-The Indian Express Earlier this month, the ministry of finance announced that over 50 million new bank accounts have been opened and 17 million debit cards issued since the launch of a bold new plan to grant financial access to the poor. Prime Minister Narendra Modi announced this initiative, called the Pradhan Mantri jan dhan Yojana (PMJDY), in a speech in August. Its ultimate goal is to reach 150 million unbanked...
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Quieter, steadier -Vikram S Gandhi
-The Indian Express The prime minister's jan dhan Yojana (JDY) is, in many ways, an improvement over previous financial-inclusion schemes. And with an aggressive target to cover 15 crore households with basic banking services, including an overdraft facility, debit card as well as accident and life insurance cover, it is the most ambitious attempt yet. However, to achieve its promise, the JDY needs to focus on implementation. As suggested by the...
More »PM Modi orders Aadhaar cards for all by June 2015 -Ruhi Tewari
-The Indian Express Prime Minister Narendra Modi has directed the Unique Identification Authority of India (UIDAI) to ensure "universal coverage" under Aadhaar by June 2015. According to government officials, the PM set the deadline at a high-level meeting chaired by him in the first week of September. The target was reiterated in the minutes of the meeting circulated to all the concerned departments. Directions have also been issued to the Registrar General...
More »For jan dhan, banks to lend Rs 1.65 lakh cr via overdraft -George Mathew
-The Indian Express The government is aiming to lend Rs 165,000 crore to the poor and unbanked population through the overdraft facility at an interest rate of 11 per cent under its ongoing jan dhan financial inclusion programme. "It is estimated that there are 18.2 crore basic banking accounts and. by the end of the campaign another 15 crore accounts would get added. An overdraft of Rs 5,000 in each of these...
More »Will the ‘Jan’ get their ‘Dhan’? -Akansha Yadav & Sowmya Kidambi
-The Hindu Business Line Opening bank accounts in rural areas is all very well, but biometric frauds are a serious possibility The ambitious Pradhan Mantri jan dhan Yojana (PMJDY) aims at bringing millions of rural Indians within the financial mainstream by opening bank accounts. In 2006, the Reserve of India, recognising that a majority of rural Indians had little or no access to banking services, allowed banks to use third-party, non-bank agents...
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