Gross bad assets of government banks fell from 14.58% in Mar 2018 to 3.12% in Sep 2024: Finance ministry
3 weeks, 6 days ago

Gross bad assets of government banks fell from 14.58% in Mar 2018 to 3.12% in Sep 2024: Finance ministry

Live Mint  

The government said on Thursday that policy reforms in the financial sector have restored the health of the banking sector, with the gross non-performing asset ratio of public sector banks falling to 3.12% in September 2024 from a peak of 14.58% in March 2018 and 4.97% in March 2015. The marked improvement also saw PSBs record their highest-ever aggregate net profit of ₹1.41 trillion in FY24 against ₹1.05 trillion in FY23, the finance ministry said in a statement. After the meeting he wrote on X, "The Modi government has turned these lifelines of the masses into private financiers for only the rich and powerful corporations.” The comment drew an immediate reaction from finance minister Nirmala Sitharaman, who in a series of social media posts termed Gandhi’s claims baseless, saying PSBs were seeing a remarkable turnaround under the current government unlike the previous UPA government, under which “PSBs were treated as ‘ATMs’ for their cronies and shady businessmen”. In its assessment of the banking sector, the finance ministry said Indian banks were on the growth path, with the number of branches increasing from 1,17,990 in March 2014 to 1,60,501 in September 2024.

India Financial Inclusion Gandhi 2024 Ministry Msme Trillion Mar Finance Ministry Psbs  trillion  bad  gross  crore  fell  mar  assets  ministry  banking  312  scheme  sep  inclusion  2024  psbs  finance  financial  banks  sector

History of this topic

RBI Report: Bank frauds increased eight-fold in first half of current fiscal
1 week, 6 days ago

RBI Report: Bank frauds increased eight-fold in first half of current fiscal

Deccan Chronicle  

New Delhi: Facing multiple challenges for the financial system in the country, the Reserve bank of India on Thursday said that the number of bank frauds witnessed a significant rise of eight-fold to Rs 21,367 crore in over 18,000 cases in the first half of the current fiscal. “The number of frauds during April-September stood at 18,461 involving Rs 21,367 …

MP CM: Economist Manmohan unaware of zero-balance accounts, but 'chaiwala' knew
2 weeks, 5 days ago

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

Deccan Chronicle  

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 …

48 crore sign up for ₹2 lakh accident insurance under PMSBY: Finance Ministry
3 weeks, 4 days ago

48 crore sign up for ₹2 lakh accident insurance under PMSBY: Finance Ministry

Hindustan Times  

The Finance Ministry said on Saturday that about 48 crore people had signed up for accident insurance coverage worth ₹2 lakh via the Pradhan Mantri Suraksha Bima Yojana. With over 54 crore beneficiaries, the Pradhan Mantri Jan Dhan Yojana has emerged as a keystone of financial inclusion, enabling unbanked people all around the country, the Ministry continued. In August of …

Over 540 million bank accounts opened under Pradhan Mantri Jan Dhan Yojana: Report
3 weeks, 6 days ago

Over 540 million bank accounts opened under Pradhan Mantri Jan Dhan Yojana: Report

Live Mint  

New Delhi: A total of 540.5 million bank accounts have been opened under the government's flagship financial inclusion scheme Pradhan Mantri Jan Dhan Yojana as of November, according to the Inclusive Finance India Report 2024. Launched on Thursday at the Global Inclusive Finance Summit 2024 in Delhi, organised by ACCESS Development Services, the report noted the accounts have a total …

India: Gross NPAs of PSBs at ₹3.16L Cr, Govt Reports
4 weeks, 1 day ago

India: Gross NPAs of PSBs at ₹3.16L Cr, Govt Reports

Deccan Chronicle  

New Delhi: The gross non-performing assets of public sector banks stood at Rs 3.16 lakh crore as of September 30, which is 3.09 per cent of the outstanding loans, while gross NPAs as percentage of outstanding loan is 1.86 per cent in private sector banks, the government said on Tuesday. Informing to the Parliament, minister of state for finance Pankaj …

