Jan Dhan may get Modi into Guinness book, but duplicate accounts will burden banks
10 years, 4 months ago

Jan Dhan may get Modi into Guinness book, but duplicate accounts will burden banks

Firstpost  

In the absence of a careful approach, as the RBI highlighted, 7.5 crore zero-balance accounts will become a liability to the system The Narendra Modi government is in dialogues with the Guinness World Records team to bag a record for the government for opening maximum number of bank accounts in minimum number of days, according to persons familiar with the development. Under Modi’s massive bank account opening programme, Prime Minister’s Jan Dhan Yojana, launched on 28 August this year, banks have so far opened 7.25 crore bank accounts and has garnered over Rs 5,600 crore deposits, even though this amount has come from just a quarter of the total accounts opened. But the real question here is how many of the accounts opened under Jan Dhan Yojana have reached the intended, unbanked beneficiaries and how many are duplicate accounts, bankers and financial services have been opened. In the process, many accounts were awarded to people who already have a bank account and several accounts opened well before the scheme was launched too were given the Jan Dhan Yojana tag, bankers said on strict condition of anonymity.

Financial Financial Services Bank Crore Opening Rbi Banks Modi Bank Accounts Accounts Opened Kyc Jan Dhan Dhan Yojana Jan Dhan Yojana Guinness Book Duplicate Accounts  accounts  banks  crore  guinness  book  burden  financial  rs  jan  dhan  opening  bank  opened  rbi  duplicate  modi

History of this topic

RBI Warns of Overleveraging, Capital Market Frenzy
1 month, 1 week ago

RBI Warns of Overleveraging, Capital Market Frenzy

Deccan Chronicle  

Mumbai: India's central bank on Friday raised an alarm about the rising risks of excessive borrowing in unsecured loans and from a frenzy in the derivative markets. Speaking at the IIM Kozhikode and National Stock Exchange joint conference, M Rajeshwar Rao deputy governor, RBI who oversees monetary policy among other key departments, highlighted the need for vigilance to ensure that …

Fin inclusion not just opening accounts, engagement is key: RBI Dy. Gov. Rao
1 month, 1 week ago

Fin inclusion not just opening accounts, engagement is key: RBI Dy. Gov. Rao

New Indian Express  

MUMBAI: There have been some concerns about excessive borrowing in unsecured segment and from derivative euphoria in the capital markets of late, says M Rajeshwar Rao, deputy governor, Reserve Bank of India. “However, true financial inclusion goes beyond merely having a bank account—it requires meaningful engagement with financial services,” he said, adding a bank account should serve as an entry …

MP CM: Economist Manmohan unaware of zero-balance accounts, but 'chaiwala' knew
3 months, 1 week 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 months, 2 weeks 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 …

Gross bad assets of government banks fell from 14.58% in Mar 2018 to 3.12% in Sep 2024: Finance ministry
3 months, 2 weeks 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 …

Over 540 million bank accounts opened under Pradhan Mantri Jan Dhan Yojana: Report
3 months, 2 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 …

10 Years Of Jan Dhan: Modi Govt Scheme For Financial Inclusion Is Great. But Where Should It Go Next?
6 months, 4 weeks 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 ₹ …

'Five decades journey in just six years...': World Bank applauds India, PM Modi acknowledges it
1 year, 6 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 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 …

PMJDY accounts cross 50 crore, deposits exceed ₹2 lakh crore
1 year, 7 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 …

‘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 Modi Applauds 50-Crore Mark for Jan Dhan Accounts Over Half Owned by Women
1 year, 7 months ago

PM Modi Applauds 50-Crore Mark for Jan Dhan Accounts Over Half Owned by Women

Deccan Chronicle  

New Delhi: Prime Minister Narendra Modi on Saturday lauded the feat of the number of Jan Dhan accounts crossing the 50-crore mark as a significant milestone.It is heartening to see that more than half of these accounts belong to women, Modi posted on X. The Union Finance Ministry said on Friday that the total number of Jan Dhan accounts in …

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 …

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 …

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 …

PM Jan Dhan Yojna Accounts Swell to 44 Crore Till Oct This Year
3 years, 5 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, 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 …

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 …

Fact check | Centre’s beneficiary count for COVID-19 relief is faulty
4 years, 10 months ago

Fact check | Centre’s beneficiary count for COVID-19 relief is faulty

The Hindu  

The Centre has wrongly claimed that 39.28 crore poor people have received financial assistance of ₹34,800 under its Pradhan Mantri Garib Kalyan package so far. Read | Legal system geared to favour the rich, powerful: Justice Gupta A Finance Ministry statement explaining the break-up of the assistance showed that the figure included 20.05 crore women who hold the Jan Dhan …

