Demonetisation: Jan Dhan accounts garner Rs 21,000 crore deposits in just two weeks
8 years, 4 months ago

Demonetisation: Jan Dhan accounts garner Rs 21,000 crore deposits in just two weeks

Firstpost  

The maximum deposit was reported in West Bengal, Finance Ministry sources said on Wednesday New Delhi: Post demonetisation, a whopping Rs 21,000 crore has been deposited in Jan Dhan bank accounts. Earlier in the day, all the banks were directed not to take the old Rs 500 and Rs 1,000 notes as deposits in the small savings schemes with immediate effect. “Banks are, therefore, advised not to accept the old Rs 500 and Rs 1,000 notes for deposits in small saving schemes with immediate effect,” the RBI said. The small savings schemes include Public Provident Fund, Post Office Saving Schemes, National Savings Certificates, Senior Citizen Savings Scheme and Kisan Vikas Patra among others.

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History of this topic

Over 540 million bank accounts opened under Pradhan Mantri Jan Dhan Yojana: Report
3 months, 3 weeks 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 …

Government Offers Comprehensive Savings Schemes for Small Investors: Explore Government-Backed Options
5 months ago

Government Offers Comprehensive Savings Schemes for Small Investors: Explore Government-Backed Options

ABP News  

The article highlights the various government-backed small savings schemes available in India, offering both fixed returns and tax benefits. These schemes include the Post Office Savings Account, National Savings Recurring Deposit Account, National Savings Monthly Income Account, Senior Citizens Savings Scheme Account, Public Provident Fund Account (PPF), Sukanya Samriddhi Account, Mahila Samman Savings Certificate, and National Savings Certificates. Each scheme …

What Income Tax Department Will Do If You Exceed Rs 10 Lakh Deposit Limit In Savings Account
6 months, 2 weeks ago

What Income Tax Department Will Do If You Exceed Rs 10 Lakh Deposit Limit In Savings Account

News 18  

The tax is levied on your income if it is above a certain limit as per the tax slabs. You can deposit Rs 10 lakh in your savings account within a year without facing any problems from the Income Tax Department. If an account holder is unable to tell where the money came from, the Income Tax Department can recover …

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

Over 9.46 cr Jan Dhan accounts opened in U.P. in last 10 years
7 months ago

Over 9.46 cr Jan Dhan accounts opened in U.P. in last 10 years

Hindustan Times  

As the Pradhan Mantri Jan Dhan Yojana, an ambitious financial inclusion initiative, completed 10 years on Wednesday, Uttar Pradesh emerged as a leading state with over 9.46 crore Jan Dhan accounts—18% of the more than 53 crore accounts opened across the country during this period. The total deposits in Jan Dhan accounts across the state have reached an impressive ₹ …

Top 10 small savings schemes retail investors should explore investing into
9 months, 4 weeks ago

Top 10 small savings schemes retail investors should explore investing into

Live Mint  

Small savings schemes not only offer assured returns in the range of 4 to 8.2 per cent per annum, but enable investors to claim income tax exemption of up to ₹ 1.5 lakh under section 80C of Income Tax Act. Besides FDs, however, investors tend to invest in small savings schemes or post office savings schemes primarily because of the …

Making Deposit At One Go After Declaration Of Demonetization Is No Reason For Doubting Cash Sales: Indore ITAT
1 year ago

Making Deposit At One Go After Declaration Of Demonetization Is No Reason For Doubting Cash Sales: Indore ITAT

Live Law  

While deleting the addition made by the AO u/s 68 of the Income Tax Act, the Indore ITAT held that once the cash sales and availability of the cash with the assessee is duly supported by the books of account of the assessee, then making deposit at one go in the circumstances after declaration of demonetization cannot be a reason …

Small Savings Schemes: What are the latest interest rates offered? Detailed comparison
1 year, 1 month ago

Small Savings Schemes: What are the latest interest rates offered? Detailed comparison

Live Mint  

Small savings schemes are financial instruments managed by the Central government to encourage households to inculcate the habit of saving. A lowdown on small savings scheme Post Office Savings Account: It can be opened by making a minimum deposit of ₹500 while minimum withdrawal amount is ₹50. The interest rate offered is 4 percent per annum on individual/ joint accounts …

