Post demonetisation, Jan Dhan accounts were used to launder money: Chidambaram

P. Chidambaram, File Photo

New Delhi, Nov 1: In a blistering attack on the Narendra Modi government, Senior Congress leader P. Chidambaram said that the Pradhan Mantri Jan Dhan Yojana accounts were used to launder money after Demonetisation.

“Jan Dhan Yojana is another jumla and an exercise in mass deception by PM Modi and his government”, Chidambaram stated while addressing a press conference.

“Banks have, without the consent of the account holder, converted Jan Dhan accounts into regular savings accounts and are charging exorbitant fees for failure to maintain a minimum balance”.

The former finance minister further said that “It is now common knowledge that Jan Dhan accounts were used to launder money after note ban. A humongous sum of Rs. 42,187 Crore was deposited in Jan Dhan accounts between 8 Nov 2016 and 30 Dec 2016”.

“Despite the boast of Jan Dhan, the credit-deposit ratio of the rural population that had reached 67 in March 2014 has declined to 60 in March 2017”.

“According to a Finance Ministry’s answer, 6.1Cr Jan Dhan accounts are ‘inactive’. As per the World Bank’s Global Findex Database 2017, as many as 48% of bank accounts in India are ‘inactive’, twice the average of 25% for developing economies”.

“Under Modi regime, the BSBDA scheme was renamed to Jan Dhan Yojana. Instead of pursuing genuine financial inclusion, the ruling government’s aim appears to grab a headline, he added.

Chidambaram compared record of the UPA and NDA government.

He said during the UPA rule (2010-14) there were 12748-  Rural Branches, 303504-Rural Banking Correspondents- Total- 3,16,252.

While under the NDA regime, the numbers are-  Rural Branches-4679 Rural Banking Correspondents- 177639 Total- 182318.


Related Posts