How 2024 Banking Reforms Will Shape India's Economic Future
1 month ago

How 2024 Banking Reforms Will Shape India's Economic Future

The Quint  

Attracting qualified directors and auditors remains another obstacle, particularly for smaller institutions. The Banking Laws Bill, 2024, holds immense potential to modernise India’s financial system by fostering resilience, inclusivity, and governance reform. Furthermore, if viewed from a bird’s eye macro-lens, firms, due to a compressed demand position and slowing consumption expenditure are sitting on credit and cash without substantially investing …

SBI set to borrow $1.25 billion, India’s largest dollar-denominated bank loan in 2024; details here
1 month, 3 weeks ago

SBI set to borrow $1.25 billion, India’s largest dollar-denominated bank loan in 2024; details here

Live Mint  

The State Bank of India, India's largest public sector bank, is planning to raise up to $1.25 billion, marking the biggest dollar-denominated loan in the country's financial sector. Dollar loan volume declines The report said that despite these loans, India's dollar loan volume has declined 27 per cent to $14.2 billion this year due to the absence of large company …

S&P Foresees Steady 6.5-7 Percent Growth for India Until 2027
1 month, 3 weeks ago

S&P Foresees Steady 6.5-7 Percent Growth for India Until 2027

Deccan Chronicle  

New Delhi: S&P Global Ratings on Thursday projected the Indian economy to grow between 6.5-7 per cent annually in the three fiscal years till March 2027 as infrastructure spending and private consumption drive growth momentum. “Good economic growth prospects will continue to support banks' asset quality, while healthy corporate balance sheets, tighter underwriting standards and improved risk management practices will …

10 Years Of Jan Dhan: Modi Govt Scheme For Financial Inclusion Is Great. But Where Should It Go Next?
4 months, 1 week ago

10 Years Of Jan Dhan: Modi Govt Scheme For Financial Inclusion Is Great. But Where Should It Go Next?

ABP News  

The PM Jan Dhan Yojana just completed 10 years. The facilities available via Jan Dhan accounts also become a benchmark for what is fair and reasonable, compelling the informal financial system to calibrate. The Direct Benefit Transfer has been a strong aspect of the Jan Dhan Yojana, but it is important to realise that no tech or process is really …

India’s RuPay Transactions Soar 7 Times in 5 Years
4 months, 1 week ago

India’s RuPay Transactions Soar 7 Times in 5 Years

Deccan Chronicle  

Chennai: The number of cashless transactions by Jan Dhan accounts using RuPay scheme have risen from 2,338 crore in FY 2018-19 to 16,443 crore in FY 2023-24. Jan Dhan accounts have accumulated deposits totalling around Rs 2.3 lakh crore currently, indicating a significant increase in savings among account holders. The RuPay scheme has facilitated the issuance of 36.06 crore debit …

PM praises Jan Dhan Yojana on 10th anniversary; Congress says ‘rebranding of initiatives’
4 months, 1 week ago

PM praises Jan Dhan Yojana on 10th anniversary; Congress says ‘rebranding of initiatives’

Hindustan Times  

Prime Minister Narendra Modi congratulated the beneficiaries of the Pradhan Mantri Jan Dhan Yojana, a scheme aimed at enhancing financial inclusion across India, as it celebrated its 10th anniversary on Wednesday, expressing gratitude to everyone who contributed to the mission’s success. The Jan Dhan Yojana has also assisted other government schemes such as the MUDRA Yojana, Pradhan Mantri Jeevan Jyoti …

10 Years Of Jan Dhan: PM Modi hails success in boosting financial inclusion
4 months, 1 week ago

10 Years Of Jan Dhan: PM Modi hails success in boosting financial inclusion

The Hindu  

Prime Minister Narendra Modi hailed his government’s programme of financial inclusion, the Pradhan Mantri Jan Dhan Yojana, as it completed 10 years, by penning a long post on LinkedIn on Wednesday. Jan Dhan Yojana has been paramount in boosting financial inclusion and giving dignity to crores of people,… pic.twitter.com/VgC7wMcZE8 — Narendra Modi August 28, 2024 “Access to credit was often …