Light Up Your Investments This Diwali: Know Latest Interest Rates On Top Govt Schemes
1 year, 4 months ago

Light Up Your Investments This Diwali: Know Latest Interest Rates On Top Govt Schemes

News 18  

Govt Savings Schemes Interest Rates: Investing during Diwali, especially in India, is a tradition rooted in cultural and historical significance. National Savings Time Deposit Account Four category of Time Deposit Account available – 1 year, 2 years, 3 years and 5 years Minimum deposit Rs 1000 and thereafter in the multiples of Rs 100. A single holder type account may …

RBI not considering re-introduction of Rs 1,000 notes: Sources
1 year, 5 months ago

RBI not considering re-introduction of Rs 1,000 notes: Sources

India TV News  

The Reserve Bank of India is not mulling re-introduction of Rs 1,000 currency notes, sources said, amid speculations that Rs 1,000 notes may be re-introduced after the RBI announced the withdrawal of Rs 2,000 currency notes. Demonetisation On November 8, 2016, Prime Minister Narendra Modi addressed the nation and announced the demonetisation of Rs 500 and Rs 1,000 currency notes. …

Jan Dhan Yojana revolutionised financial inclusion in India, more than 50 cr bank a/cs opened: FM
1 year, 7 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 …

‘Significant milestone’, says PM Modi as Jan-Dhan accounts cross 500 million
1 year, 7 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, 7 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 …

RBI Has No Plan To Withdraw Rs 500 Note Or Bring Rs 1,000 Note; All You Need To Know
1 year, 9 months ago

RBI Has No Plan To Withdraw Rs 500 Note Or Bring Rs 1,000 Note; All You Need To Know

News 18  

Reserve Bank of India’s Governor Shaktikanta Das on June 8 made it clear that RBI is not thinking of withdrawing Rs 500 notes, or even re-introducing notes in the Rs 1,000 denomination, and requested the public not to speculate on this. While announcing the decisions of the Monetary Policy Committee on Thursday, Das also informed that about 50% of Rs …

Himachal: Devotee donates ₹8 lakh in ₹2,000 notes at Jawalaji Temple
1 year, 10 months ago

Himachal: Devotee donates ₹8 lakh in ₹2,000 notes at Jawalaji Temple

Hindustan Times  

Two days after the Reserve Bank of India announced the withdrawal of ₹2,000 banknotes from circulation, the authorities at Jwalaji Temple in Kangra district found 400 notes of the denomination in its donation box. A day after the Reserve Bank of India announced the withdrawal of ₹ 2,000 banknotes from circulation, the authorities at Jawalaji Temple in Kangra district found …

Big deposits of ₹2,000 notes in Jan Dhan accounts will draw tax scrutiny
1 year, 10 months ago

Big deposits of ₹2,000 notes in Jan Dhan accounts will draw tax scrutiny

Hindustan Times  

Mass cash deposits are likely to come under scanner to catch tax evaders using third party bank accounts to hide their wealth while exchanging ₹2,000 notes, according to officials aware of the development, who said sudden large deposits in multiple Jan Dhan Yojana accounts may also be scrutinised. Banks have been instructed to report “suspicious” account transactions and tax authorities …

₹2,000 notes withdrawn: most city residents not bothered; a few peeved
1 year, 10 months ago

₹2,000 notes withdrawn: most city residents not bothered; a few peeved

The Hindu  

Residents of the Capital seem unaffected by the Reserve Bank of India’s decisions to pull out ₹2,000 notes from circulation, as many of them have not seen the currency in a while. Vijay Rajput, a grocery shop owner at Laxmi Nagar, said, “Small business owners like us don’t have ₹2,000 currency. People with big businesses and transactions in crores might …

Demonetisation in India in 10 stories: Understanding the Rs. 2000 ban
1 year, 10 months ago

