JAN DHAN ACCOUNTS
Household savings flow to financial market could pose risks, says finance ministry
The finance ministry has informed the Parliament about the risks households face when shifting deposits from banks to market-linked products in search of higher returns. The committee also discussed liquidity concerns, FDI in insurance, grievance redressal, and the activation of Jan Dhan accounts.
Over 30.68 cr unorganised workers registered on e-Shram Portal; women constitute 53.68% of registrations
Over 30.68 crore unorganised workers have registered on the e-Shram portal, launched to support unorganised workers with a Universal Account Number. More than half of the registrants are women. The platform, which now supports 22 Indian languages and a mobile application, integrates with 13 social security schemes to enhance accessibility for workers.
Bridging the insurance gap on International Women’s Day—the overlooked pillar of financial inclusion for Indian women
Despite rapid strides in financial inclusion, Indian women remain significantly underinsured, leaving their businesses and families vulnerable to financial shocks. The newly launched Women Udyam Bima Policy by The New India Assurance Co. Ltd. aims to change this by providing tailored insurance coverage to women entrepreneurs. On International Women’s Day 2025, learn more about why insurance matters for women.
Financial inclusion to make India’s Viksit Bharat goal 2047 inclusive
Financial inclusion is key to achieving India's Viksit Bharat goal by 2047, ensuring growth is broad-based and equitable. Innovations in technology and policies like the JAM trinity have improved access to financial services, with a shift in focus from access to the quality and holistic well-being of financial health.
Equity in technology needed for true gender parity: Smriti Irani
Former Union Minister Smriti Irani emphasized the urgency of ensuring gender equity in technology at the Indo-American Chamber of Commerce Conference. She highlighted inherent gender biases in AI systems and called for collective action to address these disparities to truly empower women in the digital age.
RBI's Rajeshwar Rao asks entities to guard against reckless financialisation
RBI Deputy Governor M Rajeshwar Rao warns financial sector entities against 'reckless financialisation' amid rising unsecured lending and derivative euphoria. He emphasizes the need for customer awareness on the risks of leveraged products and speculative investing. Rao also highlights the importance of financial literacy and balancing regulation to maintain financial stability while fostering innovation.
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Reforms India is doing today are out of conviction, not compulsion like earlier: PM Modi at ET Now GBS 2025
ET Now GBS 2025: Prime Minister Narendra Modi emphasized significant reforms being made to boost India's economy, including property rights for the poor, development in previously neglected districts, banking sector transformation, and the opening up of key industries like nuclear energy for private investment. These efforts aim to position India as a leading global economy.
India's reforms today are out of conviction, not compulsion like earlier: PM Modi on how Bharat is being transformed
PM Modi, addressing industry leaders, highlights India’s rapid progress under the BJP-NDA government, emphasizing reforms-driven growth unlike previous administrations. He showcases key initiatives like Bharatiya Nyaya Sanhita, Swamitva Yojana, and Aspirational Districts program that have transformed justice delivery, property rights, and regional development, underlining India’s journey towards becoming the third-largest economy.
KYC, Unlock Kar Diya Jaye: Customer ID verification framework is making life difficult for the poor
Poor people are facing increasingly more challenges due to stringent KYC norms, leading to many being unable to access their bank accounts. Urgent revisions to the KYC framework are necessary to prevent similar tragedies.
L&T chairman on new job market reality: Now, techies and even labourers don't hesitate to say goodbye
L&T chairman SN Subrahmanyan highlighted labour shortages in India’s construction sector due to workers’ reluctance to relocate, making large-scale projects difficult. Despite hiring 1.6 million workers annually, mobilization remains a challenge. Government welfare schemes and a preference for staying local contribute to this trend. A similar reluctance is seen among IT professionals, who now prefer remote work over relocation. This shift contrasts with earlier generations, complicating talent distribution and posing challenges for senior leadership adapting to the evolving work culture.
After 90-hour row, L&T boss Subrahmanyan now finds it ‘funny’ that Indians don’t want to come to office or relocate for jobs
SN Subrahmanyan, chairman and managing director of L&T, highlighted labour shortages in the construction industry. Workers are reluctant to move for jobs due to welfare schemes and comfortable living conditions. The issue extends to engineers unwilling to relocate as well. Companies are adapting their HR strategies to address these challenges.
Over 54.5 crore JanDhan accounts opened till January 15; 57% women a/c holders: Nirmala Sitharaman
Finance Minister Nirmala Sitharaman announced that over 54.5 crore JanDhan accounts have been opened as of January 15, 2025, with 56% belonging to women. The Pradhan Mantri Jan Dhan Yojana, initiated in 2014, aims to provide universal banking services. Social security enrolments also show significant numbers, with millions of women benefitting.
