FINANCIAL INCLUSION AND PRADHAN MANTRI JAN DHAN YOJANA (PMJDY)
Financial Inclusion is the provision of banking services at an affordable cost, to the disadvantaged sections of the society, who are hitherto excluded and deprived of the Financial Services, to enable them to improve their standard of living.
The financial exclusion signifies the lack of access by certain segments of the society to appropriate low cost, fair and safe financial products and services by the main stream service providers. The financial Service Include Micro Savings, Micro Credit, remittance facility, Insurance, Pension Payment and Transactions.
With the basic objective of bringing the large unserved population under the banking mainstream, the banks are striving towards a more inclusive growth by making financial products and services available to financially excluded and marginalized sections of society in particular. As per the Government of India and the Reserve Bank of India directions, the bank has been actively pursuing the agenda of Financial Inclusion (FI), with key interventions in four groups, viz., expanding banking infrastructure, offering appropriate financial products, making extensive & intensive use of technology and through advocacy of financial literacy.
Financial Inclusion Plan (FIP) in the Bank
The Reserve Bank of India implemented a Financial Inclusion Plan (FIP) from 2010-2016. The first phase of FI implementation spread over a period of three years from 2010-2013 & second phase for a period of three years from 2013-2016. At present, 17002 villages (10049 villages in Canara Bank & 6953 villages in e-Syndicate Bank) have been allotted to our Bank comprising of 7182 (3962 – Canara Bank & 3220 – e Syndicate Bank) Sub Service Areas (SSAs).
The allotted villages are provided Banking service either through Brick and Mortar Branches or through BC model.
Bank has covered all allotted 17002 villages comprising of 7182 allotted SSAs by opening of 903 brick & mortar branches (of which 529 FI branches in >2000 population and 374 FI branches in <2000 population villages) and by engaging 5267 BC agents who have been provided with handheld devices capable of handling interoperable AEPS and RuPay card transactions, at remaining SSAs.
PRADHAN MANTRI JANDHAN YOJANA (PMJDY)
PMJDY is the initiative from Govt of India for comprehensive financial inclusion of the population of India particularly aiming covering the households hitherto excluded from the purview of banking and empowering them with benefits and facilities provided by the banking industry.
Hon’ble Prime Minister, Shri. NarendraModi on 15th August, 2014 announced “PradhanMantri Jan-DhanYojana (PMJDY)” which is a National Mission for Financial Inclusion. This National Mission on Financial Inclusion has an ambitious objective of covering all households in the country with banking facilities and having a bank account for each household.
The scheme was launched by the Prime Minister on 28.08.2014 on pan India basis. PMJDY under Mission mode envisages provision of affordable services to all citizens within a reasonable distance. PMJDY comprises of six pillars as follows.
RuPay card Life Insurance Claim form: Please click here for specimen form.
RuPay card Accidental Insurance claim form: Please click here for specimen form.
Aadhaar Enrolment /Update Form: Please click here for specimen form.
List of 1201 ASKs established in Canara Bank branches: Please click here for list.
Details on Financial Literacy Centres (FLCs); Please click here for details.
Account holders can link their accountswith Aadhaarby giving explicit consent through 3 different methods:
Account holders who registered with the bank for internet banking facility and performing transaction can link Aadhaar number to their bank accounts online as well. The procedure for linking Aadhaar online in Canara Bank account is as below;
There are a number of customers who are not adept in using the online service or using the ATMs. Bank has made provisions for them to link their bank account with Aadhaar by visiting the branch where their account is being operated. This method is useful especially for senior citizens and specially-abled persons. Procedure for linking Aadhaarwith Canara Bank account offline is as below;
Customers can link their bank accounts through ATMs as well. They have to visit the nearest Canara Bank ATM and below mentioned steps are to be followed to link their account;
Aadhaar authentication is a process designed to verify the Aadhaar number and the information associated with it such as customer’s demographic and biometric details of the customers. To avail the Aadhaar authentication facility, customers may visit the nearest branch of Canara Bank.
The authentication may be carried out through the following modes:
Cluster BC locations including MRBs locations: please click for details.