ICICI Bank participates in Pradhan Mantri Jan Dhan Yojana

The bank has opened these accounts through a special drive, across its network of more than 3,700 branches. 

 

Under this scheme, the bank offers each account holder a passbook, a RuPay debit card with an accidental cover and literature on banking facilities at the time of opening an account.

 

Speaking on the initiative, Chanda Kochhar, MD & CEO, ICICI Bank said, “The ICICI Group has always been a catalyst in India's growth. We have a vision of a strong and prosperous India. A key element of this vision has always been financial inclusion, which is integral to creating opportunity for all sections of society and achieving inclusive growth. ICICI Bank has been working on a comprehensive financial inclusion plan over the last four years. The Pradhan Mantri Jan Dhan Yojana inspires us to renew our commitment to the goal of financial inclusion with even greater vigour and focus." 

 

"Today through our network, we cover approximately 15,600 villages and have brought more than 18.5 million unbanked people into the banking fold. We aim to open 2.5 million accounts under the Pradhan Mantri Jan Dhan Yojana, thereby taking the total number of accounts under our financial inclusion program to more than 20 million," Kochhar said.

 

The bank conducted 1100 camps, in its branches and in villages. 

 

This special drive to promote the PMJDY was spearheaded by senior officials of the bank. The business correspondents of ICICI Bank also participated in the camps conducted in the villages. 

 

The account opening procedures were simplified, paper-less and opened on the basis of Aadhar identification. 

 

The bank used innovative and engaging methods like comic books and audio/video as a medium for financial literacy. They introduced basic concepts such as the benefits of saving through banking products like savings accounts, fixed deposits and recurring deposits. 

 

As part of its urban financial inclusion initiatives, the bank also showcased the process of remitting through mobile wallets. This service allows urban migrants to send money back to their families in a transparent and convenient manner.

 

ICICI Bank’s financial inclusion strategy encompasses rapid expansion in the rural markets, leveraging its strengths in technology and delivering relevant products and services to the rural and unbanked population through its multi-channel network.

 

To provide branch banking services to its rural customers, ICICI Bank added more than 75% of its new branches in rural and semi urban areas in fiscal 2014.