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New Delhi, To bring down the debt burden, the government has taken various measures like increasing the tax revenue buoyancy, enhancing the public expenditure effectiveness, commitment to reducing fiscal deficit and augmenting the productive efficiency, Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> said on Monday. In addition to strengthening the financial system, the government has more than doubled its effective capital expenditure from Rs 6.57 lakh crore in 2020-21 to Rs 13.71 lakh crore and Rs 14.97 lakh crore in 2023-24 (BE) and 2024-25 (BE), respectively, to crowd in private investments, she said in the <keyword id="19895394" type="General" weightage="20" keywordseo="lok-sabha" source="keywords">Lok Sabha</keyword>. The government's emphasis on increasing capital expenditure will not only boost the investments, but also return a higher GDP growth to lower the debt burden, she said. Simultaneously, she said, the state governments have been incentivised to increase their capital spending through measures like 50-year interest-free capex loans and front-loading of tax devolution instalments. Various other measures like reduction of the corporate tax rate, liberalisation of foreign direct investment, and enhancement of ease of doing business have created supportive conditions for sustained growth in private investment, she said. As a result, the overall investment rate in the economy consolidated at 29.2 per cent of GDP in 2022-23 and further improved to 29.8 per cent in 2023-24 as per the advance estimates by NSO, she said. Impacted by COVID-19, the debt to GDP ratio increased to 89.6 per cent at the end of the pandemic year 2020-21. After a sharp rise in government debt in 2020-21 on account of the revenue shortfall and additional spending requirements due to the pandemic, the general government debt relative to GDP has gradually declined over the last two years to reach around 81 per cent at the end of March 2023 (provisional), she said. Buoyant revenue collection, rebalancing of spending from revenue to capital expenditure and robust real GDP growth in the post-pandemic years have led to a decline in the government debt relative to GDP, she added. Replying to another question, <keyword id="19916494" type="General" weightage="20" keywordseo="sitharaman" source="keywords">Sitharaman</keyword> said more than 46.15 crore loans amounting to Rs 27.38 lakh crore have been sanctioned to the borrowers under the <keyword id="19959985" type="General" weightage="20" keywordseo="pradhan-mantri" source="keywords">Pradhan Mantri</keyword> Mudra Yojana (PMYY) as of January 26, 2024. Complaints with regard to the implementation of PMMY are redressed in consultation with respective banks. The complaints received at the Centralised Public Grievance Redress and Monitoring System (CPGRAMS) are also being taken up with respective banks for redressal within the prescribed timelines, she said. Pradhan Mantri Jan <keyword id="20000588" type="General" weightage="20" keywordseo="dhan-yojana" source="keywords">Dhan Yojana</keyword> (PMJDY) has been successful in increasing banking penetration to promote financial inclusion across the country, she said in a separate reply. A total of 51.61 crore Jan-Dhan accounts with a deposit balance of Rs 2,17,218 crore have been opened as of January 17, 2024, under PMJDY, the minister said. Of the total, 28.60 crore (55.5 per cent) Jan-Dhan accounts belong to women, and about 34.41 crore (66.8 per cent) PMJDY accounts have been opened in rural and semi-urban areas.

