New Delhi : The government plans a mega launch of the Pradhan Mantri Jan Dhan Yojana (PMJDY) by Prime Minister Narendra Modi on August 28, which is likely to see opening of one crore bank accounts on the first day itself.

As many as 76 mega functions are being organised at different places to mark the launch of the scheme, under which the new account holders will be provided RuPay debit cards with an inbuilt insurance cover of Rs 1 lakh.  The Prime Minister has already sent 7.25 lakh emails to bank officers informing them about the financial inclusion scheme PMJDY, which he had announced in his Independence Day address to the nation.        Public sector banks, according to an official release, will organise more than 60,000 camps in rural and urban areas on the launch day.

The mega functions to be organised by state capitals and major district headquarters will be attended by Union Ministers and state Chief Ministers.

The PMJDY has been conceived as a national mission on financial inclusion with the objective of covering all households in the country with banking facilities and having a bank account for each household.

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RBI to step up vigil on banks to prevent frauds

The Reserve Bank of India (RBI) Deputy Governor R Gandhi said “continuous vigilance and intelligence gathering” would be the central bank’s key focus areas to prevent recurrence of frauds.  He emphasised the need to go “deeper” and hence, the central bank may also do forensic audits of banks.

He said the RBI has already instructed lenders, stressing the importance of information sharing, especially in face of rising bad assets, which touched a high of 4.1 per cent in March 2014, rising from 3.7 per cent during the previous 12-month period.

In recent past, officials of three public sector banks, including Syndicate Bank CMD S K Jain and three corporate leaders were arrested in an alleged cash-for-loan scam.

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