Latest news with #JanDhan
Mint
15 hours ago
- Business
- Mint
Financial inclusion has risen but that's only half the story
On Tuesday, the Reserve Bank of India released the reading of its Financial Inclusion Index for 2024-25. At 67, its value has risen from 64.2 recorded the previous year, thanks to gains across all sub-indices—namely, for financial access, usage and quality. Also read: Customers want returns. PSBs are waiving the minimum balance levy. According to the central bank, which created this index more than half a decade ago and published its first ever reading of 53.9 for 2020-21 in August 2021, last year's increase was led by progress on the dimensions of usage and quality, 'reflecting the deepening of financial inclusion and sustained financial literacy initiatives." That public access to formal services is the hardest nut to crack has long been evident, given the sheer expanse of India. Also read: Nudged by finance ministry, PSBs to develop new framework for NPA recovery; special teams to focus on high-value loans An army of banking correspondents was sent out to enrol residents of remote villages and Jan Dhan bank accounts have been tom-tommed, but many people still pay informal moneylenders usurious rates of interest; RBI's easing of lending rates has no bearing on their lives. It's tragic that the well-off get cheap loans while the hard-up pay a much higher price for money even if they're equally creditworthy. Inclusion must improve faster for an emancipatory measure of relief from this inequity. Also read: PSUs show dividend fatigue as payout ratios hit decade's low in FY25
&w=3840&q=100)
Business Standard
5 days ago
- Politics
- Business Standard
Modi launches NDA poll campaign in Bihar, warns of opposition intent
Prime Minister Narendra Modi on Friday sounded the poll bugle in Bihar, where assembly elections are due shortly, calling for "an NDA government, once again", which would protect the state from the "evil intentions" of the RJD-Congress combine. Modi also accused the RJD of seizing land from the poor on the false promise of jobs, in an apparent reference to the 'land-for-jobs' scam, and asserted that the 'viksit' (developed) Bihar is key for eastern India's development. Addressing a rally in Motihari town, the headquarters of East Champaran district, he said, "The people of the state had broken the shackles of RJD", but the younger generation "must be made aware of the despair in which Bihar was mired two decades ago". He also made an indirect reference to the land for jobs scam, on a day when the Supreme Court turned down a plea by RJD supremo Lalu Prasad, a former railway minister and the prime accused, for a stay on trial. "Employment generation could have never taken place in Bihar under people who made aspirants part with their land in the name of providing jobs," said the PM. In contrast, he pointed out, "lakhs of youths in Bihar" have got loans under the Mudra Yojana promoting self-employment, and his government has also launched other schemes like Rs 15,000 assistance to youth getting their first jobs in the private sector. "The scheme will be rolled out on August 1 and the Centre will be bearing an expenditure of Rs one lakh crore for the same," said Modi. He also raised slogans in Hindi, roughly translating "we will build a new Bihar with the NDA in power once again" and "the resolve of Bihar is unshaken, to remain with the NDA always". Modi alleged that under the RJD-Congress rule, the poor could not afford pucca houses and the relatively better off "feared getting their homes whitewashed or distempered, as this could attract the attention of marauding gangs involved in kidnapping for ransom". In contrast, he said, over the past 11 years, "four crore houses have been built across the country under the PM Awas Yojana, of which 50 lakh are in Bihar. This figure surpasses the total population of countries like Norway, New Zealand and Singapore". "In Motihari alone, the around three lakh families have got pucca houses and the figure continues to grow. Today, more than 12,000 families have got keys to their new houses and 40,000 families have received funds in their bank accounts to build pucca houses", said the PM, whose speech was preceded by launch of development projects worth more than Rs 7,000 crore. He also pointed out that the poorest of the poor now had access to banking services thanks to the Jan Dhan scheme launched by his government, in sharp contrast to earlier times, "when our mothers and sisters were forced to keep their savings hidden in some obscure corner of their homes". Modi charged the Congress-RJD combine with "arrogance that leaves no respectable space for leaders who do not belong to families that control these parties". The allusion may have been to Independent MP Rajiv Ranjan alias Pappu Yadav, an INDIA bloc supporter, and young Congress leader Kanhaiya Kumar, both of whom were shoved aside last week while trying to climb atop a vehicle from where Rahul Gandhi and Tejashwi Yadav were addressing the public in Patna. The PM also said that the Congress-RJD combine, while in power, had "put brakes on development", but "we salute the resolve of the people of the state who broke the shackles" in the 2005 assembly polls, which brought the NDA to power for the first time. He, however, added that "the younger generation must be made aware of the despair in which Bihar was mired (nirasha ke gart mein duba) until two decades ago" and that it was essential to "protect Bihar against the evil intentions (buri niyat) of the Congress-RJD combine". The PM also touched upon the success of Operation Sindoor, which followed his announcement, from Madhubani district in the state, that the culprits of Pahalgam terror attack will be taken to task. "This is a new India, which spares no effort in punishing the enemies, mobilizing forces from both land and sky", remarked Modi, who also reaffirmed his government's commitment to stamp out naxalism, and claimed that efforts made in the direction have "benefited Bihar districts like Aurangabad, Gaya and Jamui, once held back by Maoist violence". He shared with the people his vision for a developed Bihar, "where Motihari gets as much prominence in the east, as Mumbai has in the west, opportunities in Gayaji are at par with those in Gurugram and industrial growth in Patna matches that of Pune". Modi also accused the previous Congress-led UPA government at the Centre of "political retaliation" against the Nitish Kumar administration in the state "which received a meagre assistance of Rs two lakh crore over a period of 10 years". "Since 2014, when we took over, Bihar has been provided Rs nine lakh in central assistance", disclosed the Prime Minister. Besides the Bihar CM, who is a key NDA partner, the PM shared the stage with Governor Arif Mohammed Khan, besides Union ministers belonging to the state, including Chirag Paswan, Jitan Ram Manjhi, Rajiv Ranjan Singh alias Lalan, Nityanand Rai and Ramnath Thakur.
