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Be careful of miscreants under Jan Dhan Yojna: RBI to banks

‘There are some caveats when the banks are implementing the financial inclusion scheme under the recently launched Jan-Dhan programme,’ RBI Executive Director P Vijay Bhaskar said at a CII seminar here on Friday. He said people could open accounts in different banks using different identity documents like PAN card, Aadhar among others in the lure of getting insurance cover of Rs 1 lakh from all the banks. The banks should have a single information sharing system by which this possible
misuse could be stopped.

Another possible threat was 'smurfing', the RBI official said. In this case, hawala operators would spilt the whole amount into several small units beyond the threshold using several bank accounts and send money overseas.

The last was 'money mules' by which an individual would operate through another person's bank account. Talking about the north-eastern region, he said the SLBCs and the SLCCs should take steps to improve the credit-deposit ratio of the region as the CD ratio was much lower than the national average.

Earlier, RBI Governor Raghuram Rajan had cautioned banks on the risks involved in just hunting for numbers with regards to Jan Dhan scheme, asking them not to compromise on core objectives of the programme.
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