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.
It can be an useful tool in achieving the objective of Pradhan Mantri's Jan Dhan Yojana
Indian government expects LIC to have better business this year.
'Our attempt to honour the taxpayer has been since 2014 and more actively since 2019-2020 onwards.'
Government's financial inclusion mission is well intentioned, but it may be putting a severe strain on the banking sector.
Instructions were issued on holding loan camps in the last week of September.
USAID looks forward to working with each to make financial inclusion a long-lasting and sustainable reality in India.
Prime Minister Narendra Modi is addressing the nation for the seventh time from the ramparts of the Red Fort on Independence Day on Saturday and it will be his second speech of the second term in office.
South leads; North-East at bottom but moves ahead, finds out the IndiaSpend Team
The meeting will review annual financial performance of public sector banks, credit offtake in the economy, priority sector lending and progress made under various social sector schemes, including Atal Pension Yojana (APY) and Pradhan Mantri Jan Dhan Yojana.
Around 10 crore bank accounts opened under the Jan Dhan scheme.
The court was hearing petitions challenging the Aadhaar scheme.
Eight out of about 40 schemes are with the nomenclature starting Pradhan Mantri, but except Gramin Sadak and Rozgar Yojana, most others go barely acknowledged.
Trai chairman Rajiv Khullar says, India has to pull up its stocks in order to achieve financial inclusion.
The Jan Dhan scheme restricts the scope of life insurance cover to bring down burden on the exchequer.
As the Jan-Dhan scheme completes a month since its official launch, reports coming in from various parts of the country suggest the stated target of 75 million new accounts will be achieved much before January 26 next year.
Debit card payments remained sluggish due to the surge in digital transactions after the pandemic, and the Unified Payments Interface (UPI) has emerged as the most popular mode of money transfer, particularly for small value transactions, according to RBI data. In July 2020, the total debit card spends stood at Rs 2.81 trillion, as compared to Rs 3.15 trillion in July 2023, reflecting a growth of 11.96 per cent. UPI spends have seen a whopping growth of 428 per cent, zooming from Rs 2.90 trillion to Rs 15.33 trillion during the same period, the data revealed.
'The focus needs to shift towards the ability to collect payments, particularly in tier-3 to tier-4 areas where acceptance is still lacking.'
Post Office has 1,54,000 rural branches.
The BJP's challenge is whether it can again deflate a Congress, which now looks reinvigorated and has adopted sharper messaging around its 'guarantees', and several regional parties, especially in Bihar, Maharashtra and West Bengal.
The Pradhan Mantri Jan Dhan Yojana will provide accident insurance of Rs 100,000 to all people who open bank accounts under this scheme.
He advised banks to facilitate appropriate credit expansion.
The Budget will 'further reignite our growth engine, signalling the dawn of a prosperous future.'
Of the total cash outgo Rs 40,000 crore is towards enhanced expenditure under Mahatma Gandhi National Rural Employment Guarantee Program and Rs 33,771.48 crore have been sought for direct benefit transfer under Pradhan Mantri Jan Dhan Yojana and National Social Assistance Programme.
High interest rate, policy uncertainty in the year of elections, along with risk aversion led to slow takeoff in credit demand on the corporate front.
Praising Prime Minister Narendra Modi's style of functioning, Union Minister M Venkaiah Naidu on Sunday said the leader neither sleeps nor allows his Cabinet colleagues to do so.
Recently, the government announced yet another ambitious scheme aimed at providing health insurance to 50 crore individuals.
Enthused by India's financial inclusion drive, US-based Accion, one of the biggest micro finance organisations in the world, has renewed its focus in India. Michael Schlein, bottom, left, chief executive officer of Accicon, tells Namrata Acharya in an email interview the Wall Street and Silicon Valley are eager to participate in opportunities presented by the issuance of the small finance and payment bank licences, the expanded banking correspondent opportunities, and the Jan-Dhan Yojna.
Finance Minister Nirmala Sitharman on Friday met her counterparts in Singapore and Canada and discussed various issues, including economy, health and opportunities for collaboration. Sitharaman met UK Chancellor of the Exchequer Rishi Sunak, Singapore Finance Minister Lawrence Wong and Canada's Deputy Prime Minister & Finance Minister Chrystia Freeland on the sidelines of the G-20 Joint Finance and Health Ministers' meeting. "Finance Minister Smt. @nsitharaman had an engaging discussion with @cafreeland Dy. Prime Minister & Finance Minister of Canada on the sidelines of #G20 Finance & Health Ministers Meeting in #Rome. The Ministers discussed various issues, including economic and health cooperation," a Finance Ministry tweet said.
The government scheme has a long way to go before its ultimate goals of universal financial inclusion and financial literacy are achieved.
Seeking to rope in youngsters to promote cashless transactions, Modi said for every person you introduce to the BHIM app, you will get a cash back of Rs 10.
The NDA government has asked states to enrol all MNREGA workers under the three newly-launched social security schemes.
The applicant must have an operational savings bank account.
It is likely he will rope in an international ATM manufacturer as a strategic partner with equity stake.
Attacking the Congress, Prime Minister Narendra Modi on Friday said the country has suffered due to 'backseat driving' and 'remote control' and warned people of Assam against an unstable government in the state.
Introducing the 128th Constitution Amendment Bill, which was approved by a two-thirds majority in the Lok Sabha on Wednesday, Meghwal recounted the measures initiated by the Narendra Modi government for the empowerment of women over the last nine years.
Relaxation in KYC guidelines has helped meet the target but this could lead to money laundering and financial malfeasance, it is feared.
Gross non-performing assets of public sector banks have gone up.
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