Sunday, April 18, 2021
Home Media NDTV journalist Sreenivasan Jain dissects Jan Dhan Yojana using Half-Empty understanding

NDTV journalist Sreenivasan Jain dissects Jan Dhan Yojana using Half-Empty understanding

Pradhan Mantri Jan Dhan Yojana, launched by Narendra Modi on 28 August 2014, was under multiple radars since the day it was announced. The vision, as stated by Modi, was to end “financial untouchability” and to ensure that the majority of households in this country has a bank account within months. As mentioned on the official website:

Objective of “Pradhan Mantri Jan-Dhan Yojana (PMJDY)” is ensuring access to various financial services like availability of basic savings bank account, access to need based credit, remittances facility, insurance and pension to the excluded sections i.e. weaker sections & low income groups. This deep penetration at affordable cost is possible only with effective use of technology.

The ambitious plan aimed to include crores of those Indians who don’t have a bank account has already faced numerous appreciations and criticism – rational, funny, absurd and weird ones.

Sreenivasan Jain (journalist, NDTV) wrote a hilarious piece headlined, “Truth vs Hype: Jan Dhan’s Half-Empty Promise“. Not surprisingly, when he was questioned about his narratives, he started putting orthogonal arguments about Haryana, Reserve Bank old stats, etc. His article which generalizes a national policy by applying some sampling method like “Akkad Bakkad Bambe Bo” weaves around rumors and myths. Yes, the journalist from a national TV created a story based on ‘potent’ rumors (as he writes) like, “We were told each of us would get Rs. 5,000 in our accounts from black money seized from abroad”

Before scrolling down his article, let us read the Pradhan Mantri Jan Dhan Yojana scheme from the official website:

Special Benefits under PMJDY Scheme

  1. Interest on deposit.
  2. Accidental insurance cover of Rs.1.00 lac
  3. No minimum balance required.
  4. Life insurance cover of Rs.30,000/-
  5. Easy Transfer of money across India
  6. Beneficiaries of Government Schemes will get Direct Benefit Transfer in these accounts.
  7. After satisfactory operation of the account for 6 months, an overdraft facility will be permitted
  8. Access to Pension, insurance products.
  9. Accidental Insurance Cover, RuPay Debit Card must be used at least once in 45 days.
  10. Overdraft facility upto Rs.5000/- is available in only one account per household, preferably lady of the household.

Did anyone read Rs. 5,000 in accounts immediately after opening the account? Well, Mr. Jain did. Not only that, Mr. Jain also extended his imaginations and linked this to Black Money. Mr. Jain claims that On the Jan Dhan Yojana website, nearly 70 per cent of accounts opened under the scheme are shown as dormant, and by peacefully neglecting the Clause 7 explicitly mentioned in scheme, quotes that Six months later, the accounts in Nizampur are empty; not a single rupee of government benefits has come. He places both his narratives one below other. Sreenivasan Jain either hates to read legal clauses or he is deeply in love with paradoxes.

When officials in the Department of Financial Services apprised NDTV Team about improvements in dormant accounts, Mr. Jain, who fathomed the Jan Dhan Yojna based on rumors in Alwar and a local bank in Nizampur village, shifted his argument to operational competency of banking systems. Later, he quotes:

Data from the Reserve Bank of India shows that the spread of rural banks has fallen by seven per cent between 2006 in 2013.

We must appreciate Sreenivasan Jain for predicting the fate of a program launched in 2014 based on data between 2006 and 2013. If he can apply Time Series Forecasting to predict complex and changing socio-economic conditions, just using a one-dimensional variable, he must be seen as a role model by mathematicians and economists around the universe.

As per reports, of the new account holders, 41 per cent have deposited more than Rs 14,000 crore. Mr. Jain interviews a former MD of State Bank Of India who says that it is not feasible for banks to profitably run the scheme because the average balance is only Rs. 400  per account which can only give a revenue of Rs. 12 per account to banks, but he fails to recognize that this is the pre-subsidy balance. Jan Dhan Yojna is only the First step of an ambitious project, but like other journalists of NDTV, Sreenivasan Jain has concluded its fate in the initial phase.

