Swabhimaan |
PMJDY |
Villages with population greater than 2000 covered; thus limited geographical coverage |
Focus on household; Sub Service Area (SSA) for coverage of the whole country. |
Only rural |
Both rural and urban |
Bank Mitr (Business Correspondent) was visiting on fixed days only |
Fixed point Bank Mitr (Business Correspondent) in each SSA comprising of 1000-1500 households (3 to 4 villages on an average) to visit other villages in the SSA on fixed days |
Offline accounts opening - Technology lock-in with the vendor |
Only online accounts in CBS of the Bank |
Focus on account opening and large number of accounts remained dormant |
Account opening to be integrated with DBT, credit, insurance and pension |
Inter-operability of accounts was not there |
Inter-operability through RuPay Debit Card, AEPS etc. |
No use of Mobile Banking |
Mobile wallet and USSD based mobile banking to be utilized |
Cumbersome KYC formalities |
Simplified KYC/e-KYC in place as per RBI guidelines |
No guidelines on the remuneration of the Bank Mitr (Business Correspondent). Banks went generally with Corporate BCs who used to be least expensive to them |
Minimum remuneration of the Bank Mitr (Business Correspondent) to be ` 5000/-( Fixed + Variable) |
A recent RBI survey finds that 47% of Bank Mitr are untraceable |
Viability and sustainability of Bank Mitr (Business Correspondent) is identified as a critical component |
Monitoring left to banks |
Financial Inclusion campaign in Mission Mode with structured monitoring mechanism at Centre, State and District level |
Financial literacy had no focus |
The rural branches of banks to have a dedicated Financial Literacy Cell |
No active involvement of states / districts |
State level & District level monitoring committees to be set up |
No brand visibility of the Programme & Bank Mitr (Business Correspondent) |
Brand visibility for the programme & Bank Mitr (Business Correspondent) proposed |
Providing credit facilities was not encouraged |
OD limit after satisfactory operations / credit history of 6 months |
No grievance redressal mechanism |
Grievance redressal at SLBC level in respective states |