MP CM: Economist Manmohan unaware of zero-balance accounts, but ‘chaiwala’ knew

Bhopal: Madhya Pradesh Chief Minister Mohan Yadav on Friday took a swipe at former prime minister and renowned economist Dr Manmohan Singh over zero balance bank accounts.Inaugurating the Civil Service Meet-2024 of MP IAS Association, Yadav said Singh, despite his stellar career as RBI governor, Union finance minister and PM as well as possessing multiple educational degrees, was not aware that bank accounts can be opened with zero balance.

“But a chaiwala knew about it,” he said referring to Prime Minister Narendra Modi.

The Union government’s Pradhan Mantri Jan Dhan Yojana, launched on August 28, 2014, is touted as the largest financial inclusion initiative in the world, and provides for a zero-balance account for every unbanked adult in the country. There are 53.14 crore bank accounts under PMJDY as of August 2024.
Yadav further said the legislature, judiciary and executive have different responsibilities in running the system and all have contributed their expertise to maintain democracy.

“Taking a decision or giving an idea is easy, but its implementation on a largescale is challenging. The efficiency of Indian Administrative Service officers in implementing decisions is commendable,” the MP CM asserted.