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Financial Inclusion

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Visit of Kiosk Location by our Chairman & Managing Director, in Indore District

kisok

Visit of Kiosk Location by Dr. Shashanka Saksena, Advisor, DFS, GOI, in Patna District

Implementation of Pradhan Mantri Jan Dhan Yojana (PMJDY) and Social Security Schemes (SSS) in Allahabad Bank

  1. Introduction:
    1. In order to increase outreach of Banking Services in every nook and corner of the country, various initiatives were taken up by RBI/ GOI after Nationalization of Banks including Expansion of Branch network, Establishment of Cooperative Institutions, RRBs, Introduction of Priority Sector lending, Lead Bank Scheme, Formation of SHGs,Govt. sponsored Schemes etc.
    2. RBI vide Mid-term Review of Annual Policy Statement for the year 2005-2006, advised Banks to align their policies with the objective of Financial Inclusion.
    3. Besides, it has been emphasized by the RBI for deepening and widening the outreach of Financial Services to cover large segment of the rural & poor sections of population.
    4. With a view to boost up the outreach Programme to provide Banking services and products in every villages of the country, implementation of Financial Inclusion Plan (FIP) was undertaken by Banks on priority basis.
    5. We have already formulated and implemented the FIP 2010-2013 and FIP 2013-2016. Projected FIP for the period 2016-2019 has been submitted to RBI after getting approval of the Board of Directors on 15.04.2016, as per schedule.
    6. Various modes and models were adopted by Banks to cover the allotted villages to provide Banking services in the villages under the time bound plan.
    7. On realizing the fact that still sizeable population has not been brought into mainstream of Banking, the GOI decided to ensure coverage of all households of the country by adopting a planned approach. This followed the outcome of a new holistic scheme named as “ Pradhan Mantri Jan Dhan Yojana (PMJDY) “ .
    8. ‘Pradhan Mantri Jan Dhan Yojona’ (PMJDY) was launched on 28.08.2014 with basic objective of achieving inclusive growth in Mission Mode through the following Six Pillars:-

       Pillar-1 : Universal access to Banking facilities.
       Pillar-2 : Financial Literacy Programme.
       Pillar-3 : Providing Basic Banking Accounts
       Pillar-4 :Micro Credit availability
       Pillar-5 :Micro Insurance.
       Pillar-6 : Unorganised sector Pension schemes like Swavlamban.

    Performance of our Bank under Various parameters:

    Pillar-1 : Universal access to Banking facilities

    • Our Bank was allocated 17732 villages across the country for coverage by deploying Bank Mitra in these villages. As per directions of DFS, GOI, these 17732 villages has been regrouped into 4580 Sub Service Areas (SSAs). Each SSA is comprising of 2 to 6 villages based on population of these villages i.e. maximum 5000-6500 population within an radius of 5 Km area.
    • These 4580 SSAs has been fully covered by our Bank by deploying 4355 Bank Mitras and covering remaining 225 SSAs through Branches.
    • As such, there is no gap in coverage of SSA as on 31.03.2016 as per directions of DFS, GOI under pillar I.
    • From September 2014, Bank has adopted Kiosk Banking Solution(KBS) Model which has following characteristics:

    • Opex Model where all infrastructure is procured by the Bank Mitra from own sources or through credit facility provided by Bank. Bank incur no expenditure on infrastructure cost and it only pays remuneration to Bank Mitra through Service Providers based on operational performance like opening of account, transactions etc.
    • Bank Mitras are recruited by six service providers namely Atyati, Integra, CSC, Vision India, Vakrangee and FIA. After due diligence by the Base branch and committee at ZO level, Zonal Office approves the appoint ment of Bank Mitra. We are not having any direct Bank Mitra recruited by our Bank.
    • KBS Model provides real time, on line, interoperable and 24x7 banking facility to customers of our Bank and Other Banks.
    • Uniform infrastructure like Kiosk area, Laptop, Scanner, Printer, Table, chair, visiting chair/Bench, stationary etc is available at all locations.
    • Bank Has provided uniform, Cap and sling Bag to all Bank Mitras.
    • Bank Mitra locations have facility of deposit transactions in any account of our Bank. Cash Withdrawl facility is available through Biometric authentication, Aadhar Enabled Payment System (AEPS) and Rupay Card Transactions through Micro ATM.
    • We are having Centralized payment system for paying remuneration directly to the bank Mitra accounts. Based on account opening and transaction data provided by our CBS PO, invoice is raised by the Service Providers. Bank Centrally pay the remuneration to service providers and immediately service providers account is debited for credit of 80% share of remuneration to Bank Mitra account through multiple transfer.

    Pillar-2 : Financial Literacy Programme.