Second installment of ₹500 to be credited to Jan Dhan accounts from May 4: Finance Ministry
4 years, 10 months ago

Second installment of ₹500 to be credited to Jan Dhan accounts from May 4: Finance Ministry

The Hindu  

Women Jan Dhan bank account holders will start getting the second installment of ₹500 from Monday in line with the announcement made by Finance Minister Nirmala Sitharaman in March. To help the poor tide over the COVID-19 crisis, the government had on March 26 said ex-gratia payment of ₹500 would be credited to women Jan Dhan account holders for the …

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 …

Centre credits ₹500 each to over 4.07 crore women Jan Dhan account holders
4 years, 11 months ago

Centre credits ₹500 each to over 4.07 crore women Jan Dhan account holders

The Hindu  

The Centre credited the first instalment of ₹500 to over four crore Jan Dhan accounts of poor women on Friday as part of a relief package in view of the nationwide lockdown due to the coronavirus outbreak, the Rural Development Ministry said. Interactive map of confirmed coronavirus cases in India | State Helpline numbers The amount is being released by …

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 …

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 …

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 …

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 …

Jan Dhan accounts weren’t intrinsically misuse-prone; P Chidambaram’s rant ignores past indulgences
6 years, 4 months ago

Jan Dhan accounts weren’t intrinsically misuse-prone; P Chidambaram’s rant ignores past indulgences

Firstpost  

If four out of five Jan Dhan accounts are inactive and the bulk of them are for money laundering then how can the no-frills accounts opened under Chidambaram’s UPA government smell of roses? Senior Congress leader and former finance minister P Chidambaram has railed against the Narendra Modi government’s Jan Dhan initiative on several counts calling it a jumla and …

P Chidambaram calls Narendra Modi's Jan Dhan Yojana 'jumla', alleges scheme used to launder money after demonetisation
6 years, 4 months ago

P Chidambaram calls Narendra Modi's Jan Dhan Yojana 'jumla', alleges scheme used to launder money after demonetisation

Firstpost  

P Chidambaram said the increase in the number of Jan Dhan accounts has not translated into greater flow of credit to the rural population. New Delhi: Congress leader P Chidambaram said on Thursday that Pradhan Mantri Jan Dhan Yojana was a jumla and “an exercise in self-deception” by the Narendra Modi government, alleging that the accounts were used to launder …

Modified JanDhan scheme attracts 20 lakh new subscribers, total account holders reach 32.61 crore
6 years, 6 months ago

Modified JanDhan scheme attracts 20 lakh new subscribers, total account holders reach 32.61 crore

India TV News  

The modified version of the Pradhan Mantri Jan Dhan Yojna has attracted 20 lakh new subcribers, who are eyeing the new open-ended feature with higher insurance cover and double the overdraft facility. Under the revamped scheme, accidental insurance cover for new RuPay card holders has been raised from Rs 1 lakh to Rs 2 lakh for new PMJDY accounts opened …

Govt makes flagship financial inclusion scheme 'Jan Dhan' open-ended with more incentives, says Arun Jaitley
6 years, 6 months ago

Govt makes flagship financial inclusion scheme 'Jan Dhan' open-ended with more incentives, says Arun Jaitley

Firstpost  

New Delhi: The government on Wednesday decided to make the Pradhan Mantri Jan Dhan Yojana an open-ended scheme and added more incentives to encourage people to open bank accounts. The free accident insurance cover for those opening Jan Dhan accounts after 28 August too has been doubled to Rs 2 lakh. “It has been decided to continue the flagship financial …

Govt now targets bank accounts for all individuals
6 years, 6 months ago

Govt now targets bank accounts for all individuals

Live Mint  

New Delhi: The government on Wednesday expanded its social safety net programme to cover more beneficiaries, ahead of the crucial state polls due later this year and general elections in 2019. The cabinet cleared a proposal to expand the scope and benefits associated with the government’s ambitious Pradhan Mantri Jan-Dhan Yojana, aimed at providing a bank account to every Indian …

Despite Jan Dhan push, financial inclusion is elusive
6 years, 8 months ago

Despite Jan Dhan push, financial inclusion is elusive

Live Mint  

New Delhi: A shortage of bank branches and ATMs across India’s hinterland is holding back Prime Minister Narendra Modi’s financial inclusion efforts and risks angering rural voters ahead of elections next year. After taking office in 2014, Modi set an ambitious target to open a bank account for every household to ensure welfare funds flow directly to India’s poor, while …

