As per the latest finance ministry data, the total balance in over 36.06 crore Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts was at Rs 1,00,495.94 crore as on July 3.
The asset quality of microfinance portfolios worsened in the quarter ending June 2024 due to the impact of heatwaves on borrowers' incomes and collections, coupled with rumours of loan waivers, according to Sa-Dhan. Jiji Mammen, executive director and chief executive officer of Sa-Dhan, said loans with 90+ days past due (dpd) rose to 1.2 per cent in June 2024, compared to 0.9 per cent in June 2023. The 90+ dpd also increased from 1.16 per cent in March 2024.
Sukanya Verma quizzes you to find out just how much you know about the movies.
The GyanDhan scholarship is a one-time award that will be given to an Indian student at the beginning of the academic year to pursue a postgraduate programme internationally.
"The PMJDY has been the foundation stone for the Modi government's people-centric economic initiatives. "Whether it is direct benefit transfers, Covid-19 financial assistance, PM-KISAN, increased wages under MGNREGA, life and health insurance cover, the first step was to provide every adult with a bank account, which PMJDY has nearly completed," Nirmala Sitharaman said on the sixth anniversary of the scheme.
Rajbaris are a link to Bengal's rich past, of grand mansions, classical fine dining, and allow guests to be pretend zamindars for those few hours or days that they stay.
'Unless banks focus on the Rs 10-15 lakh loan segment, growing affordable housing will remain a challenge.'
The overdraft facility has been sanctioned in only 40,000 accounts
Finance Minister Nirmala Sitharaman on Saturday announced six new schemes and increased the subsidised Kisan Credit Card (KCC) loan limit to Rs 7 lakh from Rs 5 lakh, targeting everything from unemployment to crop productivity enhancement across the country. Presenting her eighth budget speech in Parliament, Sitharaman positioned agriculture as "the first engine of growth" and unveiled the Prime Minister Dhan-Dhaanya Krishi Yojana, a flagship program targeting 100 agri-districts grappling with low productivity, moderate crop intensity, and below-average credit parameters.
The government is working to provide healthcare schemes to poor people under the Jan Dhan initiative.
Like Indira Gandhi, even Narendra Modi seems to be relying on directing public-sector banks through ministry of finance supported by party cadres, says Debashis Basu.
We asked three young singers to share their favourite Lord Ganesha bhajans.
Fully know your customer-complaint Jan Dhan account holders will be allowed to withdraw Rs 10,000 per month from their account, while limited or Non KYC compliant account holders can withdraw Rs 5,000 per month.
There were concerns that simply opening a bank account wouldn't constitute meaningful financial inclusion, as the poor would rarely use these accounts. However, recent data submitted to Parliament attests to increased account usage, says Ishan Bakshi.
Led by state-run banks, the system has opened over 5 crore (50 million) accounts under the Jan Dhan scheme as of September 25 and the deposits collected through the scheme have crossed Rs 3,500 crore, Financial Services Secretary GS Sandhu told the annual meeting of the Indo-American Chamber.
Swachch Bharat and Jan Dhan grabbed more eyeballs across clusters, regardless of party in power across states.
Charlotte Englebert scored a hat-trick to power JSW Soorma Hockey Club to the final of the inaugural Women's Hockey India League with a 4-2 win over Shrachi Rarh Bengal Tigers.
The two states account for 24% of total accounts opened under financial inclusion scheme.
In a significant policy shift aimed at boosting agri-productivity and rural prosperity, Finance Minister Nirmala Sitharaman on Saturday announced six new agricultural schemes while increasing the subsidised Kisan Credit Card loan limit to Rs 5 lakh from the existing Rs 3 lakh, benefiting 7.7 crore farmers, fishermen, and dairy farmers.
Prime Minister Narendra Modi has lauded the Union Budget as a "people's budget" that fulfills the dreams of every Indian and said that it is a "force-multiplier" that will boost consumption, investment and growth. He highlighted a host of measures for different sectors, including welfare initiatives for gig workers, tax relief for the middle class, and support for the manufacturing sector.
With rising disposable incomes in cities beyond metros, the penetration of credit cards - and consequently, credit card spending - is growing at a much faster pace than in traditional metro cities, primarily driven by e-commerce spending.
Finance Minister (FM) Nirmala Sitharaman has presented a forward-looking Budget, reinforcing the government's commitment to 'Reform, Perform, and Transform'.
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Private banks account for a total of 21.15 per cent in terms of advances in the overall banking system.
The total balance in 255 million Jan Dhan accounts now stands at Rs 66,637 crore against Rs 45,637 crore on November 9.
The Jan-Dhan accounts are zero balance accounts, comes with a life cover of Rs 30,000 per person, and an accidental cover of Rs 100,000. An active user of the account can also get overdraft facility of Rs 5,000 from banks.
The CBDT has begun the process of matching the deposits in accounts opened under the Pradhan Mantri Jan-Dhan Yojana (PMJDY), or Jan-Dhan accounts, with the profile of the depositors.
In view of the "runaway success" of the scheme, now it has been decided to make it open-ended with more incentives
Commercial banks have turned cautious in lending to smaller microfinance institutions (MFIs), which has compelled the latter to borrow from non-banking financial companies (NBFCs) at much higher rates. Recently Reserve Bank of India (RBI) Deputy Governor M Rajeshwar Rao slammed micro lenders for increasing their margins "disproportionately" and said these lenders were quick to pass on the increased cost to the borrowers but reluctant to pass on the benefits under the new regime, where margins are not capped.
The announcement comes on the first anniversary of the project.
Government's financial inclusion mission is well intentioned, but it may be putting a severe strain on the banking sector.
These are the highlights of the Union Budget 2025-26 presented by Finance Minister Nirmala Sitharaman in Parliament on Saturday.
This week, as the I-T department scanned the deposits, reality hit them: Only a minuscule percentage of the Jan Dhan accounts had been used for money laundering.
The music of Prem Ratan Dhan Payo is well done, and seems to be exactly what the filmmaker ordered, writes Aelina Kapoor.
Recent documents by NITI Aayog and periodic labour force surveys on employment show that the importance of agriculture is rising in the Indian economy.
The RBI Governor had earlier cautioned the banks on the risks involved in just hunting for numbers, asking them not to compromise on core objectives of the programme.
All Jan Dhan bank accounts should be linked to Aadhaar, Prime Minister Narendra Modi said on Saturday while asking bankers to speed up this process and redouble efforts on financial literacy.
'I go to Salmanbhai every day before the shoot.' 'I write straight scenes, simple scenes. He will read them and add a little bit of spice.'
An accident insurance cover of Rs 1 lakh is also given to all individuals who open a bank account under the Jan-Dhan Yojana.
Discussions are on in government about how to make the process simpler for the poor and more cost-effective for telecom operators, says Subhomoy Bhattacharjee.
Deposits in Jan Dhan account have more than doubled to Rs 87,000 crore in 45 days post demonetisation, prompting the tax department to "dissect" information relating to such deposits, a top government official said.
