of effort will be required in promoting financial literacy amongst the new account holders. New accounts also need to be kept alive and properly utilized. Aadhaar numbers will need to be seeded in bank accounts. Facilities like e-KYC must be gainfully utilized. Bank branches and Bank Mitras will have to play a more proactive role so that every account holder is reached by a banking agent regularly,” the Prime Minister said. 

“I am confident that with the kind of enthusiasm and commitment that you have demonstrated, we will succeed in achieving Pradhan Mantri Jan-Dhan Yojana’s objectives as planned,” the Prime Minister said. 

SOME MORE SCHEMES FOR BANK STAFF IN THE OFFING

 

S No	Name of the Scheme and its Objectives		What does it mean for bank staff?
1	Food for everyone – This scheme ensures that social evil like ‘hunger’ will be eradicated.  It is the objective of the Narendra Modi government that no single soul in the country shall go to sleep with an empty stomach in the night.		Responsibility Public Sector Banks will open restaurants in all District and Taluk headquarters in the country.  Bank staff will go and serve the poor, hungry and downtrodden people of the country.  They will sell a variety of dishes at a highly subsidised price (i.e. at 10% of the market rates). If adequate number of cooks, helpers, sweepers and cleaners are not available, bank staff must be prepared to do their job also.   Bank staff will oversee procurement of necessary provisions and vegetables each day and once in a while, they must visit the markets for this purpose.  Bank staff will also physically feed the children, sick and old people and physically handicapped persons, as part of their job.  Government will fund the shortfall in funds required to administer the scheme. Benefits Banks will receive additional deposits of money received from the consumers as float money that will be used for buying provisions, vegetables etc. for next day’s cooking.   Target 200 million people are to be covered before the end of March, 2019 and by March, 2015, 60 million people are to be covered.
2	Farmers the face of the nation – Since agricultural labourers are in great demand and short supply, bankers will assist the farmers in their farming activities from sowing to harvest.		Responsibility Bank staff must reach the fields under cultivation before sun rise every day. They shall teach the poor farmers the modern farming methods and conduct demonstrations till the farmers understand them fully.  Bank staff shall also train the farmers in handling gadgets and tools for effective farming.  Public Sector Banks in the country will provide necessary tool kits, machinery, handbook/user’s guide and publicity materials. Benefits Banks can provide loans to the farmers in several ways.  RBI has announced that the loans given to bank staff engaged in field work will also be treated as “Priority Sector Advances”.  So, banks are very enthusiastic about this scheme. Target 600 million people are to be covered before the end of March, 2019 and by March, 2015, 120 million people are to be covered.
3	Equip Your Kitchen Campaign – Lakhs of Poor and middle class families in the country do not have enough provisions in their kitchen that will last for the whole month.  So, with a view to help such people, Modi government has introduced this scheme.		Responsibility In supplying food grains, oil, pulses and some cosmetics like soaps to the families identified, bank staff play an important role starting from procurement of the commodities, carting them and delivering them at the doorsteps of the people.  In this connection, public sector banks have volunteered to open ‘Mobile Fair Price Shops’ which will be run by bank staff. Benefits Banks will engage in cross selling of other products like mutual funds, insurance etc. and it will earn them a decent commission. Target 400 million people are to be covered before the end of March, 2019 and by March, 2015, 90 million people are to be covered.
S No		Name of the Scheme and its Objectives		What does it mean for bank staff?
4		Weave our Culture – As the name suggests, this is a scheme aimed at nurturing the weavers and providing them means of livelihood.		Responsibility Bank staff will supply the yarn, natural dyes and packing materials to the weavers and cost of these materials will be met by all Public Sector Banks.  In addition, bank staff must also train the weavers in using modern techniques of weaving.  They will also guide and help the weavers to complete their work as per time schedules fixed.  In marketing also, the bank staff will assist by extending loans against cloth/dress materials.  (If the weavers are unable to repay the loans, they will be eventually written off). Benefits Production of cloth and garments will go up exponentially and clothes being one of the basic necessities of a human being, this scheme will strengthen our cultural moorings and at the same time the weavers community will derive immediate benefits.  Loans given to weavers for purchase of looms and accessories will be categorised as ‘priority sector advances’, without any ceiling.   Target 100 million people are to be covered before the end of March, 2019 and by March, 2015, 30 million people are to be covered.
5		National Literacy Mission – The principal goal of this mission is to spread literacy and education.  Education awakens a large mass of the population and it’s good for any democracy.		Responsibility Public sector banks will supply text books, note books, pen, pencil etc. to people covered under this scheme.  Bank staff will teach at schools run by the state governments, panchayat unions and corporations as part of their routine job.  They will adopt schools which lack basic infrastructure and develop them.  They will promote informal education too. Benefits Banks open the accounts of school children and when the children become adults they will patronise the banks that helped them.  So, it’s a long term plan. Target 300 million people are to be covered before the end of March, 2019 and by March, 2015, 90 million people are to be covered.
6		Healthcare – Providing health care to each and every citizen of the country is the objective of this mission.  Only a healthy nation can protect itself from the attack of an alien force successfully.		Responsibility Public sector banks will supply medicines and kits to the poor patients.  For this purpose, bank staff will visit all hospitals and nursing homes (other than those run by corporate houses).  Bank staff will talk to the patients and give them counselling and moral support.  Banks may open their own medical shops and sell essential drugs and medicines at subsidised rates.  Bank staff must be prepared to work in medical shops too. Benefits This is one of the noblest schemes i.e. keeping the whole nation healthy and free from any diseases.  So, more than looking at the monetary benefits, banks must undertake this mission as a part of discharging their ‘Corporate Social Responsibility’. Target 320 million people are to be covered before the end of March, 2019 and by March, 2015, 75 million people are to be covered.
S No		Name of the Scheme and its Objectives		What does it mean for bank staff?
7		Insuring your lives and assets – This is a social security measure.  Availability of insurance coverage gives psychological comfort and a feeling of safety and security.		Responsibility Banks will offer insurance coverage for the lives and assets of the marginalised sections of the society, by entering into tie-ups with established insurance companies.  Premium for the insurance policies will be paid by the banks and it will be reimbursed by the central government later. Benefits This is a social security measure. However, banks will get commission from the insurance companies, basing on the premium paid.  In addition, banks are expected to get new accounts of the beneficiaries of the scheme. Target 250 million people are to be covered before the end of March, 2019 and by March, 2015, 60 million people are to be covered.
8		Connecting People everywhere – A nation which has strong network of transport and communication will be ever vibrant and it will keep the national economy in growing phase always.		Responsibility Banks will play a vital role in augmenting transport and communication facilities in the country.  Bank staff will sell mobile phones and automobile spares inside their premises.  They will also go to the common masses and supply basic phones and bicycles absolutely free of cost. Benefits Banks will earn a commission from the manufacturers of mobile handsets, bicycles and automobile spares. Target 500 million people are to be covered before the end of March, 2019 and by March, 2015, 100 million people are to be covered.
9		National Reconstruction Mission – In ‘nation building’, basic infrastructure like houses, schools, hospitals, community halls, parks, roads, bridges and irrigation canals constitutes an important part.		Responsibility Banks’s role in improving the nation’s infrastructure cannot be under-estimated.  With that in view, bank staff will visit the construction sites of social infrastructure like low cost housing, hospitals, community halls, roads, bridges and irrigation canals and oversee the progress of the work.  For this, on Saturdays and Sundays, they must be prepared to work between 8-00 AM to 8-00 PM. Benefits Banks will earn the goodwill of the local population who may patronise the banks.  Similarly, banks can lend their money to the contractors who execute such projects.  Non-funded business of the banks is expected to increase by leaps and bounds and banks will earn non-interest income will go up by many times and it will improve the profitability of the banks to a greater extent. Target 3 lakh villages and small towns are to be covered before the end of March, 2019 and by March, 2015, 20% of this target is to be achieved.