Demonetisation in India in 10 stories: Understanding the Rs. 2000 ban

The Hindu  

Published : May 20, 2023 20:21 IST - 1 MIN READ The Reserve Bank of India made a significant announcement on May 19 regarding the withdrawal of the highest denomination currency note in circulation, the Rs 2,000 note. While reaffirming its status as legal tender, the central bank stated that existing Rs 2,000 notes could be deposited or exchanged in …

RBI to withdraw ₹2000 currency note from circulation
1 year, 10 months ago

RBI to withdraw ₹2000 currency note from circulation

Hindustan Times  

The Reserve Bank of India on Friday withdrew ₹2,000 currency notes from circulation. The ₹2,000 denomination bank note was introduced in November 2016 after the Modi government had introduced demonetisation of ₹500 and ₹1,000 notes. As per RBI, the objective of introducing ₹2,000 notes was met once banknotes in other denominations became available in adequate quantities. The people may deposit …

No small change: on the raising of returns on small savings schemes
1 year, 11 months ago

No small change: on the raising of returns on small savings schemes

The Hindu  

Indian households’ financial surpluses parked in small savings schemes operated by banks and post offices got a significant fillip this quarter, with the government raising the returns on most such schemes by 0.1 to 0.7 percentage points. For October 2022 to December 2022, a mere 0.1 to 0.3 percentage hike was announced on just five of the dozen small savings …

Budget 2023 | Senior citizen scheme limit doubled to ₹30 lakh
2 years, 2 months ago

Budget 2023 | Senior citizen scheme limit doubled to ₹30 lakh

The Hindu  

Finance Minister Nirmala Sitharaman on Wednesday proposed to double the deposit limit for Senior Citizen Savings Scheme to ₹30 lakh and Monthly Income Account Scheme to ₹9 lakh. "The maximum deposit limit for Senior Citizen Savings Scheme will be enhanced from ₹15 lakh to ₹30 lakh," the minister said in her 87-minute long speech. She also proposed that the maximum …

Deposit limit for Senior Citizen Savings Scheme increases to ₹30 lakh
2 years, 2 months ago

Deposit limit for Senior Citizen Savings Scheme increases to ₹30 lakh

Hindustan Times  

Finance Minister Nirmala Sitharaman on Wednesday proposed to double the deposit limit for Senior Citizen Savings Scheme to ₹30 lakh and Monthly Income Account Scheme to ₹9 lakh. Budget 2023: Govt doubles deposit limit for Senior Citizen Savings Scheme to ₹ 30 lakh. Read here: Budget 2023 brings special scheme for vulnerable tribal groups | Details "The maximum deposit limit …

Jan Dhan Accounts Grow Threefold To 46.25 Crore Since Inception; Know Key Benefits
2 years, 7 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 …

Zero-Balance Account with ATM Card, Rs 2 Lakh Insurance. Know Which Banks are Offering
3 years, 2 months ago

Zero-Balance Account with ATM Card, Rs 2 Lakh Insurance. Know Which Banks are Offering

News 18  

Pradhan Mantri Jan Dhan Yojana: To facilitate financial inclusion, the government of India has launched the Pradhan Mantri Jan Dhan Yojana in 2014. Here are the benefits that an individual gets when he or she opens a Jan Dhan account under the Pradhan Mantri Jan Dhan Yojana: – The account holder can get to avail an overdraft facility after six …

PM Jan Dhan Yojana: Redefining Financial Inclusion, the Narendra Modi Way
3 years, 2 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 …

Jan Dhan Accounts Swell to 43 Cr with Total Deposits Over Rs 1.46 Lakh Cr
3 years, 7 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 …

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, 7 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 …

Govt Cuts Interest Rates on Small Savings From 4% to 3.5% With Effect From April 1; Provident Fund Rate Down by 0.7%
4 years ago

Govt Cuts Interest Rates on Small Savings From 4% to 3.5% With Effect From April 1; Provident Fund Rate Down by 0.7%

News 18  

The government on Wednesday cut interest rates on small savings schemes, including NSC and PPF, by up to 1.1 per cent for the first quarter of 2021-22 in line with falling fixed deposit rates of banks. Interest rate on Public Provident Fund has been reduced by 0.7 per cent to 6.4 per cent while National Savings Certificate will now earn …

