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Difference between Swabhimaan and PMJDY

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