Jan Dhan cover: LIC says no to premium | Business Line

Jan Dhan cover: LIC says no to premium | Business Line

Online comments posted on September 5, 2014:

The initial response to Jan Dhan from implementing agencies and prospective beneficiaries has been encouraging. The ‘packaging’ was attractive with bank account, a ‘credit’ card and elements of life insurance and eligibility for a small overdraft conceptually conceived as part of one financial product. It is understandable that the new government did not get enough time to refine all linkages and take into confidence all stakeholders. This does not absolve government’s responsibility to find funds for financing projects it wishes to implement.
Even indirect coercion to force LIC or public sector banks to incur losses in the process of implementing schemes beneficial to society is not welcome. LIC’s dissent has to be seen in this perspective. Transparency in accounting each rupee with LIC and the depositors’ funds with banks is a must. Government should not use its ‘ownership rights’ to divert illusory surpluses with statutory bodies and public sector undertakings, howsoever popular the causes it proposes to finance be.  


M G Warrier, Mumbai


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