Bank accounts opened under Jan Dhan Yojana crosses 40-crore mark
4 years, 7 months ago

Bank accounts opened under Jan Dhan Yojana crosses 40-crore mark

The Hindu  

More than 40 crore bank accounts have been opened under the government’s flagship financial inclusion drive Pradhan Mantri Jan Dhan Yojana, launched about six years ago by the Modi-government. As per the latest figure, there are 40.05 crore beneficiaries of this scheme and deposits in Jan Dhan bank accounts are in excess of ₹1.30 lakh crore. “Another milestone achieved under …

Bank Accounts Opened under Jan Dhan Yojana Cross 40 Crore-mark 6 Years after Scheme was Launched
4 years, 7 months ago

Bank Accounts Opened under Jan Dhan Yojana Cross 40 Crore-mark 6 Years after Scheme was Launched

News 18  

More than 40 crore bank accounts have been opened under the government's flagship financial inclusion drive Pradhan Mantri Jan Dhan Yojana, launched about six years ago by the Modi-government. As per the latest figure, there are 40.05 crore beneficiaries of this scheme and deposits in Jan Dhan bank accounts are in excess of Rs 1.30 lakh crore. "Another milestone achieved …

Deposits in Jan Dhan accounts surge in 1st week of April
4 years, 11 months ago

Deposits in Jan Dhan accounts surge in 1st week of April

The Hindu  

The deposits in Jan Dhan accounts saw a sudden surge in the first week of April, mainly due to the Central government transferring money into such accounts to help beneficiaries deal with the difficulties during the lockdown. According to official data, the total deposits into the accounts opened under the Pradhan Mantri Jan Dhan Yojana increased to ₹1.28 lakh crore …

Coronavirus Outbreak: Govt to deposit Rs 1,000 in women PMJDY accounts in next two months in equal instalments
4 years, 11 months ago

Coronavirus Outbreak: Govt to deposit Rs 1,000 in women PMJDY accounts in next two months in equal instalments

Firstpost  

Urging people not to believe rumours, the finance ministry on Thursday said Rs 500 has been deposited in each PMJDY account held by women for April and Rs 1,000 more will be given over the next two months in equal instalments New Delhi: Urging people not to believe rumours, the finance ministry on Thursday said Rs 500 has been deposited …

Government to deposit ₹1,000 in women PMJDY accounts in two instalments
4 years, 11 months ago

Government to deposit ₹1,000 in women PMJDY accounts in two instalments

The Hindu  

Urging people not to believe in the rumours, the Finance Ministry on April 9 said ₹500 has been deposited in each Pradhan Mantri Jan Dhan Yojana account held by women for April and ₹1,000 more will be given over the next two months in equal instalments. The Department of Financial Services in a tweet said the government has deposited ₹500 …

IBA directs banks to deposit Rs 500 in Jan Dhan accounts held by women starting today
4 years, 11 months ago

IBA directs banks to deposit Rs 500 in Jan Dhan accounts held by women starting today

Firstpost  

Indian Banks’ Association has directed all banks to start depositing Rs 500 per month into Jan Dhan Yojana accounts held by women starting 3 April. Beneficiaries with 0 and 1 as the last digits of their Jan Dhan account numbers can withdraw money on 3 April. Women account holders whose account numbers end with digits 8 or 9 can withdraw …

Coronavirus Outbreak: Banks to commence remitting Rs 500 per month to women PMJDY account holders from tomorrow
5 years ago

Coronavirus Outbreak: Banks to commence remitting Rs 500 per month to women PMJDY account holders from tomorrow

Firstpost  

Banks to commence remitting Rs 500 per month to women PMJDY account holders from tomorrow. Under Pradhan Mantri Garib Kalyan Yojana Package, a sum of Rs 500 per month is being deposited into the accounts of Women Jan Dhan Yojana beneficiaries by all banks. While announcing the relief package for the poor affected by the 21-day nationwide lockdown on 26 …

No Plan To Withdraw Rs 2,000 Notes: Minister of State for Finance Anurag Thakur
5 years ago

