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PM Jan Dhan Yojana brought poor into fold of formal financial system: Prez Kovind

Pune, Feb 12 (GCCurrentAffairs) President Ram Nath Kovind on Wednesday graced the golden jubilee celebration of the National Institute of Bank Management(NIBM) here.
Speaking during the event, he stated, “Efforts made by banks under Pradhan Mantri Jan Dhan Yojana have brought a large number of people, particularly the poor, into the fold of the formal financial system and this has been a historic shift.”
“Millions of lives have been touched through direct transfer of funds under various welfare schemes,” he said, adding, “I have learnt that these funds amount to almost 9.2 lakh crore rupees. This is indeed very reassuring and we can raise our bar of expectations.”
“The gender gap in ownership of accounts is coming down rapidly. This takes us a few steps closer to our constitutional goal of economic as well as social justice. Request banks to take proactive measures to bring greater gender parity in ownership of financial assets,” he told.

“We have to make every effort to fully integrate Divyang citizens into the financial mainstream. As India aims to become a 5-trillion-dollar economy, the banking sector has to start preparing for the next big leap. This mainly involves banking with the unbanked and securing the unsecured,” he remarked.

Urging NIBM to create trained human resource for the sector, he further said, “We should aim to have more than just one name in the world’s top 100 banks. Banks have a significant role to play in ensuring that our demographic.”
“Banks have to take all possible prudential measures to ensure that trust is not betrayed in any manner. Recent proposal to enhance Deposit Insurance Coverage from Rs 1 lakh to Rs 5 lakh is a positive step in the direction of assuring savers,” he added.

The President said that banks stand for the values of plurality enshrined in our constitution.
“It is important that we continue to pursue equality and diversity both within the banks as well as in extending our services to the society,” he said.

Lauding work of the NIBM, he proclaimed, “The NIBM has been living up to its mandate. More than 1.1 lakh bankers have been trained here. NIBM campus has also hosted nearly 9,000 international students. The Institute has thus contributed immensely to the building of India’s soft power abroad.”

Via UNI-India

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