RBI@90, and what Prime Minister Modi had to say
9 months, 1 week ago

RBI@90, and what Prime Minister Modi had to say

Live Mint  

Mumbai: Lauding the Reserve Bank of India for its astute management of the country’s financial system at an event on Monday to mark the central bank’s 90th anniversary, Prime Minister Narendra Modi laid out a roadmap for the next 10 years, saying India would need to become economically self-reliant to shield itself from external shocks. The prime minister unveiled a …

Indian Economy under PM Modi has witnessed profound transformation: FM Nirmala Sitharaman gives govt’s report card
11 months, 1 week ago

Indian Economy under PM Modi has witnessed profound transformation: FM Nirmala Sitharaman gives govt’s report card

Op India  

The Indian economy under Prime Minister Narendra Modi has witnessed a profound transformation in the last 10 years when the government took several pro-people reforms that were structural, Union Finance Minister Nirmala Sitharaman said on Thursday, as she rose to present the interim Budget for 2024-25. “In 2014, the country was facing enormous challenges, the government overcame those challenges and …

Interim Budget: FM announces ₹1 trillion corpus for research in technology
11 months, 1 week ago

Interim Budget: FM announces ₹1 trillion corpus for research in technology

Hindustan Times  

Union finance minister Nirmala Sitharaman, presenting the Interim Budget 2024 in Parliament on Thursday, announced a ₹1 lakh crore corpus to help finance research in technology. Union finance minister Nirmala Sitharaman presents the Interim Budget 2024 in the Lok Sabha on Thursday. Calling innovation the “foundation of development”, Sitharaman said, “A corpus of ₹1 lakh crore will be established with …

India's June quarter current account deficit narrows to 1.1 per cent: RBI
1 year, 3 months ago

India's June quarter current account deficit narrows to 1.1 per cent: RBI

Hindustan Times  

India's current account deficit narrowed to USD 9.2 billion or 1.1 per cent of GDP for the April-June period, the Reserve Bank said on Thursday. The net external commercial borrowings to India recorded an inflow of USD 5.6 billion in the quarter compared to an outflow of USD 2.9 billion a year ago, the RBI said The current account deficit, …

Will take Credit Deposit ratio to 60-62%: Yogi
1 year, 3 months ago

Will take Credit Deposit ratio to 60-62%: Yogi

Hindustan Times  

Lucknow Chief minister Yogi Adityanath, on Saturday, said that the Credit Deposit ratio has experienced an increase of 10-to-11%, reaching 55-56% in the past six years, despite the period of the Covid pandemic. Yogi was addressing a program held at Lok Bhawan here to distribute toolkits under the Vishwakarma Shram Samman Yojana and disburse loans worth ₹50,000 crore to the …

'Five decades journey in just six years...': World Bank applauds India, PM Modi acknowledges it
1 year, 4 months ago

'Five decades journey in just six years...': World Bank applauds India, PM Modi acknowledges it

India TV News  

The World Bank stated that India's digital public infrastructure has had a profound impact that goes well beyond financial inclusion. The World Bank's praises come as India has developed some of the best digital public goods infrastructure, which has the potential to transform lives all across the world. World Bank document hails Indian govt's policy The World Bank document, prepared …

Jan Dhan will have a transformative impact
1 year, 4 months ago

Jan Dhan will have a transformative impact

Hindustan Times  

In the heart of flourishing democracies worldwide lies the perennial desire for inclusive growth and collective prosperity. The widespread nature of formal banking in India historically catered mainly to the elite, it left a vast majority underrepresented, especially in rural areas where only 54% of households had bank coverage as per the 2011 Census. A mere 35.2% of the population …

Jan Dhan Yojana revolutionised financial inclusion in India, more than 50 cr bank a/cs opened: FM
1 year, 4 months ago

Jan Dhan Yojana revolutionised financial inclusion in India, more than 50 cr bank a/cs opened: FM

The Hindu  

Finance Minister Nirmala Sitharaman on August 28 said Jan Dhan Yojana-led interventions and digital transformation have revolutionised financial inclusion in the country, as more than 50 crore people have been brought into the formal banking system with cumulative deposits surpassing ₹2 lakh crore. On the ninth anniversary of the Pradhan Mantri Jan Dhan Yojana, which is one of the biggest …

PMJDY accounts cross 50 crore, deposits exceed ₹2 lakh crore
1 year, 4 months ago

