Pradhan Mantri Jan Dhan Yojana

SBI focuses on JanDhan, trusts, societies to mobilise incremental deposits

SBI is using wealth banking to focus on a segment which is below affluent class but above the normal account holders

Foundations laid by PMJDY strong, have even more work to do, says PM Modi

He further added that the life journeys of those who have benefited from this scheme (PMJDY) are very touching and inspiring

PMJDY integrates poor into economic mainstream, says FM Nirmala Sitharaman

Pradhan Mantri Jan Dhan Yojana (PMJDY), the largest financial inclusion initiative in the world, integrates the poor into the economic mainstream and plays a crucial role in the development of marginalised communities, Finance Minister Nirmala Sitharaman said on Wednesday. PMJDY, the national mission for financial inclusion, which completed a decade of successful implementation continuously endeavours to provide support to the marginalised and economically backward sections through its financial inclusion interventions. In her message on the 10th anniversary of PMJDY, Sitharaman said, "universal and affordable access to formal banking services is essential for achieving financial inclusion and empowerment. It integrates the poor into the economic mainstream and plays a crucial role in the development of marginalised communities." By providing universal, affordable, and formal financial services including bank accounts, small savings schemes, insurance, and credit to the previously

Jan Dhan Yojana turns 10: PM Modi hails financial inclusion success

Jan Dhan Yojana has been paramount in boosting financial inclusion and giving dignity to crores of people', said Prime Minister Narendra Modi

No need to keep minimum balance in Jan Dhan, basic savings accounts: FM

Finance Minister Nirmala Sitharaman on Tuesday said there is no need to maintain minimum balance in Jan Dhan as well as basic savings accounts, and banks impose penalties only in cases where customers fail to maintain a requisite amount in their accounts. The minister was replying to a question in Rajya Sabha during Question Hour regarding public sector banks collecting about Rs 8,500 crore in penalty from customers for non-maintenance of minimum balance in accounts in five years. "Since the member is talking about banks collecting money for basic minimum balance which is not there in the account, that does not apply to PM Jan Dhan accounts and basic accounts of the poor people. It is only for others whose minimum balance is expected to be at a certain level," Sitharaman said. It emerged in a written reply to a question in the Lok Sabha that public sector banks collected around Rs 8,500 crore under this head in five years starting FY 2019-20. Minister of State for Finance Pankaj ..

Govt to meet PSBs to review financial inclusion schemes: Check details

Ahead of Budget 2024, the Finance Ministry will meet state-owned banks and financial institutions on Tuesday to assess advancements in key financial inclusion schemes. Three key schemes explained

450 mn Jan Dhan accounts have accumulated Rs 2.1 trillion: Anurag Thakur

Addressing an audience of the officials and employees of the bank, the Minister at the very outset, congratulated Federal Bank for an all-time high share price

FinMin to meet heads of PSBs on Sat; review implementation of govt schemes

Finance minister Niramala Sitharaman is scheduled to meet managing directors of public sector banks (PSBs) on Saturday to review the financial performance of lenders. PSU banks have earned a net profit of about Rs 68,500 crore during the first six months of the current financial year. The meeting is going to take stock of the progress made by banks in achieving targets set for the various government schemes, including Pradhan Mantri Jan Dhan Yojana (PMJDY), Kisan Credit Card (KCC), Stand-Up India, Pradhan Mantri Mudra Yojana (PMMY), sources said. This is the probably last full review meeting before the presentation of Budget 2024-25 and general elections later next year. She will also discuss on measures to improve customer service and cyber security, sources said. The finance minister would also review financial inclusion, credit growth, asset quality, and business growth plan of banks for the next financial year, the sources said, adding non-performing assets (NPAs) and the reco

About 20% of 510 mn Jan Dhan accounts inoperative: MoS finance informs RS

About 20 per cent of Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts in the country are inoperative, the government said on Tuesday. As on December 6, of the total 10.34 crore inoperative PMJDY accounts, 4.93 crore belong to women, Minister of State for Finance Bhagwat K Karad said in a written reply to the Rajya Sabha. As per data received from banks, of the approximately 51.11 crore PMJDY accounts, around 20 per cent accounts were inoperative as on December 6, he said. The percentage of inoperative PMJDY accounts is similar to the percentage of overall inoperative accounts in the banking sector, he said. The deposited balance in the inoperative PMJDY accounts is around Rs 12,779 crore, which is around 6.12 per cent of the total deposited balance in PMJDY accounts, he said. This balance continues to earn interest at par with that applicable to operative accounts and can be claimed and withdrawn by depositors at any point of time after the account becomes operative again, he ...

