One Bank Account per Indian family – Do you have a Bank Account?


Ministry of Finance-Department of Financial Services is going all out to ensure ‘One Bank Account per Indian Family’.

The reference point is the 2011 Census.

As per 2011 census, about 58.7% households, comprising of 54.4% rural households and 67.8% urban households, had reported availing banking facilities.

Out of the 24.69 crore households, 14.48 crore households reported availing banking services. So, there is a gap of nearly 10 crore households who are still not part of the formal banking world.

Vide Department’s circular No ‘FI dated 15th May 2012’, PSB’s were advised to ensure regarding opening of one bank account per family to facilitate electronic benefit transfer and financial inclusion.

The Bank account should be in a Bank with a Core Banking Solution and having NEFT facility.

Where the accounts are held in non-CBS or non-NEFT Banks, such account holders should be encouraged to open Accounts in Banks with a CB Solution and NEFT facility.

A success of any scheme depends on proper monitoring of the progress. Towards this end, Ministry of Finance-Department of Financial Services, vide Cir No.F. No. 6/23/2012-FI, dt.03/08/2012, has suggested the monitoring modalities.

The highlights are us under:

Opening of Bank Accounts: –

Service area bank in rural areas and banks assigned the responsibility in specific

wards in urban area would be responsible for ensuring that every house hold has one

bank account. This would be achieved in collaboration with other banks in the area

Latest voter list of the area concerned may be taken as a reference for verifying that every house hold has a bank account.

To facilitate Electronic benefit Transfer, the names of other family members can be added to any existing account. Banks need not insist on opening a new account

unless the person concerned desires a new account.

Information about opening of bank accounts must be prominently displayed in the

villages by the service area bank/designated bank along with the person/bank to be

contacted.

Monitoring Progress :-

Lead District Managers in the districts and the SLBC Convenor in the State would be responsible for monitoring and ensuring that every house hold has a bank account.

The figure for number of households as per the latest census data may be used to

compare the number of saving bank accounts. As there would be multiple bank accounts in a single household, as a thumb-rule, the number of saving bank accounts should be over 100% of the number of households, preferably 125-140%.

LDM’s and SLBC Convenor would compile information on number of households and the number of saving bank accounts every week to monitor progress.

State wise information on the number of households and the number of saving bank accounts would be sent to the Department of Financial Services at fi-dfs@nic.in by 5th of every month by SLBC Convenor banks. This would be sent from August 2012.

The responsibilities of LDM’s and SLBC Convenor Banks is on increase with the thrust on Financial Inclusion.

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