PMJDY

Women-centric schemes fuel 18 mn surge in female voter turnout

State Bank of India (SBI) on Saturday said it has launched a nation-wide drive to raise awareness about the importance of inoperative account activation. A savings or a current account is treated as inoperative if the customer has no transaction in the account for a period of over two years. Activation of these accounts requires Re-KYC. Necessity of regular transactions in the account and preventing categorization into in-operative was the key message, SBI said in a statement. SBI chairman C S Setty emphasised the need to drive Re-KYC exercise in letter and spirit, to maintain PMJDY accounts in active status and enabling customers to conduct transactions seamlessly. He urged upon Business Correspondents to harness the technology to bridge the gap and reach the last-mile customer, thereby enhancing customer experience.

With deposit and credit facilities broadly in place, the government should now focus on spreading financial and digital literacy

He further added that the life journeys of those who have benefited from this scheme (PMJDY) are very touching and inspiring

The average balance per account has increased from Rs 1,065 in March 2015 to Rs 4,352 as of August 16, 2024. Roughly 80 per cent of these accounts are currently active

As the Reserve Bank celebrates its 90th birthday, the concluding part of a two-column series offers a peek into the lives and works of its governors over the past three decades

From the government's coffers, Rs 5,000 for opening an account for a child born into a poor family will be yet another milestone for financial inclusion, after PMJDY

About 20 per cent of Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts in the country are inoperative, the government said on Tuesday. As on December 6, of the total 10.34 crore inoperative PMJDY accounts, 4.93 crore belong to women, Minister of State for Finance Bhagwat K Karad said in a written reply to the Rajya Sabha. As per data received from banks, of the approximately 51.11 crore PMJDY accounts, around 20 per cent accounts were inoperative as on December 6, he said. The percentage of inoperative PMJDY accounts is similar to the percentage of overall inoperative accounts in the banking sector, he said. The deposited balance in the inoperative PMJDY accounts is around Rs 12,779 crore, which is around 6.12 per cent of the total deposited balance in PMJDY accounts, he said. This balance continues to earn interest at par with that applicable to operative accounts and can be claimed and withdrawn by depositors at any point of time after the account becomes operative again, he ...

About 6.26 PMJDY account holders receives DBT

Share of women in total bank deposits rises to over 20% in FY23

As on July 19, the number of total account holders under the PMJDY has reached 495.6 million, of which 275.6 crore are women

81.2% were operative as of August 2022, up from 76% in 2017

However, there was a decline in operative accounts as a percentage of the total, from 85.6% in August 2021 to 81.2% in August 2022

Calls for more private sector participation in extending reach of govt schemes to rural India

Business Standard looks at eight key schemes of this government

RuPay, operated by the National Payments Corpo­ra­tion of India (NPCI), is India's homegrown card network

This is despite their strong branch network and plans to expand retail banking operations; PSB lead race, accounting for 70% of such accounts opened in the state

Jan-Dhan Yojana has made a significant contribution in changing the paradigm of financial inclusion in India. The focus should now shift to the challenges ahead and how financial inclusion can play a coordinating role between stakeholders

Move is being seen as a part of the Centre's plan of bringing all subsidies and welfare schemes under the DBT