No Plan To Withdraw Rs 2,000 Notes: Minister of State for Finance Anurag Thakur

ABP News  

New Delhi: Amid speculation that Centre may be veering around to discontinue high-value notes from circulation, Minister of State for Finance Anurag Thakur has said that the government has no plan to withdraw Rs 2,000 notes and these are being dispensed through many bank ATMs. In a written reply in Lok Sabha, the Minister said that in view of the …

Where your PPF, Sukanya Samridhhi, Post Office money goes
5 years, 1 month ago

Where your PPF, Sukanya Samridhhi, Post Office money goes

Live Mint  

Attractive interest rates and sovereign guarantee make them very popular and the government has been able to raise huge sum through these instruments over the years. Small savings schemes, which include instruments like public provident fund and Sukanya Samridhhi account, are backed by the central government. Collections under various small saving schemes, net of withdrawals, during a financial year, form …

Interest on PPF, other small savings schemes may come down
5 years, 1 month ago

Interest on PPF, other small savings schemes may come down

Live Mint  

New Delhi: A top government official has hinted that there could be some moderation in small savings rates going forward in line with market rate. For this quarter, January to March, the government had kept interest rates steady on small savings schemes, including PPF, despite moderating bank deposit rates. "In India, right now we have about ₹12 lakh crore in …

Currency in circulation rises to Rs 21 lakh cr as on March 2019: Union Minister Anurag Thakur
5 years, 3 months ago

Currency in circulation rises to Rs 21 lakh cr as on March 2019: Union Minister Anurag Thakur

Firstpost  

New Delhi: Currency in circulation peaked to over Rs 21 lakh crore at the end of March 2019, having dipped to a mere Rs 13 lakh crore at the end of fiscal 2016-17, Parliament was informed on Monday. The value of total notes in circulation as at end of March 2019 stood at Rs 21,109 billion, Minister of State for …

SC Issues Notice On Plea To Allow Deposit Of Demonitised Currency Worth Rs 1.17 Crores
5 years, 7 months ago

SC Issues Notice On Plea To Allow Deposit Of Demonitised Currency Worth Rs 1.17 Crores

Live Law  

More than two and half years after ban of Rs 1000 and Rs 500 notes, a fresh petition was filed by a Madurai based businessman before the Supreme Court seeking direction to Reserve Bank of India to accept his money amounting to Rs 1, 17,00, 872 which is part of his textile business. A Bench comprising justices N V Ramana, …

Deposits in Jan Dhan accounts cross ₹1-trillion mark
5 years, 8 months ago

Deposits in Jan Dhan accounts cross ₹1-trillion mark

Live Mint  

New Delhi: Deposits in bank accounts opened under Jan Dhan scheme, launched about five years ago by the Modi-government, have crossed the ₹1 lakh crore mark. As per the latest finance ministry data, the total balance in over 36.06 crore Pradhan Mantri Jan Dhan Yojana accounts was at ₹1,00,495.94 crore as on 3 July. Accounts opened under PMJDY are Basic …

Deposits in Pradhan Mantri Jan Dhan Yojana accounts cross Rs 1 lakh cr-mark: Finance Ministry data
5 years, 8 months ago

Deposits in Pradhan Mantri Jan Dhan Yojana accounts cross Rs 1 lakh cr-mark: Finance Ministry data

Firstpost  

New Delhi: Deposits in bank accounts opened under Jan Dhan scheme, launched about five years ago by the Modi-government, have crossed the Rs 1 lakh crore mark. As per the latest finance ministry data, the total balance in over 36.06 crore Pradhan Mantri Jan Dhan Yojana accounts was at Rs 1,00,495.94 crore as on 3 July. The finance ministry had …

Currency in circulation rises 22% in May over pre-demonetisation level
5 years, 9 months ago

Currency in circulation rises 22% in May over pre-demonetisation level

Live Mint  

Currency notes in circulation stood at ₹21.71 lakh crore at May-end 2019, showing an increase of more than 22% over the pre-demonetisation level. As per a written reply given by Finance Minister Nirmala Sitharaman in the Rajya Sabha Tuesday, the notes in circulation as on November 4, 2016 were ₹17,74,187 crore, which have now increased to ₹21,71,385 crore as on …

