Jan Dhan Yojana

SBI focuses on JanDhan, trusts, societies to mobilise incremental deposits

SBI is using wealth banking to focus on a segment which is below affluent class but above the normal account holders

Jan Dhan Yojana UPA-era scheme renamed by Modi govt, says Chidambaram

Senior Congress leader P Chidambaram on Thursday said the Jan Dhan Yojana was a UPA-era scheme that was "renamed" by the Modi government, and asserted that several million accounts were opened between 2005 and 2014. The former finance minister's remarks came a day after the government marked completion of 10 years of the Pradhan Mantri Jan Dhan Yojana with Prime Minister Narendra Modi hailing the scheme. Chidambaram said the RBI governor who conceived of the idea was C Rangarajan. In 2005, when the 'No Frills Account' or 'Zero Balance Account' was rolled out, the governor was Dr Y V Reddy, he said. "Dr Reddy was succeeded by Dr Subba Rao. All the past governors deserve credit for introducing the scheme. It was renamed as Basic Savings Bank Deposit Account (BSBDA) in 2012," he said in a statement. The UPA-era scheme was renamed as Jan Dhan Yojana by the Modi government, Chidambaram said. Several million accounts were opened between 2005 and 2014, he said. As the Pradhan Mantri Ja

PMJDY integrates poor into economic mainstream, says FM Nirmala Sitharaman

Pradhan Mantri Jan Dhan Yojana (PMJDY), the largest financial inclusion initiative in the world, integrates the poor into the economic mainstream and plays a crucial role in the development of marginalised communities, Finance Minister Nirmala Sitharaman said on Wednesday. PMJDY, the national mission for financial inclusion, which completed a decade of successful implementation continuously endeavours to provide support to the marginalised and economically backward sections through its financial inclusion interventions. In her message on the 10th anniversary of PMJDY, Sitharaman said, "universal and affordable access to formal banking services is essential for achieving financial inclusion and empowerment. It integrates the poor into the economic mainstream and plays a crucial role in the development of marginalised communities." By providing universal, affordable, and formal financial services including bank accounts, small savings schemes, insurance, and credit to the previously

Jan Dhan Yojana turns 10: PM Modi hails financial inclusion success

Jan Dhan Yojana has been paramount in boosting financial inclusion and giving dignity to crores of people', said Prime Minister Narendra Modi

Will open 30 million Jan-Dhan accounts this FY, says FM Sitharaman

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

10 years of Pradhan Mantri Jan-Dhan Yojana: Stepping aside and looking back

PMJDY is testimony to how digital technology can be put to use for the poor so that they also benefit from the economic growth

FinMin to meet CEOs of PSBs on Jun 25, review financial inclusion schemes

The finance ministry has called a meeting of heads of Public Sector Banks (PSBs) on Tuesday to review progress of various financial inclusion schemes, including PM Vishwakarma, Jan Suraksha and Mudra Yojana. The meeting is scheduled to be chaired by Financial Services Secretary Vivek Joshi. According to sources, the meeting would review the progress of various flagship schemes, including PM Vishwakarma, StandUp India, PM SVANidhi , among others. Other financial inclusion related issues would also be discussed in the meeting, sources said. Prime Minister Narendra Modi in September last year launched PM Vishwakarma scheme under which traditional craftsmen and artisans will be provided loan assistance at a minimal interest rate without the need for collateral. With a financial outlay of Rs 13,000 crore for a period of five years, the scheme will benefit about 30 lakh families of traditional artisans and craftsmen, including weavers, goldsmiths, blacksmiths, laundry workers, and ...

SBI sanctioned 20,000 digital small biz loans up to Rs 50 lakh since Dec

State Bank of India (SBI) has sanctioned around 20,000 loans of Rs 10 lakh to Rs 50 lakh for small businesses as part of a digital lending pilot that started in December, a senior official said on Friday. Having been satisfied with the results of the pilot, under which a customer can get a loan sitting at home, the country's largest lender is now broadening the loan amounts to Rs 5 crore, Deputy Managing Director Surendra Rana said at a banking conference organised by IMC here. "We rolled out the Rs 10-50 lakh model in December and I am happy to share that we have already sanctioned around 20,000 loans through this process and this is working very smoothly. Now, we are escalating it to Rs 5 crore," he said. A customer journey starts with scanning a QR code from anywhere, grants some approvals and SBI uses data repositories to come back with a sanctioned amount in a maximum of five days, he said. The remarks from the official come days after the bank announced that lending to small

Highlights of the day: Investments are inclined towards India, says FM

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Jan Dhan Yojana revolutionised financial inclusion in India: FM Sitharaman

Finance Minister Nirmala Sitharaman on Monday said Jan Dhan Yojana-led interventions and digital transformation have revolutionised financial inclusion in the country, as more than 50 crore people have been brought into the formal banking system with cumulative deposits surpassing Rs 2 lakh crore. On the ninth anniversary of the Pradhan Mantri Jan Dhan Yojana (PMJDY), which is one of the biggest financial inclusion initiatives in the world, Sitharaman in her message said 55.5 per cent bank accounts have been opened by women, and 67 per cent have been opened in rural/semi-urban areas. Under the scheme, the number of bank accounts grew 3.4-fold from 14.72 crore in March 2015, to 50.09 crore as on August 16, 2023. Total deposits too have swelled from Rs 15,670 crore as of March 2015, to over Rs 2.03 lakh crore as of August 2023. The average deposits in Jan Dhan accounts have increased 3.8 times from Rs 1,065 as of March 2015, to Rs 4,063 in August 2023. About 34 crore RuPay cards hav

