Modi shouldn't overplay 'Jan Dhan'

Modi shouldn't overplay 'Jan Dhan'

The Modi government is four years old.  Speaking in Cuttack today, the Prime Minister boasted that his government has taken the country from 'kala dhan' (black money) to 'Jan Dhan' (the government's flagship financial inclusion scheme).

"In these four years, the 125 crore Indian have come to believe that our India can change. Today the nation is going from 'Kala Dhan to 'Jan Dhan', from bad governance to good governance.  It is important to remember the issues which the nation was facing 4 years ago, the atmosphere there was four years ago. It is important to remember how much did the family, which ruled the nation for 48 years, cared for it," he said in the Odisha town.

Definitely, Modi can take credit for some splendid achievements on the front of toilet construction and infrastructure building.  However, 'Jan Dhan' is a grey area.  Financial inclusion doesn't mean just having a bank account.  Savings are the real inclusion, say experts.  Of the over 30 crore or so bank accounts, how many poor people have substantial savings?  Yes, it's a long haul.  But then, the Yojana is not a huge achievement as yet.