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.
The two states account for 24% of total accounts opened under financial inclusion scheme.
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.
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 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.
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
The total balance in 255 million Jan Dhan accounts now stands at Rs 66,637 crore against Rs 45,637 crore on November 9.
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Private banks account for a total of 21.15 per cent in terms of advances in the overall banking system.
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.
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.
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 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.
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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.
An accident insurance cover of Rs 1 lakh is also given to all individuals who open a bank account under the Jan-Dhan Yojana.
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.
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.
Against National Democratic Alliance's 75 million target, United Progressive Alliance added 61 million in 2013-14.
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.
Under the scheme, which seeks to open 75 million accounts by January 26, 2015, an accident insurance cover of Rs 100,000 is provided with every RuPay debit card offered by the National Payments Corporation of India.
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.
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'
'On October 12-13, he started shivering from fear in his tent.' 'That was the time he wrote a letter to my mother to conduct Ganeshji's Atharvashirsha.' 'The moment he finished writing that letter, he told us, he felt serene calmness.'
'The focus needs to shift towards the ability to collect payments, particularly in tier-3 to tier-4 areas where acceptance is still lacking.'
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.
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
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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.
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 bahujan hitai, bahujan sukhai motto was used in the press note issued by the BSP informing about the party chief Mayawati's election meetings in Nagpur (Maharashtra) on Thursday.
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.
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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
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