Budget 2025 full speech: Read FM Nirmala Sitharaman's Union Budget address here
Budget 2025 Download full speech: The 2025-26 Budget introduces measures to accelerate growth, ensure inclusive development, and boost private sector investments. Key proposals include enhancing agricultural productivity, supporting MSMEs, and stimulating employment. Tax reforms and incentives for investment and innovation aim to foster economic resilience and support India's path toward becoming a Viksit Bharat.
Budget 2025: Here is what startups expect from Union government
Startup founders are expecting the budget to propose steps to build on the cut in TDS rate for ecommerce operators from 1% to 0.1%, effective from October 1, 2024, to lower their tax burden and encourage greater compliance.
Rural fintechs seek government fund to upgrade last-mile tech infrastructure
Fintech startups and business correspondents serving rural areas seek Rs 500 crore in equity funding from the government to upgrade technology. This fund, potentially structured like the IMEF, would support services like remittances and Jan Dhan accounts. The request comes amidst a funding winter and seeks to improve last-mile financial inclusion.
Women, youth, farmers and poor can continue to be Budget 2025's ‘roti, kapda aur makan’
Union Budget 2025: Finance Minister Nirmala Sitharaman faces challenges in Budget 2025-26 while continuing to focus on infrastructure, fiscal prudence, and welfare schemes for women, youth, farmers, and the underprivileged. Increased funding for programs like PM-Kisan, Mudra Yojana, and Garib Kalyan Yojana is anticipated to drive inclusive growth amid global economic uncertainties and fiscal constraints.
From smartphones to scorecards: How EMIs are dialing up access to loans
Purchasing a mobile phone on EMI is helping people in the informal sector to build credit histories. This enables them to access larger loans in the future. Phone EMIs are particularly popular due to partnerships between manufacturers and lenders. This benefits both lenders and first-time borrowers by expanding the market and building customer loyalty.
Do fresh KYC of PM Jan Dhan accounts due for updation: DFS secretary to banks
Financial Services Secretary M Nagaraju urged banks to initiate a fresh Know Your Customer (KYC) process for Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts due for updates. He emphasised using various methods like fingerprints and face recognition for re-KYC through multiple channels, including ATMs and mobile banking. Nagaraju encouraged banks to complete the re-KYC process efficiently to avoid customer inconvenience.
Rs 25 lakh crore deposited in Jan Dhan accounts: Government
"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.
Deposits in Jan Dhan accounts surge in 1st week of April
According to official data, the total deposits into the accounts opened under the Pradhan Mantri Jan Dhan Yojana (PMJDY) increased to Rs 1.28 lakh crore during the week ended April 8, 2020 as compared to Rs 1.20 lakh crore at the end of April 1, 2020. This is probably the biggest weekly increase in deposits of Jan Dhan accounts witnessed in the recent past.
Centre credits Rs 500 each to over 4.07 crore women Jan Dhan account holders
Announcing the Pradhan Mantri Garib Kalyan Yojana (PMGKY) in view of the ongoing 21-day countrywide lockdown due to the coronavirus outbreak, FM Nirmala Sitharaman had said on March 26 that ex-gratia payment of Rs 500 would be credited to women Jan Dhan account holders for the next three months, starting from April.
Deposits in Jan Dhan accounts fast inching towards Rs 1 lakh crore mark
The total balance in the Jan Dhan accounts, which has been steadily rising, was at Rs 97,665.66 crore as on April 3.
Jan Dhan overdraft option likely to give Rs 32,000 crore boost to economy
The govt expects at least half of the 32 crore Jan Dhan accounts to avail the overdraft facility for Rs 2,000.
Schemes like Jan Dhan gave wings to millions of aspirations: PM Narendra Modi
Modi said the govt's efforts to bring about a qualitative and transformative change in the lives of the poor and marginalised continue with "immense vigour".
Jan Dhan deposits surge to Rs 64,564 crore
Finance ministry data, accessed through a Right to Information (RTI) application, show that there were about 28.9 crore PMJDY accounts on June 14 this year.
Rs 5,582.83 crore withdrawn from Jan Dhan accounts in a month post note ban
During the period (December 7 to January 11) the total deposit have came down by Rs 5,582.83 crore. There are about 26.68 crore Jan Dhan accounts.
Deposits in Jan Dhan accounts rise to Rs 64,250 crore
The Centre also stressed that no public sector banks had given any instructions to their officials to deposit Re 1 or 2 to avoid zero balance in Jan Dhan accounts.
As deposits swell, Jan Dhan accounts may be made normal savings accounts
Following the announcement, bankers are re-examining the threshold they set for converting Jan Dhan accounts into normal savings accounts.
Dead since birth, Jan Dhan accounts now flush with cash
Many such accounts, which held only Re 1or Rs 2 till November 8, now have up to Rs 49,000, the upper limit for deposits that can be done without PAN cards.
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