Centralized Banking by Government of India

Indian PM Mr. Narendra modi launched Jan Dhan Yojana, a mega financial inclusion plan for poor and common man having no access to formal banking facilities. The objective is not only to help establishing formal banking system in India for all but also to have centralized banking by the government of India. This will in turn bring economic development and strengthen the government by accumulating funds to India rather than routing funds to international foreign banks. This is a great initiative that will not only help all classes in India, but also bring social and economic growth across the nation.

Narendra modi’s financial inclusion drive is to help the poor open bank accounts and to integrate the poorest with formal banking system in India. On the other hand, its attractive benefits to account holders as debit cards, overdraft facility up to Rs 5000, accident insurance cover of Rs 100000, life cover and medical cover of Rs 30,000. The high aim is to help poor who do not have bank accounts and are not aligned to the Indian national banking system.

The Prime Minister aims to integrate 7.5 crore households to have bank accounts by next year. This initiative will help allow people from rural and urban areas to open bank accounts with PM’s Jan Dhan Yojana. Integrating common man is great initiative to centralized banking system in India and people from villages who have no access to banking facilities will be greatly benefited. This will be facilitated with 7000 branches and 20,000 new ATM centers in the country.

Government of India provides many other schemes for the welfare of its citizens, but the benefits are not reached to common man. Post Offices are fully government owned bodies and provide many policies for the benefit of citizens. These are safe investment options allowing great savings and earn good interest on long term investments.

There are many such policies by IPO like Kisan Vikas Patra, National Savings Certificates (NSC), Public Provident Fund (PPF), Senior Citizen Savings Scheme, Post Office Monthly Income Account Scheme, Post Office recurring deposit and savings account etc.

There are several benefits of investing in post office schemes:

– These schemes are offered directly by Government of India.
– Safest, secure and risk-free investment options.
– No Tax Deduction at Source (TDS).
– The instruments can be purchased from any Post Office anywhere in India.
– Attractive rates of interest

Post office savings as an Investment avenue is most convenient for investors from all classes, this is common not only in urban but also rural areas. The Indian Postal Services and the schemes offered by it, have gained high public trust and confidence of common people. India possess the largest network of postal offices in India with nearly 160,000 branches spread across the country.

Recommended : http://www.jandhanyojanaa.in/

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