For NDA govt, India began only after May 26, 2014: Chidambaram

He also says that Jan Dhan account is another name for no-frills accounts

Former Finance Minister P Chidambaram on Saturday said Jan Dhan account is another name for no-frills accounts opened during the UPA government tenure and that the latter should be added while counting the number of bank accounts opened for financial inclusion.

Prime Minister Narendra Modi had launched the financial inclusion programme, Pradhan Mantri Jan Dhan Yojana (PMJDY), under which Jan Dhan accounts were opened on August 28, 2014.

Under this flagship programme, around 25.51 crore accounts have been opened so far.

The senior Congress leader said 13 crore no-frills accounts were opened under the UPA regime, but are blacked out now.

 

"Those 13 crore accounts which we opened between 2004 and 2014 under the guidance of C Rangarajan, as far as the (present) government is concerned, they don't exist, they are blacked out. For them (the NDA government) India began, civilisation began only on May 26, 2014. And, therefore, they will count the Jan Dhan accounts, which I compliment them for, but they don't add the no-frills accounts," Chidambaram said at the Mumbai LitFest in Mumbai on Saturday.

He said no-frills accounts should be added to Jan Dhan accounts as "Jan Dhan is only another name for no-frills accounts."

The Congress leader praised the government's efforts for this financial inclusion drive, but said by simply opening an account, one's behaviour cannot be changed.

"People must have money to deposit in the account, they must have a need to borrow from that account. Otherwise, accounts will remain dormant. So, how do the Indian bankers jugad sense work? The government pulls them up for saying dormant accounts, they put one rupee from their pockets in those accounts," he added.