It is noteworthy that Sreenivasan Jain expects subsidy money to come into accounts within few months when all due diligence is needed to be done and all accounts are needed to be verified. If money was given in a few months, Mr. Jain would have slammed the government saying that facilities and subsidies are distributed without verifications. The article completely loses its essence when Sreenivasan Jain supports retrospective methods like post office or cash directly, but fails to mention massive corruption and leakages prevalent in these systems (which is precisely why the government went to direct cash transfers)

With the deep-rooted corruption and inefficiencies in our system, Jan Dhan Yojna will certainly face many challenges. While Sreenivasan Jain deliberately declares Jan Dhan as a Half-Empty Promise, he fails to appreciate a massive scheme which can reduce corruption and uplift the many downtrodden people. Indian Banking system may not be currently equipped enough to provide proper financial platforms to all the people, but do we want the conditions to remain the same?

Mr. Jain would certainly love India to be stuck as an obsolete society when countries like US, Russia, Spain and the Netherlands are keen to adopt Jan Dhan Yojna type schemes.

  Support Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

Rahul Raj
Poet. Engineer. Story Teller. Social Media Observer. Started Bhak Sala on facebook

Related Articles

Trending now

Mumbai Police issues order allowing only vehicles with colour coded stickers to run on streets: Details

The Mumbai Police has issued an order stating that only colour-coded vehicles will be allowed to operate on the streets.

ABP journalist falls for joke where iPhone user claimed to have started ‘Indu ki Dhaba’ after job loss

ABP journalist Astha Kaushik bought the iPhone user's fake 'Indu ki Dhaba' claims without any due verification.

Video claiming a dargah was recently constructed on footpath along Sabarmati riverfront road in Ahmedabad goes viral: Details

Netizens have shared a video claiming that a dargah had mysteriously sprung up along the Sabarmati riverfront in Ahmedabad

Bombing, violence, intimidation and brandishing guns: Here are some incidents of violence that took place during 5th phase of West Bengal polls

After several deaths in violence during the 4th phase of polls in West Bengal, the 5th phase also saw several incidents of violence

Siddharth Varadarajan of The Wire spreads fake news a day after The Logical Indian apologised for the same: Read details

Siddharth Varadarajan spread fake news again, in fact, the same fake news that the Logical Indians had apologised for just a day ago.

Food grain smuggling into Punjab to make money out of MSP continues, more than 25,000 bags of wheat smuggled from Bihar seized in Bhatinda

Wheat is purchased at the rate of Rs 1,100 per quintal in Bihar and other states and sold in Punjab at around Rs 1,925 per quintal as MSP

Recently Popular

Karan Johar’s Dharma Production fires Kartik Aryan, not to work with him again: Here is what happened

Dharma Productions said it was pushed to the wall by “unprofessional behaviour” of Kartik Aryan during shooting of Dostana 2

Kangana Ranaut slams Karan Johar after Dharma Productions fires Kartik Aryan, tells them not to ‘force him to hang himself’ like SSR

Kangana Ranaut has hit out at Karan Johar and Dharma Productions after Kartik Aryan was fired from Dostana 2.

Controversial Mufti Ejaz Arshad Qasmi of the AIMPLB passes away: Details

Mufti Ejaz Arshad Qasmi of the All India Muslim Personal Law Board has passed away on Saturday.

Video claiming a dargah was recently constructed on footpath along Sabarmati riverfront road in Ahmedabad goes viral: Details

Netizens have shared a video claiming that a dargah had mysteriously sprung up along the Sabarmati riverfront in Ahmedabad

Aaj Tak to air public apology on 23rd April for sharing fake news on Sushant Singh Rajput, pay Rs 1 lac fine: Details

Aaj Tak has been asked by the NBSA (News Broadcasting Standard Authority) to air a public apology for fake news on Sushant Singh Rajput

Siddharth Varadarajan of The Wire spreads fake news a day after The Logical Indian apologised for the same: Read details

Siddharth Varadarajan spread fake news again, in fact, the same fake news that the Logical Indians had apologised for just a day ago.
- Advertisement -

 

Connect with us

254,077FansLike
529,898FollowersFollow
24,200SubscribersSubscribe