Jan Dhan 3.0 to Focus on Digital, Doorstep Banking

The government is working out a roadmap for the third round of financial inclusion, Jan Dhan 3.0, which will focus on doorstep banking, digital financial products and convergence with its flagship pension and insurance schemes.

The government also aims to ensure availability of a banking touch point from any habitat within 5 km. “We are working with banks to develop a broad structure that will improve access, simplify digital loan applications, and ensure quicker response for retail, MSME and agricultural loans,” said a government official aware of the plan.

The government wants banks to also find linkages and converge Jan Dhan accounts with schemes such as the Atal Pension Yojana, PM SVANidhi, Stand Up India scheme and the Sukanya Samriddhi Yojana. “Based on Jan Dhan accounts, Aadhaar and mobile framework, banks can look to offer customers new analytics-based offers and expand their coverage,” the official said, adding that banks are further expected to leverage their business correspondent channels for distribution of small credit and other financial products.

Last week, Prime Minister Narendra Modi, in his address at the ‘Creating Synergies for Seamless Credit Flow and Economic Growth’ conference, said banks need to adopt a partnership model and shed the culture of being an approver and the customer being an applicant. 

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