Various measures taken to reduce debt burden, strengthen economy: FM

As of March 2021, <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>’s total lending market size stood at ₹156.9 lakh crore, recording around 100% growth between FY2017 and FY2021. Retail and commercial lending each contribute 49% to total lending in India while microfinance contributes about 2%. Over the recent years, there have been commendable focussed policy initiatives such as <keyword id="6392137" type="General" weightage="50" keywordseo="jan-dhan-yojana" source="Orion">Jan Dhan Yojana</keyword>, <keyword id="3060238" type="General" weightage="80" keywordseo="mudra-yojana" source="Orion">Mudra Yojana</keyword> and <keyword id="13518253" type="General" weightage="50" keywordseo="national-strategy-for-financial-inclusion" source="Orion">National Strategy for Financial Inclusion</keyword> (2019-2024), however, India has a long way to go in terms of financial inclusion. Availability of formal credit to low-income populations is a big challenge and rural areas are underserved. According to the <keyword id="6354424" type="General" weightage="50" keywordseo="world-bank" source="Orion">World Bank</keyword>’s Global Findex Database 2017, only 8% of the Indian population borrowed money through a formal channel like financial institutions. <keyword id="6355185" type="General" weightage="50" keywordseo="rural-india" source="Orion">Rural India</keyword> accounts for about half of GDP, but only about 9% of total credit and 11% of total deposits. While flow of credit at the bottom of the pyramid has improved over the last decade, there is a huge missing middle segment. MFIs (microfinance institutions) have been significant credit providers to micro-enterprises and individuals through JLGs (joint lending groups). MFI segment with average ticket size of less than ₹40,000 has been reasonably serviced by over 200 institutions with outstanding credit of ₹2.5 lakh crore as at March 2021 and growing at 23.8% CAGR (compounded annual growth rate) during FY17-21. Under the Mudra Yojana, the programme aimed at funding the unfunded micro enterprises and small businesses with loans up to ₹10 lakh, ₹15.52 lakh crore were disbursed to 29.55 crore loan accounts during its 6 years of its operations (FY16-FY21), however, average ticket size was still low at ₹52,500 in this period. Micro enterprises with higher credit need of ₹1-5 lakh is a severely underserved segment with only a handful of focussed players. Compared to MFI outstanding credit of ₹2.5 lakh crore, in loans of ₹50,000-10 lakh, which is a much larger market, outstanding credit stands at just ₹1 lakh crore. Micro enterprises faced a huge credit gap of ₹8 lakh crore in 2018 as per IFC. Key issues restricting the flow of credit to this segment include the lack of documents such as income tax returns (ITR), goods and services tax (GST) and adequate banking records. As a result, issues related to income assessment have emerged as major supply-side barriers. Pure Fintech model is not suitable since the above data points are lacking and borrowers need hand-holding in disbursements as well as collections as many upgrade from JLG borrowings. Nonetheless, the emergence of a handful of new age non-banking financial companies (NBFCs) is changing the lending landscape by introducing a model that captures the best of fintech and conventional credit features, transforming the protocols of lending for micro-enterprises and individual business loan requirements. Unlike legacy banks, new age NBFCs are analysing alternative data for income assessment, applying technology more effectively and have an agile and on-ground workforce. For micro-enterprises seeking business loans, lack of collateral is no longer a major constraint and a good credit score or credit history is good enough. Considering their more suitable lending norms for this segment, new-age NBFCs are gaining popularity when it comes to small ticket business loans. Besides, NBFCs approve loans far more quickly than banks and the entire end-to-end process from application to disbursal can be completed within a few days. Players in this space with less than 1% GNPA (gross non-performing asset) even after three COVID-19 waves have proven that backed by a strong underwriting, efficient collection model and leveraging technology, lending to this segment is scalable with a significant impact on growth in income of micro-entrepreneurs. Given the lakh of micro and small enterprises across India that fall outside the purview of formal financial systems, including self-employed individuals who remain ineligible for formal credit, new age NBFCs are playing a pivotal role in promoting the goal of inclusive development. Undoubtedly, such digital lending players can serve millions of unbanked sections across India, influencing their lives positively. The author is cofounder and co-chief executive officer of Moneyboxx, an NBFC. Disclaimer: The opinions expressed are those of the author and do not necessarily reflect the views of Business Insider India.

OPINION: How new age NBFCs are changing the small ticket business loan landscape in India

<keyword id="2473706" type="PERSON" weightage="20" keywordseo="Pradhan-Mantri-Jan-Dhan-Yojana">Pradhan Mantri Jan Dhan Yojana</keyword> (PMJDY) was launched in India in August 2014. This is a National Mission for achieving financial inclusion and making a range of financial services like savings, deposits, banking, credit, remittance, insurance and pension easy and accessible to all sections of the masses. PMJDY aims to deliver financial services at an affordable cost to the low-income segments of the public and reduce poverty in India. An individual can open an account under the PMJDY scheme with any one of the banks in the country or with a Business Correspondent (Bank Mitr) outlet. People can open a zero balance account under this scheme and must maintain a particular minimum balance if they want to get a cheque book. The account holders are given RuPay debit cards under this scheme which they can use across any ATM in the country for withdrawal of cash. Here is how you can check your <keyword id="9064496" type="UNKNOWN" weightage="20" keywordseo="jan-dhan-yojana-account-balance">Jan Dhan Yojana account balance</keyword>. The National Payments Corporation of India (NPCI) has innovated the *99# service for the banking customers in India. This service can be used for mobile banking by anyone who has a bank account with any bank. The minimum requirement is that the individual must have a mobile phone – smart phone or even a basic phone. The handset must be GSM enabled. Users of CDMA handsets cannot use this facility. About *99# service *99# is a mobile banking service. Based on USSD (Unstructured Supplementary Service Data). Through *99# service, the NPCI has brought together the telecom service providers and banks to provide a range of services to the banking customers in India. to gain access to financial and non-financial services, the individuals need to have mobile banking activated on his or her account and use the registered phone number to dial the code *99# and then follow the simple steps to access the range of services allowed on their account. Balance check using *99# service To check the <keyword id="9064495" type="UNKNOWN" weightage="20" keywordseo="jan-dhan-yojana-account">Jan Dhan Yojana account</keyword> balance using this facility, you must have your mobile number linked with your account. Also your mobile banking must be active. Your phone must be a GSM handset. The registered phone number must be on and active on your phone. If all these conditions are met, you can get started with the *99# service. Follow the steps given below to know your <keyword id="6392137" type="UNKNOWN" weightage="20" keywordseo="Jan-Dhan-Yojana">Jan Dhan Yojana</keyword> account balance using this service. <ul><li>Dial *99# from your handset.</li><li>You will receive a welcome message on your phone. You will be prompted to enter any one of the following details:</li><li>The first 3 letters of your bank’s short name.</li><li>The first 4 letters of your bank’s IFSC code.</li><li>You must first check and know the right short name or IFSC code of your bank before using this service. </li><li>Once you enter any one of these details and hit OK, you will find a list of services offered under this facility. The first option that starts with the serial number 1 is balance enquiry. </li><li>If you need to check the balance in your Jan Dhan Yojana account, press ‘1’ and then press submit. </li><li>Following a confirmation screen, you will see the balance of your account displayed on the phone screen.</li></ul>Source: <a href="https://pmjandhanyojana.co.in/99-banking-services-statement-funds-transfer/">https://pmjandhanyojana.co.in/99-banking-services-statement-funds-transfer/</a> See Also - <a href="https://www.businessinsider.in/steps-to-check-account-balance-in-sbi/articleshow/69607243.cms">How to check account balance of SBI</a>