    • Bank is providing Financial literacy through our Financial Literacy Centers located in all our Lead Districts. Camps are organized at regular intervals through FLC councilors.
    • Financial Literacy is also provided by Bank Mitra located in villages through their Kiosks and various meetings and camps are also organized to educate rural population.
    • Camp are also organized by Branches under their catchment area and villages from time to time.

    Pillar-3 : Providing Basic Banking Accounts

    • A coordinated, integrated and comprehensive approach was adopted by the Banks to ensure coverage of all uncovered Households by opening at least one A/C (preferably lady member of the household) within the fixed timeline of 25.01.2015 for coverage of all households of the country. Task of opening accounts was completed by our Bank on 31.12.2014 itself.
    • In order to find out the uncovered households in the allotted villages and wards, survey was undertaken  by the Bank and the process of account opening has been completed. We have 56.24 lac household in 4580 SSAs and 1210 wards.
    • Total 21.84 lac account holders were not having Bank accounts out of 56.24 lac household falling under the villages and wards allocated to our Bank. All these 21.84 lac households were covered by Bank as on 31.12.2014 (Dead line 25.01.2015).
    • Status of opening of PMJDY accounts as on 31.03.2016 is as under:

    Sl.

    Particulars

    31.03.2015

    31.03.2016

    % Variation

    1

    No. of A/Cs opened under PMJDY (in lac)

    27.69

    44.24

    59.77%

    2

    Balance in the A/Cs       ( Rs. in Crore)

    114.96

    461.12

    301.11%

    3

    No of A/Cs with  balance (in lac)

    12.33

    35.44

    187.43%

    4

    No of account with Zero Balance (In Lac)

    15.36

    8.80

    (-)42.71%

    5

    % of Zero Balance accounts

    55.47%

    19.89%

    (-)35.58%

    Pillar-4 :Micro Credit availability

    Under PMJDY, Overdraft facility upto Rs 5000 to be provided to low income group / underprivileged customers to meet their exigencies without insistence on security, purpose or end use of the credit subject to fulfillment of following conditions:

    • PMJDY accounts which are satisfactorily operated for at least 6 months.
    • There should be regular credits under DBT/ DBTL scheme/other verifiable sources
    • Account should be seeded with Aadhaar for avoiding duplicate benefit
    • Account holder should not be maintaining any other SB account with any Bank/branch to ensure compliance with RBI directives.
    • Age of applicant between 18 years to 60 years (Not eligible: Minors, KCC/GCC borrowers, more than one member of the same family)
    •  Nature of facility: Running OD facility in SB account
    • Period of Sanction: 36 Months subject to annual review of account
    • Loan amount a) 4 times of Average monthly balance b) or, 50% of credit summations in account during the preceding 6 months c) or, Rs 5000/- whichever is lower.
    • ROI: Base rate +2% pa
    • Disbursement: Withdrawals through branch/BC/ATM/POS

    Status of Overdraft facility to PMJDY customers is as under:

    Eligible A/Cs

    OD Sanctioned

    OD Availed A/C

    OD Availed Amt (Lac)

    120663

    44487

     28115

    897.87

    Pillar-5 :Micro Insurance (PMJJBY & PMSBY).

    • Social Security Schemes (SSS) viz. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) were launched on 09.05.2015 by Hon’ble Prime Minister of India in Kolkata.
    • Our Bank was entrusted the Task of Organising the Launching Ceremony of the three Social Security Schemes by Hon’ble Prime Minister on 09th May, 2015 at Kolkata.
    • The DFS, MOF, GOI, Various Participating Banks, State Government and all concerned appreciated the Massive Launching Ceremony organized by our Bank.
    • Bank registered the enrollments of 12.40 lac applications under the three Schemes against the target of 12.00 lac allotted by the DFS, MOF, GOI for the launching Ceremony on 09th May,2015.
    • PMJJBY and PMSBY  schemes have been made available for eligible customers up to 31.05.2016.
    • Insurance Premium has been remitted to the Insurer for 18.14 lac customers involving amount of Rs. 2.18 crore under PMSBY up to 31.03.2016.
    • Insurance Premium has been remitted to the Insurer for 5.77 lac customers involving amount of Rs. 16.69 crore under PMJJBY up to 31.03.2016.

    Progress of PMSBY and PMJJBY schemes as on 31.03.2016

    Scheme

    Claim received from customers

    Submitted to insurer

    Claim settled by insurer

    Claim rejected/ repudiated

    Claim pending with insurer

    Claim pending for > 2 weeks

    PMSBY

    88

    88

    70

    15

    3

    00

    PMJJBY

    455

    455

    413

    0

    42

    00

    Total

    543

    543

    483

    15

    45

    00

    Pillar-6 : Unorganised sector Pension schemes like Atal Pension Yojana

    • Atal Pension Yojana was also launched with other two Social Security Schemes (SSS) viz. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) on 09.05.2015 by Hon’ble Prime Minister of India in Kolkata.
    • Since inception, we have mobilized 0.54 lac proposals under Atal Pension Yojana as on 31.03.2016 out of which monthly installment of APY has been remitted to the PFRDA for 0.37 lac customers involving amount of Rs. 170.89 lac up to 31.03.2016.