Nirmala Sitharaman asks RRBs to remove duplication of PMJDY accounts

Finance Minister Nirmala Sitharaman on Wednesday asked Regional Rural Banks to make efforts to remove duplication of Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts. During the review meeting with heads of RRBs, the finance minister emphasised the need to increase penetration under Pradhan Mantri MUDRA Yojana (PMMY) and financial inclusion and stated that a roadmap has to be prepared for completing the designated activities in a timebound manner. The minister urged the RRBs to remove duplication of PMJDY accounts and facilitate storage facility for apple growers particularly in J&K and Himachal Pradesh, an official statement said. During the review meeting of Regional Rural Banks of Northern Region here, the Finance Minister emphasised on digital capability upgradation of RRBs and instructed MD and CEO Punjab National Bank (PNB) to ensure that all RRBs by the bank to acquire digital onboarding capability by November 1, 2023. The Centre has 50 per cent stake in RRBs while sponsor ..

The need for loss of income cover: The missing piece of social security net

Within India's ground realities, it is essential to acknowledge the dominant presence of the informal sector, where a considerable demographic derives sustenance from daily wage employment

Number of Jan Dhan accounts crosses the 500 million mark, shows data

The average balance in PMJDY accounts stands at Rs 4,076, and over 55 million PMJDY accounts are receiving Direct Benefit Transfer (DBT) benefits

Aggregate deposits in Jan Dhan accounts crosses Rs 2 trn: Centre told LS

Aggregate deposits in 49.49 crore Jan Dhan accounts have crossed Rs 2 lakh crore, Parliament was informed on Monday. The Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched in August 2014 with the aim to provide universal banking services through opening of zero balance bank account for every unbanked household, based on the guiding principles of banking the unbanked, securing the unsecured and funding the unfunded. As on July 12, deposits in 49.49 crore Jan Dhan accounts stood at Rs 2,00,958 crore, Minister of State for Finance Bhagwat Karad said in a written reply in Lok Sabha. Some of the features of PMJDY are, one Basic Savings Bank Deposit (BSBD) account to every unbanked adult, overdraft limit of Rs 10,000; and free Rupay debit card with inbuilt accident insurance cover of Rs 2 lakh (Rs 1 lakh for accounts opened before 28.08.2018). The last mile delivery of basic banking services like cash deposit, cash withdrawal, intrabank or interbank fund transfer, balance enquiry and mi

Only 8.2% of 463 million Jan Dhan accounts are zero balance: RBI report

81.2% were operative as of August 2022, up from 76% in 2017

Almost 79% migrants availed PDS at their home locations, says study

This is because 79 per cent of them avail PDS only at their home locations, a new study has found

Rs 25 trn in Jan Dhan accounts, says Union Minister Kishan Reddy

As much as Rs 25 lakh crore has been distributed so far to beneficiaries under various welfare schemes and subsidies through Pradhan Mantri Jan-Dhan Yojana bank accounts, Union Minister of Tourism G Kishan Reddy said on Sunday. Speaking to reporters at Jangaon, about 90 km from here, after the inauguration and dedication of 75 digital banking units to the nation by Prime Minister Narendra Modi, Reddy said half of the 50 crore Jan Dhan accounts belong to women. You all know when the Jan Dhan accounts were opened there was question whether it was required in our country. Today, we have distributed Rs 25 lakh crore on welfare schemes to poor people through Jan Dhan accounts. This is an achievement, he said. Reddy further said today there is Rs 1.75 lakh crore in the Jan Dhan bank accounts deposited by the poor. He further said there were several instances in some States where the subsidies, pensions and welfare schemes of poor people are being looted by fraudsters using fake ...

Can financial services be made bite-sized to deepen credit penetration?

Small can be more beautiful: Large-scale sachetisation of financial services may be just around the corner

Amid chip shortage, Indian banks reach out to govt, seek CCI intervention

Indian banks have also asked for an investigation by the Competition Commission of India (CCI) into the practices of chip suppliers.

PMJDY accounts hit 462.5 mn in eight yrs, deposits reach Rs 1.73 trillion

However, there was a decline in operative accounts as a percentage of the total, from 85.6% in August 2021 to 81.2% in August 2022

430 million Jan Dhan accounts have Rs 1.46 trillion, shows data

Seven years after the initiative was launched, the average deposit per account is Rs 3,398, which has increased 2.7 times over August 2015