homepersonal finance NewsAlmost one third of Indian population has Jan Dhan accounts: SBI's Dinesh Khara
Almost one-third of Indian population has Jan Dhan accounts: SBI's Dinesh Khara
In an exclusive interview with CNBC-TV18, Khara revealed that India now has over 49 crore accounts under the Jan Dhan Yojana, an initiative that was launched in 2014.
In a significant achievement for India's financial inclusion drive, the current count of Jan Dhan accounts has crossed an impressive 49-crore mark, informed Dinesh Kumar Khara, Chairman of the State Bank of India (SBI). In an exclusive interview with CNBC-TV18 on Wednesday (July 19), he revealed that almost one-third of the country's population is now covered under the Jan Dhan Yojana, an initiative that was launched in 2014.
"Since it started in the year 2014, we have come to a stage where today we have got more than 49 crore such accounts, also almost one-third of the population is covered," he said.
Chairman Khara noted that with an average balance of around Rs 3,000, the Jan Dhan accounts are playing a crucial role in bringing financial stability to households.
"On average, a little more than Rs 3,000 is the average balance in these accounts. I think the balance in these accounts will be a function of the per capita income growth in that particular area," he said.
Apart from ensuring that the accounts have a minimum balance, the Jan Dhan Yojana has also integrated other financial services such as life insurance, personal accident insurance, and entity services. This holistic approach aims to provide comprehensive financial protection to accountholders and their families, further enhancing the programme's effectiveness.
Looking ahead, Khara highlighted the next step for Jan Dhan accountholders — the ability to raise credit. He stressed the importance of lenders' confidence in borrowers' repayment capabilities, which can be assessed through analytics and surrogate models.
This initiative aims to empower accountholders by offering them credit opportunities to engage in economic activities and bolster their financial well-being.
Additionally, Khara expressed his confidence in the potential of contactless lending platforms, which leverage digital technologies and analytics to provide seamless and efficient access to credit. These platforms eliminate the need for human intervention and streamline the loan application and disbursement process.
"It's without any human intervention. We are creating models with the help of analytics and those models are getting incorporated into the loan management systems. So this is something which will be a game changer in terms of enabling these account holders to borrow and invest into economic activity."
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(Edited by : Shoma Bhattacharjee)
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