How to check Pradhan antri jan dhan yojana account balance

The Indian government has several social security schemes in order to boost the financial security for the citizens and support the economic development of the country. Here is an overview of a few important social security schemes currently operating in India. <keyword id="2473706" type="PERSON" weightage="20" keywordseo="Pradhan-Mantri-Jan-Dhan-Yojana">Pradhan Mantri Jan Dhan Yojana</keyword> (PMJDY) Announced by the Prime Minister on 15th August 2014, Pradhan Mantri Jan Dhan Yojana aims at the comprehensive financial inclusion of all households in the country. The aim of the scheme is to facilitate universal access to banking facilities for all households. The scheme wishes to ensure at least one bank account to every household besides promoting financial literacy, pension facility, insurance and access to credit. PMJDY provides unbanked individuals easy access to banking services combined with an awareness regarding financial products by creating financial literacy programs. The additional facilities these bank accounts carry are RuPay debit card, accident cover of Rs 1 lakh, overdraft facility to those showing up satisfactory credit history over six months. <keyword id="2750528" type="PERSON" weightage="20" keywordseo="Pradhan-Mantri-Jeevan-Jyoti-Bima-Yojana">Pradhan Mantri Jeevan Jyoti Bima Yojana</keyword> (PMJJBY) The PMJJBY is provided for persons in between 18 and 50 years with a bank account. Aadhaar is the primary KYC for the bank account. The persons consenting to benefit from this scheme must enable auto debit from their account. This scheme provides Rs 2 lakh risk coverage in the event of the death of the individual on any reason. The annual premium for this scheme is Rs 330 which will be auto-debited from the subscriber’s bank account before 31st May of every year during the coverage period. <keyword id="2747429" type="PERSON" weightage="20" keywordseo="Pradhan-Mantri-Suraksha-Bima-Yojana">Pradhan Mantri Suraksha Bima Yojana</keyword> (PMSBY) Available to people between the age group 18 and 70 years, the individuals must have a bank account to benefit from this program. This scheme provides a risk coverage of Rs 2 lakh for accidental death and Rs 1 lakh for partial disability. The annual premium of Rs 12 per year is auto debited from the individual’s bank account through auto debit facility. <keyword id="2746514" type="PERSON" weightage="20" keywordseo="Atal-Pension-Yojana">Atal Pension Yojana</keyword> (APY) APY is available for all persons with a savings bank or post office savings bank account between the age group of 18 and 40 years. The subscribers to this program will get a guaranteed monthly pension of Rs 1,000 or Rs 2,000 or Rs 3,000 or Rs 4,000 or Rs 5,000. In the event of his death before 60 years, the pension will be given to his spouse till the original subscriber would have otherwise attained the age of 60. Pradhan Mantri Mudra Yojana There are three sub-schemes under this program. Shishu gives a loan of Rs 50,000; Kishore gives a loan anywhere between Rs 50,000 and Rs 5 lakhs and Tarun gives a loan anywhere between Rs 5 lakhs to Rs 10 lakhs. These loans do not need collaterals. This scheme intends to create the first generation of aspiring entrepreneurs and existing small businesses that wish to expand. Stand Up India Scheme The Stand Up India scheme provides a bank loan between Rs 10 lakh and Rs 1 crore to at least one borrower from the scheduled caste or scheduled tribe category and at least one woman borrower per bank branch for the purpose of setting up greenfield enterprises in any one of the sectors including manufacturing, services or trading. Pradhan Mantri Vaya Vandana Yojana This scheme is aimed at benefiting persons beyond the age of 60 against a full fall in their income due to some unexpected market conditions. Under this scheme an initial lump sum payment of any amount between Rs 1,50,000 to Rs 7,50,000 will entitle the individual for a monthly pension of Rs 1,000 per month to Rs 5,000 per month depending on the payment made. A guaranteed return of 8% per annum will be paid to the individual on a monthly basis.

