Skip to main content

Over 19 cr A|Cs Opened under Jan Dhan

By
RuPay cards issued to 16.51 crore customers and two lakh accounts are opened every day
Banks have opened 19.21 crore accounts under the government's ambitious financial inclusion scheme Pradhan Mantri Jan Dhan Yojana with deposit of more than  Rs.26,819 crore, the finance ministry has said. In a statement on Tuesday, the ministry said RuPay cards have been issued to 16.51 crore customers and that two lakh accounts are opened every day.
The Jan Dhan Yojana (PMJDY), which also entails a life insurance cover of Rs.30,000 and an accident insurance cover of Rs.1 lakh has benefited several subscribers as 1,336 claims of life cover and 333 claims of accident insurance cover have been paid till No vember 2015.
The ministry statement also noted that zero balance accounts in PMJDY have declined from 76% in September 2014 to 36.5% in November 2015.
“Till June 2015, more than . 4,273 crore have been routed ` through these accounts towards payment of wages under MNREGA and transfer of cooking gas subsidy amounting to Rs.17,446 crore has been done through Jan Dhan accounts till July 2015,“ the finance ministry said.
The ministry said that under the Pradhan Mantri Mudra Yojana (PMMY), banks have disbursed Rs.45,948.28 crore as on November 2015 which has benefited 66 lakh borrowers.
The government has set a tar Rs..22 lakh crore for loans to get of be given by banks to promote new entrepreneurs under PMMY which will seek to “fund the unfunded“. The government last year launched three social security programmes ­ the Pradhan Mantri Suraksha Bima Yojana (PMSBY), the Pradhan Mantri Jeevan Jyoti Bima Yoja na (PMJJBY) and the Atal Pension Yojana (APY) ­ to bring the excluded under the fold of formal financial services.
“As on November 2015, the gross enrolment under PMSBY is 9.16 crore, while that under PMJJBY is 2.86 crore,“ the finance ministry said, adding that 10.35 lakh subscribers have enrolled in the pension scheme.
PMJJBY is a one-year renewable life insurance scheme offering coverage of Rs. 2 lakh for death due to any reason and is available to people in the age group of 18 to 50 years, while PMSBY is a similar personal accident insurance scheme offering Rs.2 lakh for death or permanent total disability and Rs.1 lakh for permanent partial disability due to accident.
The Economic Times, New Delhi, 16th Dec. 2015 

Comments

Post a Comment

Popular posts from this blog

Household debt up, but India still lags emerging-market economies: RBI

By
  Although household debt in India is rising, driven by increased borrowing from the financial sector, it remains lower than in other emerging-market economies (EMEs), the Reserve Bank of India (RBI) said in its Financial Stability Report. It added that non-housing retail loans, largely taken for consumption, accounted for 55 per cent of total household debt.As of December 2024, India’s household debt-to-gross domestic product ratio stood at 41.9 per cent. “...Non-housing retail loans, which are mostly used for consumption purposes, formed 54.9 per cent of total household debt as of March 2025 and 25.7 per cent of disposable income as of March 2024. Moreover, the share of these loans has been growing consistently over the years, and their growth has outpaced that of both housing loans and agriculture and business loans,” the RBI said in its report.Housing loans, by contrast, made up 29 per cent of household debt, and their growth has remained steady. However, disaggregated data sho...
Post a Comment
Read more

External spillovers likely to hit India's financial system: RBI report

By
  While India’s growth remains insulated from global headwinds mainly due to buoyant domestic demand, the domestic financial system could, however, be impacted by external spillovers, the Reserve Bank of India (RBI) said in its half yearly Financial Stability Report published on Monday.Furthermore, the rising global trade disputes and intensifying geopolitical hostilities could negatively impact the domestic growth outlook and reduce the demand for bank credit, which has decelerated sharply. “Moreover, it could also lead to increased risk aversion among investors and further corrections in domestic equity markets, which despite the recent correction, remain at the high end of their historical range,” the report said.It noted that there is some build-up of stress, primarily in financial markets, on account of global spillovers, which is reflected in the marginal rise in the financial system stress indicator, an indicator of the stress level in the financial system, compared to its p...
Post a Comment
Read more

Retail inflation cools to a six-year low of 2.82% in May on moderating food prices

By
  New Delhi: Retail inflation in India cooled to its lowest level in over six years in May, helped by a sharp moderation in food prices, according to provisional government data released Thursday.Consumer Price Index (CPI)-based inflation eased to 2.82% year-on-year, down from 3.16% in April and 4.8% in May last year, data from the Ministry of Statistics and Programme Implementation (MoSPI) showed. This marks the fourth consecutive month of sub-4% inflation, the longest such streak in at least five years.The data comes just days after the Reserve Bank of India’s (RBI) Monetary Policy Committee cut the repo rate by 50 basis points to 5.5%, its third straight cut and a cumulative reduction of 100 basis points since the easing cycle began in February. The move signals a possible pivot from inflation control to supporting growth.Food inflation came in at just 0.99% in May, down from 1.78% in April and a sharp decline from 8.69% a year ago.A Mint poll of 15 economists had projected CPI ...
Post a Comment
Read more