Former RBI Deputy Governor Subir Gokarn has lauded the NDA Government’s 'Jan Dhan Yojana' launched by Prime Minister Narendra Modi, saying that it addresses the issue of financial inclusion through bundling of financial services to the benefit of account holder.
Gokarn who was earlier this week, addressing the FORE International Finance Conference held at the campus of FORE School of Management, said, "inclusion is an aspiration for decades that's why public sector banks were set up. But only having an account doesn't serve the purpose. What you will do with the account if you don't have cash. ‘Jan Dhan Yojna’ provides bundling of products with account like over draft facility and insurance, you have safety net automatically."
He added that "financial stability of market cannot be left to individuals managing risk. There is a need of banks to be more transparent through account disclosure so that even a man on the street can find out on how the bank is dealing".