Latest news with #PradhanMantriJanDhanYojana
India Today
8 hours ago
- Business
- India Today
Most Indians have bank accounts now, but does access mean empowerment?
India's journey toward financial inclusion has been transformative. As per the latest report from the World Bank, last year, 89 per cent of Indians aged more than 15 now own a bank account, up from just 35 per cent in 2011. This 54 percentage-point jump is one of the steepest globally and reflects the impact of reforms like the Pradhan Mantri Jan Dhan Yojana, simplified KYC norms, and last-mile banking even though access to accounts is nearly universal, meaningful usage still lags. Roughly 14 per cent of adults in India do not actively use their accounts, significantly higher than the four per cent average across other low- and middle-income countries. In fact, taking India out of the average brings it down to just three per cent. Access alone doesn't guarantee India's most common reason for financial exclusion bucks the global trend. In most low- and middle-income economies, the leading barrier is a lack of money. In India, however, the top reason given by unbanked adults is that a family member already has an account. Even so, not having enough money, the cost of financial services, and distance to financial institutions are frequently cited by about half of the unbanked population. Gender parity has improved steadily regarding account ownership, and mobile phone ownership, a critical enabler of digital finance, is higher among men (77 per cent) than women (54 per cent) in India. About one in five women (22 per cent) and one in four men (25 per cent) use basic phones, while a notable share of women still do not own any phone, highlighting a persistent gender gap in digital 2021 and 2024, more men than women own active accounts, though the gender gap in ownership of active accounts as a percentage of account owners fell from 12 percentage points in 2021 to seven in 2024. As per the World Bank, this may be due to the large increase in women receiving government-to-person payments digitally over the same 2021 and 2024, the share of inactive accounts among both men and women declined, and the gender gap in active account usage also account ownership has grown from 51 per cent in 2011 to 79 per cent in 2024, with India's figure at 89 per cent. Yet, India and China also house one of the largest absolute numbers of unbanked adults due to their sheer population size. In fact, 53 per cent of the world's unbanked adults, or 650 million people, live in just eight countries, including India, China, Bangladesh, etc.- Ends
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Business Standard
a day ago
- Business
- Business Standard
Higher FDI cap won't affect PSBs' financial inclusion goals: UCO Bank CEO
We are conducting a saturation drive for inoperative PMJDY accounts, meeting customers one-on-one to encourage them to operate their accounts, says Ashwani Kumar New Delhi Listen to This Article The government's guarantee mechanism for startups is likely to improve lending to the sector in the coming years, says UCO Bank Managing Director and Chief Executive Officer (MD&CEO) Ashwani Kumar. In a telephonic interview with Harsh Kumar, he also discusses the expansion plans of the bank. Edited excerpts: How is your bank addressing inoperative accounts under Pradhan Mantri Jan Dhan Yojana (PMJDY)? We are conducting a saturation drive for inoperative PMJDY accounts, meeting customers one-on-one to encourage them to operate their accounts. The main issue we face is that some customers have multiple accounts across different banks, and are receiving
Hans India
16-07-2025
- Politics
- Hans India
Central govt committed to inclusive development: Union Minister
Jaipur: Union Minister of State for Social Justice and Empowerment, Ramdas Athawale, on Wednesday said the Central government under Prime Minister Narendra Modi is committed to ensuring justice and development for all sections of society. Addressing a press conference in Jaipur, the Minister said that through various public welfare schemes, efforts have been made to uplift 25 crore people from poverty. He highlighted that due to the economic policies of the Central government over the last 10 years, India has become the world's fourth-largest economy. Athawale shared that in the Union Budget 2025-26, the government has allocated Rs 1,68,478 crore for the welfare of Scheduled Castes, an increase of 2 per cent or Rs 2,960 crore from last year. For Scheduled Tribes, Rs 1,29,249.75 crore has been allocated, up by Rs 4,340.8 crore compared to the previous year. Under the Pradhan Mantri Jan Dhan Yojana, over 55.69 crore bank accounts have been opened across the country, including 3.71 crore in Rajasthan. Under the Pradhan Mantri Mudra Yojana, loans worth Rs 34.32 lakh crore have been given to 53.85 crore beneficiaries nationwide. In Rajasthan, 2.30 crore people have received loans amounting to Rs 1.81 lakh crore. Athawale said that under the Pradhan Mantri Ujjwala Yojana, 10.33 crore LPG connections have been distributed nationwide, with 73.81 lakh connections in Rajasthan. Under the Pradhan Mantri Awas Yojana, around 4 crore houses have been sanctioned. He also informed that over 9.62 crore people across the country have benefited from the Ayushman Bharat – Pradhan Mantri Jan Arogya Yojana. In Rajasthan alone, more than 73 lakh people have received healthcare benefits under this scheme between 2018 and 2025. He reiterated that the Central government is dedicated to the holistic development of the country, ensuring that benefits reach the last person in the queue.
