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.
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.
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.
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.
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.
Swachch Bharat and Jan Dhan grabbed more eyeballs across clusters, regardless of party in power across states.
The two states account for 24% of total accounts opened under financial inclusion scheme.
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 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.
The total balance in 255 million Jan Dhan accounts now stands at Rs 66,637 crore against Rs 45,637 crore on November 9.
In view of the "runaway success" of the scheme, now it has been decided to make it open-ended with more incentives
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Private banks account for a total of 21.15 per cent in terms of advances in the overall banking system.
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.
The music of Prem Ratan Dhan Payo is well done, and seems to be exactly what the filmmaker ordered, writes Aelina Kapoor.
Desai, 57, was found dead at his studio in Karjat near Mumbai last August.
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.
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.
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.
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.
Against National Democratic Alliance's 75 million target, United Progressive Alliance added 61 million in 2013-14.
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.
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.
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.
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.
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.
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.
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.
Bankers have hailed the Prime Minister's call to end "financial untouchability" and opened millions of accounts on the inaugural day itself.
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.
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