The Pradhan Mantri Jan Dhan Yojana will provide accident insurance of Rs 100,000 to all people who open bank accounts under this scheme.
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.
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.
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.
Tax deduction limit up Rs 50K for investment in pension fund.
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.
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.
Taxi driver Balwinder Singh was left stunned and speechless when he found out on November 4 that Rs 98,05,95,12,231 had been credited to his State Bank of Patiala account.
'Those who thought they are above law and above courts of the country are now approaching courts praying bail; some people have already gone inside (jail) which is their rightful place.'
The finance ministry on Sunday highlighted its achievements during the past six months, including the Jan-Dhan Yojana, Varishtha Pension Bima Yojana, and actions taken to curb black money.
The government scheme has a long way to go before its ultimate goals of universal financial inclusion and financial literacy are achieved.
PAN will be a must for all transactions, including purchase of jewellery, above Rs 200,000 with effect from January 1, 2016
Unlike the first two stimulus packages, this time the focus would be on boosting demand.
Syed Firdaus Ashraf/Rediff.com lists 11 Modi flagship schemes that may have been gamechangers in the Lok Sabha election.
Under the proposed mechanism, the finance ministry has said banks will notify customers when someone tries to deposit money in their accounts, a government official said.
According to BJP strategists, PMJAY and the PM Ujjwala Yojana will form the nucleus of the Modi government's re-election campaign.
This will cost the government Rs 3.1 trillion, about 10 per cent of its annual expenditure, and higher than any other spending item in its Budget.
Prime Minister Modi has said it is their small units that drive the Indian economy.
India must remain an integral part of the global economy if it has to grow at 9-10 per cent over the next three decades, Niti Aayog CEO Amitabh Kant said on Tuesday. Speaking at the 15th India Digital Summit, Kant said India needs to become a major global exporting nation, without that it will not be possible to become richer and create wealth for its people over the next three decades.
A review of key pronouncements he made in his first Independence Day Speech on August 15, 2014.
A look at the key decisions taken by the Narendra Modi government in its six months.
Public sector banks have lost nearly Rs 2.85 lakh crore on account of loan dues of 13 corporates even as the banks are used to bail out ailing financial institutions such as Yes Bank and IL&FS, United Forum of Bank Unions alleged on Monday. In a press release, UFBU's convener B Rambabu said the organisation calls for a two-day all India bank strike on December 16 and 17 protesting against Banking Laws (Amendment) Bill 2021 and opposing the Centre's alleged move to privatise PSBs. According to the statistics given by the UFBU, the 13 corporates' outstanding dues were at Rs 486,800 crore and it was resolved at Rs 161,820 crore resulting in a loss of Rs 284,980 crore.
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Denmark has been rated as the country with the best retirement system in the world.
Modi had campaigned with promises of jobs, infrastructure and development.
Last year, FDI cap in insurance was hiked to 49%
According to a nation-wide survey on financial behaviour, India has the highest account dormancy rate even more than countries like Kenya, Tanzania, Uganda, Nigeria, India, Pakistan and Bangladesh.
Bureaucrats heading disinvestment and financial services usually don't get appointed as finance secretary.
55 million people already in the social security net
It said there is no part of the country that he did not visit during the 125 days between December 25 and May 1 as he crisscrossed from Kashmir to Kanyakumari and Jamnagar to Silchar, while speaking to students to scientists, farmers, entrepreneurs, foreign heads of state and political workers.
Four recent instances help us understand why Prime Minister Narendra Modi could truly be called the chief human resources officer (CHRO) of the country.
According to a PMO statement, Narendra Modi told banks this would be a source of immense satisfaction for them, and that he himself would recognise the achievements of the best performing branches.
Whether it was the MGNREGS or the NFSA or the Aadhaar-based DBT scheme for cash transfer, the Modi government has built on the basic architecture created by the Singh government. Policy makers in the Modi government, instead of discarding them as products of the previous political regime, worked on them, expanded their scope and reach, and used new tools to improve their performance, explains A K Bhattacharya.
From Singapore to Almora, Abhishant Pant has survived without cash, and he wants to continue in that state all his life.
'Give cash assistance of Rs 75 per person per day and an android phone and you will see the economy reviving.'
179 million debit cards were issued during December 2016 to June 2018. A mere 2,000 ATMs were opened in the same period.
More than 127 million new bank accounts have been opened.
ICICI Bank, ONGC and Tata Motors contribute to nearly 50% gain seen on the Nifty.
Economist Arvind Panagariya is the vice-chairman of NITI Aayog, while economist Bibek Debroy and scientist V K Saraswat are the two full-time members of the Aayog.
The Supreme Court on Thursday assured the Centre and bodies like SEBI and RBI that it will take a decision by Friday evening on their plea seeking setting up a larger bench for modifying an earlier order restricting the voluntary use of Aadhaar card to PDS and LPG schemes only.
Prime Minister Narendra Modi, in his maiden Independence Day address, had made several promises to the nation.
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