'PMJDY to enhance access2finance among low-income households'

JAMSHEDPUR: Terming the Pradhan Mantri Jan Dhan Yojna (PMJDY) as a mode to enhance "access2finance" among low-income households, a Professor of Finance and Economics at the XLRI-School of Business Management here said the drive needs backed with sustained financial literacy drive and consumer protection initiatives.

Enhancing ace's2finance through bank-linkage drive is a basic need for every low-income and vulnerable households, Dr H K Pradhan said in a statement released today adding financial literacy enables them to be more informed about their financial decisions.

The bank account opening drive has to be followed up with a more sustained financial literacy drive and consumer protection initiatives.

As there were banks already offering accidental insurance cover for their account holders, Pradhan said more clarity was needed regarding the availability of the proposed accidental insurance cover and the overdraft facility for the existing account holders.