Page 46 - Banking Finance April 2020

ARTICLE

(Amount in crores)

Bank Name / Number of Number of No of Rural Number of Deposits in Number of
Type Beneficiaries at Beneficiaries at Urban Female Total Accounts Rupay Debit
rural/semiurban urban metro Beneficiaries Beneficiaries Cards
centre bank centre bank issued to
branches branches beneficiaries

Public 15.77 13.69 15.50 29.46 81684.79 24.33
Sector Banks
Regional 5.30 1.03 3.53 6.33 18885.59 3.85
Rural Banks
Private 0.70 0.56 0.67 1.26 2960.63 1.16
Sector Banks
Grand Total 21.77 15.27 19.71 37.05 103531.01 29.34
(pmjdy.gov.in)

Social Security schemes: On 9th May 2015, our Prime State Bank of India (SBI), rose to the occasion and gave
Minister launched a few social security schemes to cover the assurance for recalibration. The very next day, i.e., 9th of
account holders. These include Pradhan mantri Suraksha November 2016 all the demonetized notes were to be taken
Bima Yojana(PMSBY) for personal accidental insurance cover, out from the ATMs and the bank counters. There was a huge
Pradhan Mantri Jeevan Jyoti Bima Yojana(PMJJBY) for rush to deposit demonetized notes on 10th November 2016
Insurance cover and Atal Pension Yojana(APY) for when Bank opened for public after demonetization. Public
guaranteed minimum pension to subscriber. As per data Sector banks planned and executed well and as a result they
from Department of financial services, total Gross enrolment were able to handle the rush well. PSBs were also
upto 31.03.2019 is 15.47 crore under PMSBY, 5.91 crore instrumental in calming the public and handling the
under PMJJBY and 1.49 crore under APY. Public Sector Banks resentment. ATMs were opened to public on 11th
have vast coverage from metro region to remotest place in November 2016 and proving to be the backbone of the
India. Again PSBs played a major role in taking these schemes Indian Economy, PSBs were able to recalibrate the ATMs in
to the nook and corner of the country. a short span of time. 27000 ATMs were running on the first
day of which SBI topped the chart with 17000 machines
Demonetization: On 8th November 2016, the running.
Government of India decided to demonetize Rs.1000 and
Rs 500 notes in order to curb black money and to stop the PSBs also had huge Branch network and Banking
flow of cash for funding illegal activities and terrorism. The
Government also announced issuance of new Rs.500 and
Rs.2000 note. There were Rs.15.41 lakh crore worth of bank
notes that were to be demonetized in a very short time. It
was an insurmountable challenge for the banks.

The Government called for the meeting of all Bank chiefs
on 8th November 2016 to discuss the task on hand. The
Issue of recalibration of the ATMs was also discussed. It is
reported that most of the Private Sector Banks expressed
their inability to recalibrate their ATMs. It was at this time
that the PSBs, especially India's largest Public Sector Bank

44 | 2020 | APRIL | BANKING FINANCE