-Frontline The problem in rural India is not one of too much credit to poor households that leads to debt waivers that damage bank balance sheets, but one of inadequate access to credit from formal sources. IF Reserve Bank of India Governor Raghuram Rajan is to be believed, efforts to help Indian farmers by providing them with cheap(er) credit and relieving them of an unsustainable debt burden only harms them in the...
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Only 48 per cent of Indian adults have access to bank accounts: Report
-PTI NEW DELHI: Only 48 per cent of Indian adults have bank accounts and nearly half of them lie dormant, says a report. 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, Pakistan and Bangladesh. The survey compiled by the Financial Inclusion Insights programme, operated by global strategic research consultancy InterMedia and supported by the Bill & Melinda...
More »Banking on a flimsy promise -Jitendra
-Down to Earth The government is clueless about incentives it has promised under its Pradhan Mantri Jan Dhan Yojana to bring every family under the formal banking system ON AUGUST 15, when Prime Minister Narendra Modi announced extending the financial inclusion plan of the former UPA government and renamed it Pradhan Mantri Jan Dhan Yojana (PMJDY), he was well aware of its limitations. Though launched in 2010, the plan had miserably failed...
More »Farmers rue delay in cash deposit in banks
-Deccan Chronicle Hyderabad: The undue delay in remitting the first installment of loan waiver amount to banks by the Telangana state government has resulted in farmers across the state losing crop insurance benefit for the ongoing kharif season. Reports from Telangana districts confirm that the government did not remit the amount that was promised by it to banks by September 30, the last day for the banks to make adjustments of...
More »25% accounts opened under Jan Dhan Yojana are repeat accounts, admits bureaucrat -Jitendra
-Down to Earth Modi government plans to revive cash benefit transfer scheme of previous government Ever since Prime Minister Narendra Modi's ambitious financial inclusion programme-the Pradhan Mantri Jan Dhan Yojana (PMGDY)-was launched on August 28 this year there have been misgivings over the haste shown by the government to open banks accounts to cover all rural households. Now a statement of a senior government official in the finance ministry shows the pitfalls...
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