PNB upbeat as BJP revives Bhamashah Financial Empowerment Scheme

MUMBAI: A populist scheme floated by the BJP government in Rajasthan five years ago and subsequently scuttled by the Congress when it came to power is being revived by the saffron party. In 2009, the BJP government had introduced a scheme where it credited Rs 1,500 to women head of every family living below the poverty line.

But the scheme didn’t make much progress as the Congress government under Ashok Gehlot didn’t see much merit in it and tried to stop it. With BJP’s Vasundhara Raje back at the helm in Rajasthan, some nine lakh women living below the poverty line are hoping for a revival of the Bhamashah Financial Empowerment Scheme, but only after the general elections get over in May.

However, under the revised scheme, the state government doesn’t plan to invest any more money, said a senior official from the state government who didn’t wish to be named.

BJP had tied up with IL&FS as its technology partner for the scheme, and the identified beneficiaries were told to open bank accounts with Punjab National Bank, State Bank of Bikaner & Jaipur, and Bank of Baroda. A sum of Rs 162 crore was also credited with these banks. But the Congress got a stay on the scheme on the ground that it violated the code of conduct since it was launched only a few days ahead of the state assembly election.

So, even if the government credited money in banks, account holders couldn’t access them due to the court’s stay order. In fact, the Congress government under Gehlot decided to disband the scheme and even asked banks to return the sum (Rs 162 crore) to the state government’s account. But banks led by PNB said it wasn’t possible since the money belonged to the account holders, and legally, can’t be touched. “We have ring-fenced the money from the state government since we believe that depositors have a right over it,” said officials from PNB. “After earning interest for five years, each woman now has . 2,300 in her account,” he added.