PMJDY accounts cross 50 crore, deposits exceed ₹2 lakh crore

The Hindu  

The number of bank accounts under the PM Jan Dhan Yojana, which completes nine years on Monday, has crossed 50 crore this month with total deposits exceeding ₹2 lakh crore, Financial Services Secretary Vivek Joshi said on Saturday. As of August 16, 50.09 crore PMJDY accounts had been opened with total deposits at ₹2,03,505 crore, up from 48.65 crore accounts …

Bank deposits increase by Rs 24,102cr in quarter
1 year, 4 months ago

Bank deposits increase by Rs 24,102cr in quarter

Deccan Chronicle  

HYDERABAD: Total deposits in banks increased by Rs24,102 crore in the quarter, taking the total deposits to Rs7,07,108 crore, SBI’s chief general manager stated in the State Level Bankers’ Committee meeting on Monday for a review of the quarter ended June 2023. During the first quarter of the current financial year, banks have disbursed short-term production loans amounting to Rs11,929 …

‘Significant milestone’, says PM Modi as Jan-Dhan accounts cross 500 million
1 year, 4 months ago

‘Significant milestone’, says PM Modi as Jan-Dhan accounts cross 500 million

Hindustan Times  

Prime Minister Narendra Modi on Saturday said it is a “significant milestone” that the flagship scheme for financial inclusion – Pradhan Mantri Jan-Dhan Yojana – has crossed 500 million, with 56% of bank accounts belonging to women and 67% of those opened in rural and semi-urban areas. Prime Minister Narendra Modi Read here: PM Modi focused on unorganised sector to …

PM Jan-Dhan Yojana adds 500 mn accounts; deposits cross ₹2.03 trillion
1 year, 4 months ago

PM Jan-Dhan Yojana adds 500 mn accounts; deposits cross ₹2.03 trillion

Live Mint  

New Delhi: Pradhan Mantri Jan-Dhan Yojana, the scheme which is responsible for providing basic banking facilities to the underprivileged and further catalysing the government’s mission for financial inclusion, now has in excess of 500 million accounts with deposits crossing ₹2.03 lakh crore. “As per the latest reports submitted by banks the total number of Jan Dhan accounts have crossed 50 …

PM Modi's Garib Kalyan: Why Rahul Gandhi is Wrong in Saying 'Poverty is a State of Mind' - News18
1 year, 4 months ago

PM Modi's Garib Kalyan: Why Rahul Gandhi is Wrong in Saying 'Poverty is a State of Mind' - News18

News 18  

Speaking at a function in Allahabad in 2013, Rahul Gandhi stirred the hornet’s nest by dismissing poverty as just “a state of mind.” Measuring his words carefully has never been a strong suit of the Gandhi scion. Coming back to the issue of poverty, back in 2013, hailing the role of self-help groups, the then Congress vice president, Rahul Gandhi …

Canara Bank was top lender to public sector cos in FY23
1 year, 5 months ago

Canara Bank was top lender to public sector cos in FY23

Live Mint  

Public Sector Banks lent ₹4.12 trillion to state-backed corporations and public sector undertakings during 2022-23, down from ₹4.93 trillion during the previous year, finance minister Nirmala Sitharaman informed Parliament in a written response on Monday. Responding to questions by member of parliament, Velusamy P, Sitharaman informed the Lok Sabha that Canara Bank led the lending during 2022-23 to government backed …

Cleaning up of NPA mess will propel the economy
1 year, 5 months ago

Cleaning up of NPA mess will propel the economy

Hindustan Times  

To understand the complexities of India’s banking sector, one needs to grapple with a term that tends to recur with unsettling regularity – non-performing assets. The gross NPA ratio of scheduled commercial banks stood at 4.9%, and ₹66.6 lakh crore in March 2014 were bad loans. The National Democratic Alliance government took several steps to address the NPA problem, including …

Net profit of PSBs almost tripled to ₹1.04 lakh in FY2022-23: FM Sitharaman
1 year, 6 months ago