9 years on, Jan-Dhan helps govt seal leaks and purge bogus accounts

About 6.26 PMJDY account holders receives DBT

Over 500 mn Jan Dhan accounts opened in past 9 yrs, deposits cross Rs 2 trn

More than 50.09 crore accounts have been opened under the PM Jan Dhan Yojana in the last nine years and the deposit balance swelled to over Rs 2.03 lakh crore, the Finance Ministry said on Saturday. The Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched on August 28, 2014, with the aim to provide universal banking services through the opening of zero-balance bank accounts for every unbanked household, based on the guiding principles of banking the unbanked, securing the unsecured and funding the unfunded. Financial Services Secretary Vivek Joshi said 33.98 crore RuPay cards were issued to PMJDY account holders as of August 2023, up from 13 crore at the end of March 2015. "Currently there are 225 crore bank accounts in the country. The data shows that many people have more than one bank account. Overall in terms of account opening, we are nearing saturation," Joshi said. He said the zero balance accounts under Jan Dhan yojana have reduced to 8 per cent of total accounts as of Augus

Significant milestone: PM Modi on Jan Dhan accounts crossing 50-crore mark

Prime Minister Narendra Modi on Saturday lauded the feat of the number of Jan Dhan accounts crossing the 50-crore mark as a significant milestone. It is heartening to see that more than half of these accounts belong to women, Modi posted on X. The Union Finance Ministry said on Friday that the total number of Jan Dhan accounts in the country has crossed the 50-crore mark, with 56 per cent of them belonging to women. About 67 per cent of these accounts have been opened in rural and semi-urban areas, the ministry said in a statement. Terming it a significant milestone, Modi said, "It is heartening to see that more than half of these accounts belong to our Nari Shakti. With 67% of accounts opened in rural and semi-urban areas, we are also ensuring that the benefits of financial inclusion reach every corner of our nation." The total deposits in the Jan Dhan accounts are above Rs 2.03 lakh crore while around 34 crore RuPay cards have been issued with these accounts free of cost, the ..

Higher losses during disasters due to abysmally low insurance cover of 8%

Calling for out-of-the-box solutions to address the rising cases of natural disasters, which have since 2001 killed almost 85,000 people and thousands of crores in losses, a report has said the higher losses are due to the abysmally low insurance cover of just about 8 per cent. India has been ranked third, after the US and China, in recording the highest number of natural disasters since 1900. The country had 764 natural disasters, such as landslides, storms, earthquakes, floods, droughts etc since 1900, with 402 events occurring during 1900-2000 and 361 during 2001-22, indicating the preponderance of tail events at an alarming frequency and each such event setting new records of economic stress, SBI Research said in a report Monday. By disaster type, the country is marred mostly by floods. Almost 41 per cent of disasters that occurred were floods, followed by storms. Since 2001, as many as 100 crore people have been impacted, and almost 85,000 people lost their lives. And the coun

Only 8.2% of 463 million Jan Dhan accounts are zero balance: RBI report

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

Bank boards can decide on waiving penalty on minimum balance: Karad

The boards of individual banks can decide on waiving the penalty on accounts, which do not maintain a minimum balance, Union Minister of State for Finance Bhagwant Kishanrao Karad on Wednesday said. "Banks are independent bodies. They have boards which can take a decision to waive off the penalty," Karad told reporters here. The minister was responding to a question if the Centre would consider directing banks not to charge any penalty from the accounts where the balance falls below the prescribed minimum levels. Karad was on a two-day visit to Jammu and Kashmir to review the implementation of various financial schemes in the Union Territory. The minister said the banks in Jammu and Kashmir had done a good job over the years and directed them to improve their performance on those parameters where they are lagging behind the national average. "I have told the banks in Jammu and Kashmir to hold Saturday camps to bring the percentage of Jan Dhan Yojana accounts closer to the national

Rs 25 trn in Jan Dhan accounts, says Union Minister Kishan Reddy

As much as Rs 25 lakh crore has been distributed so far to beneficiaries under various welfare schemes and subsidies through Pradhan Mantri Jan-Dhan Yojana bank accounts, Union Minister of Tourism G Kishan Reddy said on Sunday. Speaking to reporters at Jangaon, about 90 km from here, after the inauguration and dedication of 75 digital banking units to the nation by Prime Minister Narendra Modi, Reddy said half of the 50 crore Jan Dhan accounts belong to women. You all know when the Jan Dhan accounts were opened there was question whether it was required in our country. Today, we have distributed Rs 25 lakh crore on welfare schemes to poor people through Jan Dhan accounts. This is an achievement, he said. Reddy further said today there is Rs 1.75 lakh crore in the Jan Dhan bank accounts deposited by the poor. He further said there were several instances in some States where the subsidies, pensions and welfare schemes of poor people are being looted by fraudsters using fake ...

PMJDY accounts hit 462.5 mn in eight yrs, deposits reach Rs 1.73 trillion

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

Deposits in bank accounts opened under Jan Dhan scheme cross Rs 1.5 trn

Deposits in bank accounts opened under the Jan Dhan scheme, launched about seven and half years ago by the government, have crossed the Rs 1.5 lakh crore mark

Jan Dhan Yojana helped check corruption in housing schemes: Adityanath

Uttar Pradesh Chief Minister Yogi Adityanath on Wednesday hailed PM Narendra Modi for the Jan Dhan Yojana, saying it helped check corruption in housing schemes