Thursday 28/08/2014

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Banks will be launching a mega financial inclusion drive on Thursday as part of the Pradhan Mantri Jan Dhan Yojana and lakhs of accounts are likely to be opened on the day.

As part of the initiative, each account-holder will be provided with a passbook and a RuPay debit/ATM card which carries free accident insurance cover for Rs.1 lakh.  Further, an overdraft of Rs.2,000 will be provided to each account-holder after satisfactory operation of the account for six months.

Many banks have already conducted preparatory camps across the country through their branches and deputed senior executives to the field to monitor the opening of accounts in village and district level camps.

According to a circular issued by the Reserve Bank of India to banks, the know-your-customer (KYC) norms were relaxed to facilitate easy opening of accounts., India’s largest online marketplace has announced that Ratan Tata, Chairman Emeritus, Tata Sons, has made a personal investment in the company. The company did not disclose the exact amount Tata has invested.

Snapdeal currently houses over 5 million products across 500+ diverse categories from over 50,000 sellers. Speaking about this, Kunal Bahl, co-Founder & CEO, said in a press statement, “This is a very proud and exciting moment for the entire Snapdeal family. An investment by a legendary and respected figure like Mr. Tata is an excellent validation of our focused strategy on building a long-term enterprise and marks the start of a very important phase for the company.

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