    Highlights of Performance of Financial Inclusion in our Bank

    • The total deposits in PMJDY Accounts increased from Rs. 329.51 crore as on 31.122015 to Rs. 461.12 crore as on 31.03.2016, registering a growth of Rs. 131.61 crore during the Quarter.
    • The functionality of RuPay Card Transaction at Bank Mitra locations (Micro ATM) have been made available.
    • Under Capital incentive Scheme of UIDAI for Micro ATMs, 92 Bank Mitras of our Bank have qualified the benchmark criteria of 2000 AEPS Transactions up to 31.03.2016 for which incentive amount of Rs.13,80,000/- has been received by Bank from UIDAI.
    • The number of total Aadhaar seeded accounts under PMJDY has  improved from 23.17 lac as on 31.12.2015 to 28.05 lac as on 31.03.2016 which is 63.39 % of total PMJDY accounts. Aadhaar seeding has been completed in all PMJDY accounts where Aadhaar number is available.
    • Special Camps, Local publicity and publicity by other means are being undertaken by the Branches and Bank Mitras at the field level for total Aadhaar seeding.
    • Multi Pronged and Multi level follow up and monitoring is being undertaken from Head Office on daily basis. Department is following up the various issues related to Key parameters of PMJDY with the Nodal Officers of all Zonal Offices on regular basis. Similarly, the FI Coordinators of the FGMOs are regularly followed up for taking the whole project forward.
    • Sensitization Programmes  for FI Nodal Officers, Technical Personnel of Service Providers and Bank Mitras were conducted in all the Zones during the year ended 31.03.2016.
    • All out efforts are made for Capacity Building of all the Bank Mitras in a phased manner by imparting training and subsequent certification by IIBF as per directives of DFS, MOF,GOI.

    CMD’s visit to Bank Mitra Location under Mirzapur Zone


    finance

  2. Click here for Implementation of Pradhan Mantri Jan Dhan Yojana (PMJDY) and Social Security Schemes (SSS)

  3. Click here for Consent form for Aadhaar Seeding in Bank Account

  4. Click here for Consent form for Aadhaar Seeding in Bank Account(Hindi)

  5. Click here for Procedure for Claim Settlement under the Life Insurance Cover of Rs.30,000/- for PMJDY Account Holder

  6. Click here for Claim Settlement Form

  7. Click here for List of Documents to be Submitted to the Branch of the Bank

  8. Click here for Indemnity Bond

  9. Click herefor District Mapping with P&GS Units

  10. Click here for Procedure of claim under PMJJBY and PMJJBY claim document

  11. Click here for Procedure of claim under PMSBY and PMSBY claim document

  12. Click herefor Procedure of claim under PMJJBY and PMJJBY claim document (in HINDI)

  13. Click here for Procedure of claim under PMSBY and PMSBY claim document (in HINDI)

  14. banner Click here for Details of Nodal Officers for affected persons in Chennai.

    banner  Click for Claim Procedure Pradhan Mantri Suraksha Bima Yojana (PMSBY)

    banner Click for Claim Procedure Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

    banner Click here for details of Micro Insurance Scheme : Pradhan Mantri Suraksha Bima Yojana(PMSBY) & Pradhan Mantri Jeevan Jyoti Bima Yojna and Pension Scheme : Atal Pension Yojana(APY)

    banner Click here for Particulars of Business Correspondent Agents of various Zones- II.

    banner Click here for Details of Kiosk Locations-III

    banner Click Here for Kiosk Locations with photographs

    banner  Click here for Particulars of Business Correspondent Agents of Various Zones.

    banner Click here for Details of Kiosk Locations

    banner Click here for Details of Kiosk Locations II

    banner Click Here for Particulars of Bank Mitrs in 51 Selected Districts

    banner Click Here for Particulars of Business Correspondent Agents / Bank Mitrs

    banner Click Here for Pradhan Manrti Jan Dhan Yojna

    banner Click Here for Bank’s Financial Inclusion Plan

    banner  Click Here for List of Ultra Small Branches (USBs)

    banner Click Here for List of Allotted Villages having population 2000 and above

    banner Click here for Pradhan Mantri Jan Dhan Yojana- Financial Literacy

    banner Click here for Final Result of FLC

    banner Click here for Final Result of FLC Sonebhadra

    banner Click here for Films and Audio Visuals on Financial Literacy

    banner Click here for Revised Consent Cum Declaration Form for Enrolment under PMJJBY

    banner Click here for Revised Consent Cum Declaration Form for Enrolment under PMSBY


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