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'
Lack of awareness about the scheme, especially in villages, has created a situation where expectations are turning into disappointment.
The government is giving adequate publicity to the benefit to be extended to account holders, sources added.
The Reserve Bank of India (RBI) will launch the Unified Lending Interface (ULI) nationwide in due course, aiming to transform India's lending sector, similar to how the Unified Payments Interface (UPI) revolutionised the payments ecosystem, Governor Shaktikanta Das said on Monday.
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
Ministry of Finance, Joint Secretary -- insurance, Anoop Wadhwa, had reviewed the progress of development of micro-insurance products at a meeting in the national Capital on Tuesday.
The Reserve Bank of India (RBI) has recognised the Fintech Association for Consumer Empowerment (FACE) as a self-regulatory organisation (SRO) in the fintech sector, the central bank announced on Wednesday. The banking regulator received three applications for fintech SRO. Of the remaining two applications, one has been returned by the RBI with a provision for resubmission after meeting specific requirements, while the third application is still under examination, said Governor Shaktikanta Das at the Global Fintech Fest in Mumbai.
During a video conference with the executive directors of both private and public sector banks, the banks were directed by the government to open at least one account for an adult member of every household.
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.
The department of financial services has decided to give banks commission, to ensure these accounts are kept active.
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.
Desai, 57, was found dead at his studio in Karjat near Mumbai last August.
Bankers have hailed the Prime Minister's call to end "financial untouchability" and opened millions of accounts on the inaugural day itself.
The Pradhan Mantri Jan Dhan Yojana scheme will help eradicate poverty and curb corruption at the grassroot level, industry said.
Citing various macroeconomic parameters that are doing pretty well, India's G20 Sherpa and former CEO of Niti Aayog Amitabh Kant projected that the country is all set to overtake Japan as 4th largest economy in the world by 2025. The size of India's GDP is currently ranked 5th, after the US, China, Germany, and Japan. It overtook the UK in 2022.
Johnny Lever and Asrani get candid about De Dana Dhan and their love for its director Priyadarshan.
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
The problem is set to grow following issuance of 75 million new RuPay cards in the next six months with the launch of the Jan Dhan Yojana.
The self-styled godman, who is called Baba Narayan Hari and Saakar Vishwa Hari Bhole Baba, is not named in the list of the accused in the FIR filed in the incident though his name is in the complaint.
Rahul Gandhi's retort to PM Modi came after the latter attacked him at an election rally saying why he has "stopped" naming Adani and Ambani in his attacks and whether he has received money from them in return.
Prime Minister Narendra Modi announced the financial inclusion scheme in his first Independence Day speech last year.
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.
Fifteen years after quitting the Sikkim Democratic Front in 2009, he decimated Chamling's party, scripting history by winning 31 of 32 assembly seats in the Himalayan state in 2024.
Singer Pritam on composing the music of Priyadarshan's latest movie.
The soundtrack of the film fails to live up to its bonanza title.
Sukanya Verma quizzes you to find out just how much you know about the movies.
A senior RBI official said the regulator was focusing on performance of banks' statewise and in each district.
In Barjatya-land, all you need is Prem, Raja Sen says.
Sukanya Verma quizzes you to find out just how much you know about the movies.
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.
Diwali is here and Salman Khan is bringing his Tiger 3 in theatres. Though he has been an Eid superstar for more than a decade now
'Salman has been my heartthrob since I was 14. He is so incredibly amazing as a person. I am very lucky to be working with him on such a big film.' Straight talk from Sonam Kapoor.
Bill & Melinda Gates Foundation (BMGF) has offered to help in monitoring of the progress made with regard to Pradhan Mantri Jan Dhan Yojana (PMJDY), the flagship financial inclusion scheme of the government.
The Jan Dhan scheme restricts the scope of life insurance cover to bring down burden on the exchequer.
'The focus needs to shift towards the ability to collect payments, particularly in tier-3 to tier-4 areas where acceptance is still lacking.'
Clash of the two richest titans, a celebrity and a 'royal', is on the cards in Himachal Pradesh's Mandi Lok Sabha constituency, known for electing erstwhile 'royals' maximum number of times.
He was known for his art work in films like Hum Dil De Chuke Sanam, Jodhaa Akbar and Prem Ratan Dhan Payo.
In mid-March this year, the finance ministry asked state-run banks to review their gold loan portfolio for the two-year period between January 1, 2022, and January 31, 2024. This business had grown at a fast clip. Reserve Bank of India (RBI) data has it that it grew 15 per cent to Rs 1 trillion in FY24. Now, in recent times, any kind of exuberance in financial services has seen the authorities swoop down - be it pushing the lines on governance or unsecured credit.
The former RBI Governor also emphasised on the need to boost economic productivity and attract investments.