Jan Dhan Yojana’s triumph shows financial inclusion gaining pace; scheme a launching pad for success of DBT, other products
5 years, 10 months ago

Jan Dhan Yojana’s triumph shows financial inclusion gaining pace; scheme a launching pad for success of DBT, other products

Firstpost  

Allegations of large-scale misuse of Jan Dhan accounts by black money hoarders seeking to convert their illegitimate wealth in cash during demonetisation are yet to be proved. The aggregate deposits in the Pradhan Mantri Jan Dhan Yojana accounts are currently close to Rs 1 lakh crore, having grown ten-fold from the Rs 10,500 crore in the first phase of the …

Deposits in Jan Dhan accounts inch towards Rs 1 lakh crore mark; total stand at Rs 96,107 crore
5 years, 11 months ago

Deposits in Jan Dhan accounts inch towards Rs 1 lakh crore mark; total stand at Rs 96,107 crore

Firstpost  

The total balance in the Jan Dhan accounts, which has been steadily rising, was at Rs 97,665.66 crore as on 3 April, as per the latest government data New Delhi: The total deposits in bank accounts opened under the Jan Dhan scheme, which was launched about five years ago by the Modi-government, are set to cross Rs 1 lakh crore …

Small savings schemes: Govt keeps interest rates unchanged for Apr-June quarter on NSC, PPF, KVP
6 years ago

Small savings schemes: Govt keeps interest rates unchanged for Apr-June quarter on NSC, PPF, KVP

Firstpost  

New Delhi: The government has kept the interest rates on small savings schemes, including NSC and PPF, unchanged for the April-June quarter. Public Provident Fund and National Savings Certificate will continue to carry an annual interest rate of 8 percent, while Kisan Vikas Patra will give a yield of 7.7 percent and mature in 112 months. Interest rates for small …

RBI says no data on demonetised 500, 1,000 notes used at petrol pumps
6 years ago

RBI says no data on demonetised 500, 1,000 notes used at petrol pumps

The Hindu  

The RBI in reply to an RTI query said it has no data on the old 500 and 1,000 rupee notes used to pay for utility bills such as fuel at petrol pumps, which are believed to have formed a good part of the demonetised currency that returned to the banking system. After the November 8, 2016 shock decision to …

Deposits in Jan Dhan accounts set to cross ₹90,000 crore
6 years, 1 month ago

Deposits in Jan Dhan accounts set to cross ₹90,000 crore

Live Mint  

Total deposits in Jan Dhan accounts are set to cross ₹90,000 crore with the government making the flagship financial inclusion programme more attractive especially by doubling accident insurance cover to ₹2 lakh. According to data from the finance ministry, the deposits, which have been steadily rising since March 2017, have already reached ₹89,257.57 crore as on January 30, and are …

RBI stops printing Rs 2,000 notes; govt believes high denomination currency being used for hoarding, tax evasion
6 years, 2 months ago

RBI stops printing Rs 2,000 notes; govt believes high denomination currency being used for hoarding, tax evasion

Firstpost  

The Rs 2,000 banknote is likely to be phased out from the circulation gradually The Reserve Bank of India has reportedly stopped printing Rs 2,000 currency notes as the government suspects the high denomination banknote was “being used for hoarding, tax evasion and money laundering,” a media report said. In December 2018, banker Uday Kotak had said that the outcome …

SBI reaps profit as 32 per cent of total 300 million people open accounts with them under Jan Dhan Yojana
6 years, 4 months ago

SBI reaps profit as 32 per cent of total 300 million people open accounts with them under Jan Dhan Yojana

Op India  

Pradhan Mantri Jan-Dhan Yojana enrolled around 300 million people from the lower-income groups in the banking system in 1 year. Of the almost 32 crore bank accounts opened by all banks under the Pradhan Mantri Jan-Dhan Yojana scheme, as high as 10.5 crores or a third of them were opened by State bank of India. Pradhanmantri Jan Dhan Yojana enrolled …

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