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.
Replying to a question about women empowerment, Sitharaman insisted that patriarchy is a concept invented by the Left.
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 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.
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.
Prime Minister Narendra Modi on Thursday launched his government's mega scheme ' Pradhan Mantri Jan Dhan Yojana', declaring that it was aimed at eradicating financial untouchability by providing bank accounts to the poor.
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Private banks account for a total of 21.15 per cent in terms of advances in the overall banking system.
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.
Pradhan Mantri Jan Dhan Yojana scheme will help in bringing the benefits of formal banking system to even the poorest of poor.
In view of the "runaway success" of the scheme, now it has been decided to make it open-ended with more incentives
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.
Lack of awareness about the scheme, especially in villages, has created a situation where expectations are turning into disappointment.
Will allowing business correspondents to hawk insurance products help in reviving 5-lakh strong field agents as a viable channel?
'Unless banks focus on the Rs 10-15 lakh loan segment, growing affordable housing will remain a challenge.'
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.
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
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'
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.
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.
These are the highlights of the Union Budget 2025-26 presented by Finance Minister Nirmala Sitharaman in Parliament on Saturday.
'Today, let us reaffirm our commitment to strive to realise Gandhiji's dreams. His watchwords, truth and nonviolence, will continue to remain relevant for the whole world. He also taught us that rights and duties are but the two sides of the coin - indeed, the true source of rights is duty. Today we recall his lessons in compassion too - compassion not only for our human neighbours but also for our other neighbours, namely, flora and fauna, rivers and mountains.'
Prime Minister Narendra Modi announced the financial inclusion scheme in his first Independence Day speech last year.
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
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.
A senior RBI official said the regulator was focusing on performance of banks' statewise and in each district.
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.
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).
Finance Minister (FM) Nirmala Sitharaman has presented a forward-looking Budget, reinforcing the government's commitment to 'Reform, Perform, and Transform'.
Can welfare schemes truly transform from being flagship to flag-bearers for a government that is looking to get a second term in 2019?
Addressing a G20 Summit session, Modi also presented his '5-I' vision to maximise digital technology for social benefit.
Rediff.com takes a look at the progress of schemes initiated by the government.
Recent documents by NITI Aayog and periodic labour force surveys on employment show that the importance of agriculture is rising in the Indian economy.
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.
More than 50 per cent of SIP accounts come from semi-urban and rural areas.
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.
The assessment of PMJDY should be done within the context of the programme.
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