Mint
5 days ago
- Business
- Mint
India's eastern states engines of growth, just as eastern nations are rising: PM
New Delhi: India's eastern states are gaining momentum, and will be engines of growth for the country, just like eastern nations are rising globally, prime minister Narendra Modi said on Friday at a rally in poll-bound Bihar's Motihari, where he inaugurated new development projects worth over ₹ 7,000 crore. He inaugurated projects in the rail, road, rural development, fisheries, electronics and information technology sectors, the government said in a statement. Speaking in Bihar ahead of the state's assembly elections likely in October-November, Modi said that over the past decade, the Centre has allocated nearly ₹ 9 trillion for the state's development, compared with ₹ 2 trillion in the preceding decade. Modi also said over the past 11 years, more than 40 million houses have been built under the PM Awas Yojana across the country, with nearly 60,00,000 constructed in Bihar alone. India's eastern states, including Bihar, Jharkhand, Odisha, and West Bengal, are among the poorest in the country. Modi also spoke about benefits received by women and farmers in Bihar under central schemes. He said the Centre's Jan Dhan Yojana for financial inclusion has benefited women, with about 35 million women in the state opening new bank accounts till date. In the past one-and-a-half months alone, over 24,000 self-help groups in the state have received more than ₹ 1,000 crore in assistance, through the Jan Dhan accounts. Over 20,00,000 women in Bihar have become 'Lakhpati didis'—women with a net worth of over ₹ 1 lakh due to the Centre's push for financial inclusion. The government's efforts to promote makhanas (fox nuts) had pushed global prices up, Modi said, adding that a Makhana Board has been formed to support the sector. Under the PM-Kisan Samman Nidhi Yojana, approximately ₹ 3.5 trillion has been disbursed to farmers across the country, andthat in Motihari alone, over 500,000 farmers have received more than ₹ 1,500 crore through this also said the Pradhan Mantri Dhan-Dhanya Krishi Yojana, recently approved by the Union cabinet, will identify, prioritise, and provide financial benefits to farmers in 100 districts that agriculturally-rich in potential but lagging in productivity and farmer projects inaugurated by Modi on Friday included the development of infrastructure for maintenance of Vande Bharat trains at Patliputra,and automatic signalling on Bhatni-Chhapra Gramin rail line (114 km) to enable streamlined train operations. He also inaugurated a new Software Technology Parks of India (STPI) facility at Darbhanga and an Incubation Facility of STPI at Patna for promoting the information technology (IT) industry and startups.