Net profit of PSBs almost tripled to ₹1.04 lakh in FY2022-23: FM Sitharaman

Live Mint  

Finance Minister Nirmala Sitharaman on Saturday appreciates the state-run banks for becoming profiteering. According to the union Finance Minister, the net profit of public sector banks has almost tripled to ₹1.04 lakh crore in fiscal 2022-23. "The Non-Performing Assets of the Indian banks is estimated to reduce further to a decadal low of 3.8% by end of FY 2023-24," Sitharaman …

PM Modi focused on unorganised sector to push growth: Union MoS
1 year, 7 months ago

PM Modi focused on unorganised sector to push growth: Union MoS

Hindustan Times  

Hailing the nine years of prime minister Narendra Modi-led government, Union minister of state for foreign affairs and culture Meenakshi Lekhi said the Modi government’s policies have pushed India on the path of growth. Within four months of coming to power, the prime minister ensured 53 crore more bank accounts were opened, out of which 48 crore were ‘Jan Dhan’ …

Over 40.82 cr loans sanctioned under MUDRA scheme in last 8 years
1 year, 8 months ago

Over 40.82 cr loans sanctioned under MUDRA scheme in last 8 years

Live Mint  

The government has said that over 40.82 crore loans amounting to ₹23.2 trillion have been sanctioned under Pradhan Mantri MUDRA Yojana since its inception eight years back. Pradhan Mantri MUDRA Yojana was launched on 8 April 2015 by Prime Minister Narendra Modi to facilitate easy collateral-free micro-credit of up to ₹10 lakh to non-corporate, non-farm small and micro-entrepreneurs for income-generating …

Banks sanction ₹23.2 lakh crore to about 41 crore beneficiaries under Mudra Yojana
1 year, 9 months ago

Banks sanction ₹23.2 lakh crore to about 41 crore beneficiaries under Mudra Yojana

The Hindu  

Banks and financial institutions have sanctioned ₹23.2 lakh crore to more than 40.82 crore beneficiaries under the Mudra Yojana launched to fund the unfunded eight years ago. Pradhan Mantri MUDRA Yojana was launched on April 8, 2015, by Prime Minister Narendra Modi to facilitate easy collateral-free micro-credit of up to ₹10 lakh to non-corporate, non-farm small and micro-entrepreneurs for income-generating …

Rs 40,700 cr sanctioned under Stand-Up India Scheme
1 year, 9 months ago

Rs 40,700 cr sanctioned under Stand-Up India Scheme

Deccan Chronicle  

NEW DELHI: As much as Rs 40,710 crore loan has been sanctioned to over 1.8 lakh accounts under the government's flagship Stand Up India Scheme, which is focussed on economic empowerment and job creation, according to official data. Of the funds sanctioned since the inception of the scheme in 2016, about 80 per cent of the loans have been given …

Budget 2023: ₹79,000 crore set aside for PMAY, 65% higher than last year
1 year, 11 months ago

Budget 2023: ₹79,000 crore set aside for PMAY, 65% higher than last year

Hindustan Times  

Presenting the final full budget of the Modi government ahead of next year's parliamentary elections, Union finance minister Nirmala Sitharaman on Wednesday announced an outlay of ₹79,000 crore towards the Pradhan Mantri Awas Yojana. New Delhi: Union Finance Minister Nirmala carrying a folder-case poses for photographs outside the Finance Ministry at North Block, in New Delhi, Wednesday, Feb. 1, 2023, …

Budget 2023 may peg gross borrowing under ₹16 trillion: Report
1 year, 11 months ago

Budget 2023 may peg gross borrowing under ₹16 trillion: Report

Live Mint  

India's federal government is likely to keep its gross market borrowing below ₹16 trillion for 2023/24 as it does not want to destabilise the bond market with any negative surprises, two sources close to the deliberations said. The government has so far raised ₹12.93 trln up to Jan. 27, which is 91% of the overall gross borrowing target of ₹14.21 …

ECONOMIC PERSPECTIVES | Is a reversal of bank nationalisation on the cards?
1 year, 11 months ago

ECONOMIC PERSPECTIVES | Is a reversal of bank nationalisation on the cards?

