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.
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Private banks account for a total of 21.15 per cent in terms of advances in the overall banking system.
Concerned over the rise in mis-selling of products by banks and non-banking financial companies (NBFCs), the Reserve Bank of India (RBI) is examining whether to come up with norms to curb such practices. Observing that pushing financial products, such as insurance, indiscriminately to unaware consumers may be detrimental to their well-being, RBI Deputy Governor M Rajeshwar Rao said, "We are examining whether it necessitates framing of guidelines to address mis-selling of financial products and services by REs (regulated entities)."
'Self-declaration from the customer in case of no change in KYC information or change only in the address details may be obtained.'
Pradhan Mantri Jan Dhan Yojana scheme will help in bringing the benefits of formal banking system to even the poorest of poor.
The Reserve Bank of India (RBI) brass, including its Governor Sanjay Malhotra, on Tuesday told a Parliamentary panel that it was "optimistic" about the impact of the US tariffs on the Indian economy and, in long-run, it could benefit the country due to dipping trade relations between the US and China.
The total balance in 255 million Jan Dhan accounts now stands at Rs 66,637 crore against Rs 45,637 crore on November 9.
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.
Prime Minister Narendra Modi launched a sharp critique of the RJD, emphasizing the hardships faced by women in Bihar under its governance. He highlighted the current government's initiatives for women's empowerment and urged them to prevent the RJD's return to power.
In view of the "runaway success" of the scheme, now it has been decided to make it open-ended with more incentives
Lack of awareness about the scheme, especially in villages, has created a situation where expectations are turning into disappointment.
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.
Taking a dig at the system, Prime Minister Narendra Modi on Monday said things have started moving in India under him and the Jan Dhan scheme was being implemented at a rapid pace despite initial reluctance of RBI and bureaucracy.
CPGRAMS -- an online platform available to citizens 24x7 to lodge their grievances to public authorities on service delivery -- has existed for close to two decades. But it has never been this active, points out Tamal Bandyopadhyay.
Private sector banks are way behind their PSU peers when it comes to opening financial inclusion accounts under the Prime Minister's Jan Dhan Yojana
Both NDA and INDIA are racing to woo marginalised groups with Assembly polls fast approaching.
Apart from Gujarat, Shah claimed that co-operative movement is still active in many other states, such as Maharashtra, Karnataka and Rajasthan.
Third parties can be used to launder the proceeds of fraud schemes by criminals who gain illegal access to deposit accounts by recruiting them as 'money mules'
Prime Minister Narendra Modi announced the financial inclusion scheme in his first Independence Day speech last year.
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.
The mega campaign, to start on Mahatma Gandhi's birth anniversary, will be conducted just before the elections in three major Bharatiya Janata Party-ruled states and also before the 2019 general elections.
In an email to bank officers and staff, he hailed their contribution in "successfully" rolling out the scheme but added a word of caution against slackening.
As many as 24.27 crore accounts have been opened under the scheme and the percentage of zero balance has come down to 24.43 per cent
A senior RBI official said the regulator was focusing on performance of banks' statewise and in each district.
Replying to a question about women empowerment, Sitharaman insisted that patriarchy is a concept invented by the Left.
Prime Minister Narendra Modi on Friday said India will never compromise the interests of its farmers, fishermen and dairy farmers, asserting that he would be ready to pay any price.
The Union Finance Ministry on Tuesday said that aggregate business of public sector banks (PSBs) has shown strong growth of 11 per cent in the first half of the financial year 2024-25 (H1FY25) to touch Rs 236 trillion. The operating and net profit were also robust. At Rs 1.5 trillion, operating profit grew by 14.4 per cent year-on-year (Y-o-Y) while the net profit saw an impressive 25.6 per cent jump at Rs 85,520 crore in the first half of FY25.
The finance ministry on Friday said 5.52 crore (55.2 million) bank accounts have been opened till October 7 and deposit of Rs 4,268 crore (Rs 42.68 billion) have been mobilised under Pradhan Mantri Jan Dhan Yojana (PMJDY).
Can welfare schemes truly transform from being flagship to flag-bearers for a government that is looking to get a second term in 2019?
Department of Financial Services is regularly emphasising the early issuance of RuPay Debit Cards, e-KYC based account opening, Aadhaar seeding, financial literacy and the progress in survey made.
The data show close to 72.5 million accounts have been opened till November 10 with an average 500,000 opened every day.
Addressing a G20 Summit session, Modi also presented his '5-I' vision to maximise digital technology for social benefit.
Sinha, who is steering Sebi efforts to tackle the ponzi menace, said that in regions like West Bengal and North East -- where penetration of banking services is low -- have seen a larger number of people getting trapped in illegal money pooling schemes that promise high returns.
Rediff.com takes a look at the progress of schemes initiated by the government.
The assessment of PMJDY should be done within the context of the programme.
Inaugurating the Grameen Bharat Mahotsav, the Prime Minister exuded confidence that villages will play a key role in pushing forward the dream of Viksit Bharat by 2047.
The former RBI Governor also emphasised on the need to boost economic productivity and attract investments.
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.
The poor can't withdraw their money from their bank account and other Indians live in constant fear of their money getting stolen by unscrupulous hackers, says Syed Firdaus Ashraf.
Government's financial inclusion mission is well intentioned, but it may be putting a severe strain on the banking sector.
