BoM to incentivise BCs

Bank of Maharashtra is planning to give incentives to its business correspondents to get customers who have opened basic savings bank accounts under the Pradhan Mantri Jan Dhan Yojana (PMJDY) to save money and transact. The reason for this proposed move is that under the Yojana customers can get overdraft only if they maintain some balance and transact. Sushil Muhnot, Chairman & Managing Director of the Pune-headquartered bank pointed out that overdraft facility of up to ₹5,000 is available to only one account per household after six months of satisfactory conduct of the account.