The Hindu  

Published : Jan 26, 2023 10:25 IST The semi-annual Financial Stability Report from the Reserve Bank of India signals that the country’s banking system, especially the public banking system, has put behind it the stress from disturbingly high non-performing or bad loans on its books. The asset quality review resulted in an increase in the volume of recorded gross NPAs …

Banks write off loans worth Rs 11.17 lakh crore in last 6 years
2 years ago

Banks write off loans worth Rs 11.17 lakh crore in last 6 years

Deccan Chronicle  

NEW DELHI: Banks have written off Rs 11.17 lakh crore bad loans from their books in the last six years till financial year 2021-22, Parliament was informed on Tuesday. "As per RBI data, public sector banks and scheduled commercial banks wrote off an aggregate amount of Rs 8,16,421 crore and Rs 11,17,883 crore respectively during the last six financial years," …

Indian banks to see record credit growth of over ₹19 trillion in FY23: Icra
2 years ago

Indian banks to see record credit growth of over ₹19 trillion in FY23: Icra

Live Mint  

New Delhi: Indian banks are likely to witness a record high credit growth, surpassing the ₹19 trillion in the current fiscal year, domestic rating agency Icra said on Monday. Further, the growth momentum is expected to remain strong in FY2024 as well, even though rising interest rates and tight liquidity conditions could moderate the growth,” said Anil Gupta, senior vice …

PM trusted the poor: BJP leader Amit Malviya slams former RBI chief Raghuram Rajan over Mudra Yojana
2 years, 1 month ago

PM trusted the poor: BJP leader Amit Malviya slams former RBI chief Raghuram Rajan over Mudra Yojana

Firstpost  

Calling out former Reserve Bank of India governor Raghuram Rajan in a tweet, BJP leader Amit Malviya claimed that NPAs of the Pradhan Mantri Mudra Yojana - also known as Mudra loan scheme - are lower than the banking sector average 7 years after it was launched by Prime Minister Narendra Modi Amit Malviya on Mudra Loan: BJP leader Amit …

RBI may not accept NBFCs’ requests for bad-loan exemptions
2 years, 4 months ago

RBI may not accept NBFCs’ requests for bad-loan exemptions

Live Mint  

India's central bank is unlikely to give "shadow banks" exemptions from stricter bad-loan rules coming into force, sources told Reuters, essentially ending an advantage the non-bank financial firms have had over standard banks. Non-banking financial companies have asked the Reserve Bank of India to exempt smaller loans from the rules taking effect next month that are in line with those …

Jan Dhan Accounts Grow Threefold To 46.25 Crore Since Inception; Know Key Benefits
2 years, 4 months ago

Jan Dhan Accounts Grow Threefold To 46.25 Crore Since Inception; Know Key Benefits

News 18  

Financial inclusion scheme Pradhan Mantri Jan Dhan Yojna was launched by Prime Minister Narendra Modi on August 28, 2014. The success of the PMJDY since August 28, 2014 is reflected in terms of opening of over 46 crore bank accounts with deposit balance of Rs 1.74 lakh crore with its expanded coverage to 67 per cent rural or semi-urban areas …

‘Govt., RBI measures help banks recover bad loans worth more than ₹8.6 lakh crore in last 8 fiscal years’
2 years, 5 months ago

‘Govt., RBI measures help banks recover bad loans worth more than ₹8.6 lakh crore in last 8 fiscal years’

The Hindu  

Concrete steps taken by the government and RBI helped banks recover bad loans worth more than ₹8.6 lakh crore in the last eight financial years, the government informed Parliament on Monday. Several factors - including prevailing macroeconomic conditions, sectoral issues, global business environment, delayed recognition of stress by banks, aggressive lending during upturns, improper risk pricing and poor credit underwriting …

PM Mudra Yojana: Rs 18.60 lakh crore sanctioned in loans in 7 years
2 years, 9 months ago

PM Mudra Yojana: Rs 18.60 lakh crore sanctioned in loans in 7 years

Firstpost  

The scheme was launched on April 8, 2015, by Prime Minister Narendra Modi for providing loans up to Rs 10 lakh to the non-corporate, non-farm small/micro-enterprises New Delhi: Union Finance Minister Nirmala Sitharaman on Friday said that more than 34.42 crore loan accounts amounting to Rs 18.60 lakh crore have been opened under Pradhan Mantri Mudra Yojana in the past …

PM Jan Dhan Yojana: Redefining Financial Inclusion, the Narendra Modi Way
2 years, 11 months ago