Time of India
11-07-2025
- Business
- Time of India
Simplify loan and insurance claim processes, focus on improving credit-deposit ratio: Dhami to banks
Dehradun: Chief minister Pushkar Singh Dhami on Friday directed officials to simplify loan disbursement and insurance claim processes under central and state schemes to ensure effective delivery of benefits. Tired of too many ads? go ad free now Chairing a special meeting of the State-Level Bankers' Committee (SLBC) at the secretariat, Dhami stressed that resolving public grievances and promoting financial inclusion must remain top priorities. He called for greater efforts to improve the credit-deposit (CD) ratio across the state, particularly in the hill districts of Tehri, Pithoragarh, Rudraprayag, Almora, Pauri, and Bageshwar. The state's CD ratio rose from 54% to 54.26% in FY 2024–25, but the CM urged that it be pushed to 60%. Dhami also proposed a statewide camp in Oct, where banks and departments will jointly address public issues and offer multiple welfare services on a single platform in every district. During the meeting, officials noted that Uttarakhand has provided insurance coverage to 48,000 individuals per one lakh population under the Pradhan Mantri Suraksha Bima Yojana – well above the national average of 40,000. The average loan amount under the Pradhan Mantri Mudra Yojana in the state is Rs 93,900, significantly higher than the national average of ₹62,686. Over 39 lakh bank accounts have been opened under the Pradhan Mantri Jan Dhan Yojana—the highest among Himalayan states. In FY 2024–25, the state recorded a 10.26% increase in loan advances and a 9.09% rise in deposits. The Veer Chandra Singh Garhwali and Mukhyamantri Swarozgar Yojanas have both shown steady growth over the past three years. A total of 6,10,636 farmers have benefited from the Kisan Credit Card scheme, 67% of whom are small or marginal farmers. Credit linkage is active in 70.23% of Self-Help Groups (SHGs) in the state, with SHG numbers rising 21% in the past three years.
India Gazette
11-07-2025
- Business
- India Gazette
Centre to offer SASCI scheme to Meghalaya for redevelopment: FM Nirmala Sitharaman
Shillong (Meghalaya) [India], July 11 (ANI): Union Finance Minister Nirmala Sitharaman, while addressing a public gathering in Shillong, Meghalaya, said that the government will offer the Scheme for Special Assistance to States for Capital Investment (SASCI) to Meghalaya to assist the state in the process of redevelopment. Under this Scheme, the government will provide 50-year interest-free loans to the state government. Additionally, the Finance Minister, Nirmala Sitharaman, also announced some projects in Meghalaya under the SASCI scheme. The minister is on a 4-day visit to the northeastern state of India, where she will interact with Industry stakeholders, beneficiaries of the payment ecosystem service program and many others in the upcoming days. Among the major projects, the redevelopment of the iconic Lake Umiam has been sanctioned at a cost of Rs 99 crore. Another Rs 99 crore has been earmarked for the development of a modern MICE (Meetings, Incentives, Conferences, and Exhibitions) infrastructure at Mawkhanu, for which the foundation stone has already been laid. In a major boost to sports infrastructure, a world-class football stadium is proposed at Mawkhanu with a massive investment of Rs 732 crore under the SASCI scheme. Further, to promote women's safety and support working professionals, a network of working women's hostels is planned in Shillong, Jowai, Byrnihat, and Tura at a total cost of Rs 132 crore. To enhance digital access and learning in remote areas, the state has constructed and inaugurated 75 digital libraries out of the 750 sanctioned, with a total project cost of Rs 162 crore. Outside of the SASCI Scheme, the foundation stone for the construction of the Office cum Residential complex of the Central Board of Indirect Taxes and Customs (CBIC), Unsawli, New Shillong. Project Cost: Rs 256 crore. The foundation stone for the Indian Institute of Corporate Affairs (IICA)-NE Chapter, Umsawli, has been laid. Project cost: Rs 100.95 crore,' posted on the social media 'X' by Nirmala Sitharaman Office. While addressing a public program in the state capital, Nirmala Sitharaman also highlighted that under the Pradhan Mantri Jan Dhan Yojana, 8.64 lakh bank accounts have been opened, driving financial inclusion across the state. Additionally, the Pradhan Mantri Jeevan Jyoti Bima Yojana has seen 5.5 lakh enrolments for life insurance cover. In contrast, nearly 1 lakh individuals have availed of accidental insurance under the Pradhan Mantri Suraksha Bima Yojana. Over 1.5 lakh houses have been built under the PM Awas Yojana, significantly improving housing access for the underprivileged. In the water and sanitation sector, the Jal Jeevan Mission has provided tap water connections to 5.3 lakh rural households, increasing rural tap water coverage from just 4,550 households in 2019 to an impressive 82.85 per cent as of July 2025. Under the Swachh Bharat Mission (Rural), over 3 lakh rural households have been provided with toilets, reinforcing the goal of achieving total sanitation. More than 3 lakh LPG connections have been released under the PM Ujjwala Yojana, improving access to clean cooking fuel for women and rural families. (ANI)