India needs Jan Dhan, and not just Jan Dhan accounts
6 years, 10 months ago

India needs Jan Dhan, and not just Jan Dhan accounts

Live Mint  

In the run-up to the 2019 general election, the Bharatiya Janata Party has started its media blitz, outlining the achievements of the last four years. Under tremendous pressure from the top to reach targets of new bank accounts, bank employees and bureaucrats opened fake accounts, or converted existing accounts into Jan Dhan accounts. The World Bank Group’s Global Findex Database …

The Jan-Dhan Yojana, four years later
6 years, 10 months ago

The Jan-Dhan Yojana, four years later

The Hindu  

The Pradhan Mantri Jan-Dhan Yojana, one of the flagship schemes of the present government, was launched in August 2014. In fact, the major limitation of the JDY has been that while it has managed to get many people to open bank accounts, there is no commensurate increase in the use of these accounts, availability of formal credit, or savings in …

Aadhaar has emerged as key document for new bank accounts: Survey
6 years, 10 months ago

Aadhaar has emerged as key document for new bank accounts: Survey

Live Mint  

New Delhi: Aadhaar has emerged as an enabler for financial inclusion with 76% to 95% of new accounts opened in different states relying on biometric identification but steps are needed to improve continued usage of these bank accounts, says a survey that analysed three-year data from rural Andhra Pradesh, Rajasthan, and West Bengal. The survey sought to find out whether …

Govt says 20% or over 6 cr accounts opened under Pradhan Mantri Jan Dhan Yojana lying dormant – Firstpost
7 years ago

Govt says 20% or over 6 cr accounts opened under Pradhan Mantri Jan Dhan Yojana lying dormant – Firstpost

Firstpost  

An estimated 31.20 crore Jan Dhan accounts with an aggregate deposit balance of over Rs 75,000 crore were opened till February, out of which 25.18 crore were operative, Minister of State for Finance Shiv Pratap Shukla told the Rajya Sabha New Delhi: Almost 20 percent of the total 31 crore Jan Dhan accounts are lying dormant, the government said on …

Banking the unbanked: the Indian revolution
7 years, 4 months ago

Banking the unbanked: the Indian revolution

Live Mint  

Financial inclusion—providing universal access to financial services and encouraging their use—is an important means for promoting economic development. As of 2014, the World Bank estimated that there were still two billion adults without a bank account, and many others with only a tenuous connection to the financial system. And, while initial readings suggested limited use, over time, JDY account holders …

Jan Dhan Yojana: showing small, but steady impact on our lives
7 years, 5 months ago

Jan Dhan Yojana: showing small, but steady impact on our lives

Op India  

Launched by Prime Minister Narendra Modi in August 2014, just months after assuming office, Jan Dhan Yojana is India’s mission for financial inclusion and last mile connectivity, is finally showing small, but impactful results. In a 2017 working paper, Georgetown University professor Sumit Agarwal and his co-authors studied account activity in 1.5 million PMJDY accounts from August 2014 to May …

Arun Jaitley says dormant accounts have fallen below 20% under Jan Dhan
7 years, 6 months ago

Arun Jaitley says dormant accounts have fallen below 20% under Jan Dhan

Live Mint  

Mumbai: Finance minister Arun Jaitley on Wednesday said that dormant accounts under Jan Dhan Yojana have fallen below 20% from 77% earlier as state resources are flowing directly to the targeted population. More the direct benefit transfer expands, more will be the operationalization of accounts,” said Jaitley in an event organised by the United Nations. Pension scheme, gas subsidy, scholarship …

Are Jan Dhan bank accounts actively used?
7 years, 11 months ago

Are Jan Dhan bank accounts actively used?

Live Mint  

Many analysts attribute the recent electoral success of the Bharatiya Janata Party to the effective implementation of social sector schemes launched by the government of India. However, from these indicators, one cannot tell whether the usage is one-off or account holders use the accounts actively and whether a small number of active accounts drive the aggregate numbers. In a recent …

SBI's decision to charge on monthly minimum balance may lead to consolidation of family accounts
8 years ago

SBI's decision to charge on monthly minimum balance may lead to consolidation of family accounts

Firstpost  

At a time when the accent is on digitisation of payments that is impossible without banking support, the regressive moves of these banking biggies would have the effect of repelling people from the banking habit and retreat to the old habit of piling up cash and paying in cash The state owned State Bank of India rubs shoulders with its …

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