CM Chandrababu Naidu will launch Modi government’s latest scheme ‘Prime Minister Jan Dhan Yojana (PMJDY) in the state, while it’s being launched nationwide today. The intention is to let the citizens of the country have at least two bank accounts in each family and avail the benefits of the welfare schemes launched by the state and central governments. So, the banks are encouraging the citizens to open bank accounts with zero balance. The government also offers to deposit Rs.5, 000 in those accounts which are maintained for at least six months apart from giving Rs.1 lakh accident cover insurance.

Since the majority of the banks are confined to urban areas or district headquarters only, this scheme is believed to be targeted at urban population and remote villages may be ignored. This scheme may give the state and central governments some feedback about the social and financial status of the urban population, but may not be helpful to improve their living standards anyway. Probably, this scheme also ends up like thousands of other schemes introduced during last 6 decades that do not serve any purpose.