PM Jan Dhan Yojana: Redefining Financial Inclusion, the Narendra Modi Way

News 18  

Pradhan Mantri Jan Dhan Yojana was launched on August 28, 2014, with the objective to ensure accessibility to various financial services like availability of basic savings bank account, need-based credit, remittance facility, insurance, micro-credit and pension to the excluded sections, which includes the weaker sections and low-income groups. The Jan Dhan Revolution Coming back to Jan Dhan, more than 44.34 …

Banks recovered ₹13,100 crore from assets sale of defaulters like Vijay Mallya, Nirav Modi: Nirmala Sitharaman
3 years ago

Banks recovered ₹13,100 crore from assets sale of defaulters like Vijay Mallya, Nirav Modi: Nirmala Sitharaman

Hindustan Times  

Finance Minister Nirmala Sitharaman on Monday said that banks have recovered ₹13,109.17 crore from asset sale of fugitives like Vijay Mallya, Nirav Modi and Mehul Choksi. Of which, she said, ₹2.99 lakh crore is the additional cash outgo because of big ticket expenditure going for Air India and rise in fertilizer subsidy due to firming up of global prices. As …

PM Modi exhorts banks to support wealth, job creators; increase country's balance sheet
3 years, 1 month ago

PM Modi exhorts banks to support wealth, job creators; increase country's balance sheet

India TV News  

Prime Minister Narendra Modi on Thursday exhorted banks to support wealth and job creators, and work proactively to improve the country's balance sheet. Addressing bankers at the symposium to Build Synergy for Seamless Credit Flow and Economic Growth, Modi said banks have to now adopt a partnership model to help businesses thrive and move away from the idea of being …

PM Jan Dhan Yojna Accounts Swell to 44 Crore Till Oct This Year
3 years, 2 months ago

PM Jan Dhan Yojna Accounts Swell to 44 Crore Till Oct This Year

News 18  

Bank accounts under Pradhan Mantri Jan Dhan Yojna have increased to 44 crore in over 7 years till October 2021, a finance ministry official said on Friday. Speaking at an Assocham event on ‘National E-Summit on Financial Inclusion – Roadmap for An Inclusive Bharat’, Department of Economic Affairs Economic Advisor Manisha Sensarma said the PM Jan Dhan Yojna has seen …

Jan Dhan Accounts Swell to 43 Cr with Total Deposits Over Rs 1.46 Lakh Cr
3 years, 4 months ago

Jan Dhan Accounts Swell to 43 Cr with Total Deposits Over Rs 1.46 Lakh Cr

News 18  

New Delhi: Bank accounts under Pradhan Mantri Jan Dhan Yojna have increased to 43 crore with total deposits over Rs 1.46 lakh crore, the finance ministry on Saturday said as the government's flagship financial inclusion scheme completes seven years of implementation. Out of total 43.04 crore PMJDY accounts, 36.86 crore or 85.6 per cent are operative, and the average deposit …

Jan Dhan Initiative Forever Transformed India's Development Trajectory: PM Modi
3 years, 4 months ago

Jan Dhan Initiative Forever Transformed India's Development Trajectory: PM Modi

News 18  

Prime Minister Narendra Modi Saturday lauded his government's 'Pradhan Mantri Jan Dhan Yojana' as it completed seven years, saying the scheme, which facilitates the unbanked population to open a bank account, has forever transformed India's development trajectory. It has ensured financial inclusion and a life of dignity as well as empowerment for countless Indians, Modi said, adding that the initiative …

7 years of Jan Dhan Yojana and how it is changing lives of the poor: 43.04 crore beneficiaries with Rs. 146,230.71 cr in deposits
3 years, 5 months ago

7 years of Jan Dhan Yojana and how it is changing lives of the poor: 43.04 crore beneficiaries with Rs. 146,230.71 cr in deposits

Op India  

There was a time when having a bank account was considered a luxury by the poor and marginalized. Jan Dhan Yojana’s role in women empowerment According to a recent report published by Women’s World Banking and Bank of Baroda titled “The Power of Jan Dhan: Making Finance Work for Women in India”, 55% of PMJDY accounts are owned by women …

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