Will cashless move change Goans'
mindset on financial inclusion?
THE GOAN NETWORK
PANAJI
Will the State’s much publicised move for ‘cashless society’ cut any ice with the Goan populace? If history of government initiatives is anything to go by, Goans are reluctant to take up something new especially if it involves formalities.
A survey by the Fr Agnelo College at Pilar has discovered that when it came to the the central government introduced schemes like that of the PMSBY (Pradhan Mantri Suraksha Bima Yojan) with PMJJBY (Pradhan Mantri Jeevan Jyoti Bima Yojana) and APY (Atal Pension Yojna), despite minimal hassles, the schemes had few takers.
“It was also found that there existed a psychological barrier in the mindsets of people, who didn’t want to visit the bank branch because they found the formalities of the bank tiresome,” Andrew Antão who supervised the survey said.
“All that is required is to have a bank account, Aadhaar card, a one page enrollment form available in banks or which can also be downloaded from the internet, and that is it. As this scheme auto-debits the premium from the insured’s account on May 31, of every year, with no hassles of annual renewals involved and with such low annual premium of rupees 12 it makes a no brainer to choose this scheme,” Antão explained to stress that despite the simplicity there were no takers.
“This just highlights the scenario that though in Goa we boast of one of the highest literacy rates in India, we still show backwardness in terms of basic financial literacy,” he suggested.
The survey was conducted as a means to gauge the financial inclusion in the State, which includes not just opening bank accounts but also insurance, systemised payments, etc.
The Union Finance Ministry on November 14, 2014, had announced that Goa had become one of the first states in the country to achieve 100 percent Financial Inclusion under Pradhan Mantri Jan Dhan Yojana (PMJDY).