 

 

 

 

 

S No	Name of the Scheme and its Objectives	What does it mean for bank staff?
10	Vegetables at your backyard – This is a scheme aimed at helping people to cultivate kitchen gardens at their backyard.	Responsibility Bank staff will supply seeds, saplings and plants to the general public as a part of this exercise.  They will also sell vegetables by buying them in bulk from the wholesale markets. Benefits Since vegetables are one major item that determines the food inflation, this scheme will fight inflation and keep it under check.  So, purchasing power of the population will remain healthy.   Target 600 million households are to be covered before the end of March, 2019 and by March, 2015, 100 million households are to be covered.
11	Guide the Nation – Regulating the traffic in major highways (central/state) and bigger cities has become a great challenge. So, this scheme is aimed at tackling it.	Responsibility Bank staff will go to important junctions and accident prone spots in the highways and city roads and assist the traffic police department to regulate the traffic during peak hours.  State governments will keep an ambulance in stand by position at all these points. Benefits This will bring down the number of accidents in the country and prevent many fatal accidents, saving the precious lives of thousands of people every year.   Insurance companies who lose heavy amounts on settling the accident claims every year have agreed to bear the expenses in managing this scheme.   Target Basing on the past records, 3 million spots identified as accident prone are to be covered before the end of March, 2019 and by March, 2015, 1 million spots are to be covered.
12	National Relaxation Campaign – To entertain the general public so as to relieve them from the mounting stress every day is the objective of this scheme.	Responsibility Bank staff will visit nearby schools and community halls and conduct/perform dramas, music programs and many other events to entertain the people under stress.  This is one form of relaxation therapy.  If willing, the other members of the family of the bank staff may also join them in such events. Benefits This will bring down the number of disputes, quarrels and suicides in the country.  On the other hand, such events will bring out the latent talent of the bank staff and their family members. So, the benefits arising out of these events cannot be evaluated in terms of money.   Target The government at the centre has fixed an ambitious target of covering 6 lakh villages, 50,000 towns and 350 major cities by March, 2019.  For March, 2015, 20% of this target is to be reached.

 

Note:

1.     As in the case of PMJDY, these schemes will also be immediately rolled out, without properly drafting their features, operational guidelines and eligibility criteria of the target group in minute detail.

2.     The government has realised the true capacity and immense potential of bank staff in nation building.  That’s why, without involving central/state government staff, bank staff have been entrusted with the onerous responsibility of making these schemes very successful.

3.     Bank Managements and Trade Unions in banks also have welcome these schemes whole-heartedly and pledged their unstinted co-operation and  support for them which will take India to greater heights in the years to come and make it a real super power.

 

         Date: 03-10-2014                                                                                                                     pannvalan