Indian Express
5 days ago
- Politics
- Indian Express
‘Congress-RJD took revenge on Bihar': At Motihari rally, Modi raises poll pitch
Calling Chief Minister Nitish Kumar's leadership as pivotal to Bihar's future, Prime Minister Narendra Modi Thursday accused the previous RJD-Congress government of 'punishing' the state and promised that a 'new Bihar' would be built under the National Democratic Alliance government. Speaking at a public meeting in Motihari after launching and inaugurating development projects of over Rs 7,200 crore, Modi said: 'This is the land of Champaran, which gave a new direction to Mahatma Gandhi. Now, the inspiration from this land will shape Bihar's new future'. The Prime Minister's address was aimed at highlighting NDA's governance model in Bihar while drawing a sharp contrast with that of the earlier UPA regime. He accused the Congress-RJD of meting out 'revenge politics' to the state. 'When the RJD and Congress were in power, Bihar was given just Rs 2 lakh crore in 10 years. It was as though they were punishing Nitish ji's government punishing the people of Bihar. But in the last 10 years, the NDA governments have given multiple times more funding for Bihar's development,' he said. Taking a jibe at the RJD's tenure in the state, Modi said that development was stalled under the RJD-Congress government, and the poor found it hard to access their rights. 'Those in power were more interested in how to loot what was rightfully the poor's,' he said. 'At that time, people didn't even dare repaint their homes, fearing the landlords might be picked up. Can anyone who fostered such fear give you a pucca house?' At the same time, he underscored the NDA's credentials in welfare delivery, with schemes such as the government's affordable housing scheme Pradhan Mantri Awas Yojana (PMAY) and women's Self-Help Group initiative, Lakhpati Didi, and the financial inclusion programme, Jan Dhan. 'Over 12,000 families in Bihar have received new homes under the Pradhan Mantri Awas Yojana (PMAY) on Thursday itself, and nearly seven lakh houses have already been built in the state under the scheme. In Motihari alone, three lakh pucca houses have been constructed,' he said. 'Only in Bihar, more poor families have been given permanent homes than the total populations of countries like Norway, New Zealand, and Singapore,' he said. Referring to the Jan Dhan scheme, he said: 'Earlier, many women didn't even have bank accounts. Today, more than 3.5 crore women in Bihar have Jan Dhan accounts. The government's money is directly reaching them now through these accounts'. He also announced a new central employment scheme for employment. To be rolled out on August 1, the scheme offers Rs 15,000 incentive to first-time job seekers in the private sector. 'This will be hugely beneficial for the youth of Bihar,' he said, adding that the Centre will allocate Rs 1 lakh crore for the initiative. There is more employment under the Nitish Kumar-led government, he said. 'Lakhs of youth have been appointed fairly and transparently. Nitish ji has taken new steps on employment, and the Centre is working shoulder-to-shoulder with him,' he said. Promising further support to Bihar's agro-based economy, he highlighted that the government is working on setting up a Makhana Board to connect the farmers of Bihar with global markets. Similar value chains could be developed in future for 'banana, litchi, katarni rice, Jardalu mango and Magahi paan', he said. Modi also spoke about the decline of Maoist activity in Bihar, terming it a result of strong governance and security policy. 'Today, districts like Champaran, Gaya, Jamui, and Aurangabad, which once were under Naxal influence, are seeing youth dream bigger,' he said, adding, 'Our resolve is to free India from the shadow of Naxalism.' Framing the eastern region as the next engine of India's growth, Modi said: 'In the 21st century, Eastern countries are leading global growth. Similarly, in India, it will be eastern states that will drive the country forward'. Positioning the BJP-JD(U)-led NDA as the covenant for Bihar's continued development, Modi said, 'You have already freed this land from the shackles of RJD and Congress. You made the impossible possible. Now that Bihar is on the path of progress, it must continue with the NDA. That is your pledge, NDA at every step. We will build a new Bihar — and once again, an NDA government.'
Hans India
5 days ago
- Politics
- Hans India
PM Modi announces Rs 15,000 incentive for first-time private sector employees at Motihari rally
Patna: Prime Minister Narendra Modi, during his visit to Bihar on Friday, inaugurated and laid the foundation stone for development projects worth over Rs 7,217 crore at a massive public gathering at Gandhi Maidan in Motihari, East Champaran. As part of the event, the Prime Minister also flagged off four Amrit Bharat trains, enhancing rail connectivity across the region. In a major announcement aimed at youth employment, PM Modi said the Centre has approved a new scheme under which Rs 15,000 will be given to every individual employed for the first time in a private company. The scheme will be implemented from August 1, with the government allocating Rs 1 lakh crore for it. 'New employment for new youth. The youth of Bihar will benefit greatly from this,' the Prime Minister said. Calling for the eastern states to take the lead in India's development journey, Modi stressed that the region, particularly Bihar, has immense potential. 'Our resolution is a developed Bihar and employment for every youth. The youth of Bihar should find opportunities within the state itself, and for this, rapid work has been done in recent years. Large-scale government recruitment drives have taken place, and the Centre is working shoulder-to-shoulder with the Bihar government,' he said. PM Modi also took a sharp dig at previous RJD-Congress governments in the state, accusing them of corruption and ignoring the welfare of the poor. 'Under RJD and Congress rule, it was impossible for funds meant for the poor to actually reach them. Those in power were only interested in looting. But Bihar has shown that the impossible can be made possible. You freed this land from RJD-Congress and paved the way for direct benefit to the poor,' he said. Recalling the condition of poor families under earlier regimes, he said people were even afraid to paint their houses for fear of harassment, and women were forced to hide money as they had no access to bank accounts. 'Such RJD leaders could never provide you with a permanent house. Earlier, if a woman had Rs 10, she had to hide it. Today, we have opened crores of Jan Dhan accounts, giving the poor a sense of dignity and access to banking,' he added.
