Page 2 - Financial Inclusion

140,000 Jan Dhan accounts opened in two weeks under PMJDY drive: FinMin

About 1.4 lakh new Jan Dhan accounts have been opened in the past fortnight under the nationwide financial inclusion saturation campaign, the finance ministry said on Tuesday. The Department of Financial Services (DFS), under the finance ministry, has launched a three-month nationwide saturation campaign, effective from July 1 to September 30, 2025, to bolster the outreach of flagship schemes, such as Pradhan Mantri Jan Dhan Yojana (PMJDY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), and Atal Pension Yojana (APY), an official statement said. This campaign seeks to achieve comprehensive coverage across all Gram Panchayats (GPs) and Urban Local Bodies (ULBs), ensuring that every eligible citizen gets the intended benefits of these transformative schemes. Nearly 1.4 lakh new Jan Dhan accounts have been opened and more than 5.4 lakh new enrolments have been recorded under three Jan Suraksha Schemes in the past fortnight, the statement

Watershed moments: How technology bolstered the financial inclusion

Govt started groundwork 50 yrs ago, but adoption and advancement of tech have sped up growth of financial services

Microfinance in vicious cycle of debt, high rates, warns RBI deputy guv

RBI Deputy Governor M Rajeshwar Rao warns of high interest rates, borrower over-indebtedness, and coercive recovery in India's microfinance sector, calls for urgent lender reforms

Pradhan Mantri Suraksha Bima Yojana - A decade of insurance inclusion

PMSBY offers affordable accident insurance to India's vulnerable. With ₹20 premium and ₹2 lakh cover, it has transformed lives, settled 135,000 claims, and ensured inclusive insurance access

ATM interchange fee hike puts spotlight on micro-ATMs, financial inclusion

The gap of nearly Rs 4 could affect the business correspondent network, which derives nearly 40 per cent of its revenue from the micro-ATM network

Regulations must not create unintended barriers to financial inclusion: Guv

Only a matter of time when cross-border payments will become much easier and cost-effective, says RBI Governor Sanjay Malhotra

RBI warns of excessive unsecured loans, euphoria over derivative products

RBI deputy governor M Rajeshwar Rao emphasises on meaning engagement beyond account opening

SBI MF launches Rs 250 JanNivesh SIP to expand financial inclusivity

Asset management company SBI Mutual Fund on Monday launched a systematic investment plan (SIP) aimed at democratizing access to the product. An investor can invest as low as Rs 250 per transaction under the JanNivesh SIP scheme, which was launched in presence of Sebi Chairperson Madhabi Puri Buch. Investors typically put Rs 500 in SIP, which could go down to Rs 100 depending on the scheme in which money is being put. With the aim of deepening the MF reach, the lower SIP of Rs 250 was considered, which is akin to the idea of sachetisation effectively used by consumer goods companies. "By lowering entry barriers and leveraging digital platforms, we aim to attract first-time investors, small savers, and those in the unorganized sector, with SIP starting at just Rs 250," SBI Mutual Fund's managing director and chief executive Nand Kishore said. "As we transition into a new phase of financial inclusion, innovation and inclusivity are essential. Our focus is on developing products, ...

Finance Ministry dept to meet business correspondents, banks next week

Senior executives of banks to attend discussion; commissions and penalties for sector on agenda

FinMin reviews financial inclusion schemes, urges better banking outreach

Nagaraju stressed the importance of expanding banking infrastructure in unbanked villages and improving connectivity in remote areas, particularly in the North East

FinMin reviews financial inclusion schemes, urges better banking outreach

Nagaraju stressed the importance of expanding banking infrastructure in unbanked villages and improving connectivity in remote areas, particularly in the North East

Digital transformation fueling India's economic growth and inclusion

India's dramatic digital transformation has empowered millions through a digital infrastructure [India Stack], democratising data, identity, and payments

Community validation for inclusive outcomes: Mission Antyodaya for SDGs

With updated SECC 2011 data, Mission Antyodaya supports truly inclusive, evidence-based planning, enabling poverty-free GPs through decentralised action

FinMin to meet bank heads on Wed to review financial inclusion schemes

Finance Ministry has called a meeting of heads of Public Sector Banks (PSBs) on Wednesday to review progress of various financial inclusion schemes, including Jan Suraksha and Mudra Yojana. The meeting, which would see participation from representatives of private sector banks, is scheduled to be chaired by Financial Services Secretary M Nagaraju. According to sources, the meeting to be chaired by the Secretary would also discuss and review the progress of various financial inclusion schemes including PM SVANidhi Schemes. The Finance ministry from time to time launched various drives to achieve saturation under Pradhan Mantri Jan dhan Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY). The PMJJBY offers life insurance cover of Rs 2 lakh, in case of death due to any reason, to people in the age group of 18-50 years having a bank or post office account, who give their consent to join or enable auto-debit of premium. On the other

RBI announces names of winners of 3rd edition of Global Hackathon

The Reserve Bank on Tuesday announced the names of the winners of the third edition of its Global Hackathon with the themes 'Zero Financial Frauds' and 'Being Divyang Friendly'. The hackathon received an enthusiastic response with 534 proposals, of which 39 were received from teams outside India, including the United States, the United Kingdom, Hong Kong, Singapore, Brazil, Morocco, among others. The 28 finalists presented their solutions to an independent jury which selected the winners based on several parameters, including comprehensiveness, innovation, feasibility, scalability and compliance. The winners of the hackathon were FPL Technologies; Xaults Technologies; Epifi Technologies; NapID Cybersec; H Vision India (Hasin Vaidya); Rupya Darshini (Parthiban R, Jebaraj V and Gobika S); and VisAst (Krimisha Deore). Announcing the winners, RBI said these innovative solutions are expected to enhance the capability of the system to fight frauds, maintain security and integrity of the

Puri targets Kharge for indulging in shoot and scoot using lies, fake data

Oil Minister Hardeep Singh Puri on Saturday took on Congress president Mallikarjun Kharge for "delusional opinions", saying the opposition party was using "lies, fabricated figures and fake data" in its classic shoot and scoot policy. In a series of post on X, Puri quoted data to counter Kharge's assertions saying the Modi government's inclusive development policies will make the country a developed nation by 2047. "Congress Party and Mr Kharge seem to be oblivious of the changes that have transformed the lives of Indians for the better," he said. The Modi government has pulled more than 24 crore Indians out of multidimensional poverty. This was aided by construction of more than 11 crore toilets, 12 crore tap water connections, over 10 crore free cooking gas connections, healthcare, bank accounts for 51 crore, three times hike in capital expenditure, and policy reforms such as GST, startup India, IBC and PLI scheme. "We ensured the price of petrol and diesel did not rise even when

Group representing business correspondents seeks regulatory status

Self-regulatory organisation status for business correspondents will improve governance, bring in investments

Group representing business correspondents seeks raise, writes to govt

Model is critical for financial inclusion but commissions have not been revised 'in a decade'

Boots on the ground: Businesses correspondent model needs mending

The business correspondent channel for financial inclusion is calling for a pay raise, investments and an end to penalties

Star Health introduces braille insurance policy for visually impaired

The policy is designed to address the specific requirements of individuals with disabilities of 40% or more, including physical, sensory, or cognitive impairments