Here’s a snapshot of social security schemes in India

New Delhi, May 2 () Women Jan Dhan bank account holders will start getting the second installment of Rs 500 from Monday in line with the announcement made by Finance Minister Nirmala Sitharaman in March. To help the poor tide over the COVID-19 crisis, the government had on March 26 said ex-gratia payment of Rs 500 would be credited to women Jan Dhan account holders for the next three months, starting from April. "Instalment of Rs.500 for the month of May has been sent to the bank A/cs of PMJDY women beneficiaries under Pradhan Mantri Garib Kalyan Package. "Beneficiaries are requested to follow the schedule shared below to visit banks &amp; CSPs. Money can also be withdrawn via ATMs &amp; BCs," Financial Services Secretary Debasish Panda said in a tweet on Saturday. The transfer has been staggered over a period of five days to avoid rush at the bank branches. This will help in ensuring social distancing and avoid overcrowding in banks, he said. As per the schedule, women account holders under the Pradhan Mantri Jan Dhan Yojana (PMJDY) having account number with last digit as 0 and 1 will get the money in their account on May 4, while accounts ending with 2 or 3 can approach the bank on May 5. On May 6, beneficiaries with account numbers ending with 4 or 5 can collect their money, while accounts ending with 6 or 7 may withdraw on May 8. The last tranche would be remitted on May 11 for account numbers ending with 8 or 9, the tweet said. In case of emergency, one can withdraw the money immediately. However, for orderly disbursal, one must follow the banks' payment plan, it said. Beneficiaries may withdraw any day at their convenience after May 11, it added. Beneficiaries are encouraged to use the neighbourhood ATMs with RuPay cards, Bank Mitras and customer service points (CSPs) as much as possible to avoid crowding at the branches, it said. "Please note that there will be no charges for withdrawing money from other bank ATMs, at present, as per the government directives," it said. During April as many as 20.05 crore women Jan Dhan account holders received Rs 500 each in their accounts as the first installment. The total disbursement under the head was Rs 10,025 crore as on April 22. In a bid to mitigate hardship caused by the coronavirus crisis, the government in late March announced a Rs 1.7 lakh crore stimulus package comprising free foodgrains and cooking gas to poor and cash doles to poor women and elderly. DP ABMABM

Bank transfer of 2nd installment of Rs 500 to women Jan Dhan a/c holders from Monday: FinMin

<ul><li>The <keyword id="2473706" type="PERSON" weightage="20" keywordseo="Pradhan-Mantri-Jan-Dhan-Yojana">Pradhan Mantri Jan Dhan Yojana</keyword> scheme was launched in August 2014 with the aim of ensuring a bank account for every household. </li><li>The scheme has been modified to target <keyword id="6371468" type="UNKNOWN" weightage="20" keywordseo="bank-accounts">bank accounts</keyword> for every individual while overdraft restrictions have been loosened. </li><li>Around 325.4 million bank accounts had been opened under the scheme by the end of August, 60% of which are in rural or semi-urban areas. </li></ul>In August 2014, a few months after the current BJP-led government came to power, the Pradhan Mantri Jan-Dhan Yojana scheme was launched to great fanfare. Under the scheme, which was announced by <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> during his first Independence Day speech as India’s Prime Minister, the government said it would ensure <keyword id="107911" type="ORGANIZATION" weightage="20" keywordseo="Financial-inclusion">financial inclusion</keyword> for all by ensuring a bank account for every household in the country. And now, four years after Jan Dhan’s launch, Finance Minister Arun Jaitley has announced the relaunch of the financial inclusion scheme with a few important changes. In response to what he termed the scheme’s “runaway success”, Jaitley said the scheme would now target bank accounts for every individual as opposed to every household. In addition, the scheme’s overdraft restrictions were loosened. The overdraft limit for all accounts opened under the scheme will be increased from ₹5000 to ₹10000. Account-holders up till the age of 65 will also be able to avail of a ₹2000 overdraft facility without any conditions whatsoever. Finally, the free accident insurance coverage has been doubled to ₹200,000 for all accounts that have been opened after August 28th, 2018. Significant progress but some hurdles While not exactly a “runaway success”, the Jan Dhan scheme has shown a considerable amount of progress since its launch. According to the scheme’s website, <a href="https://www.pmjdy.gov.in/account">325.4 million</a> bank accounts have been opened under the scheme by the end of August, 60% of which are in rural or semi-urban areas. Additionally, around 245 million <keyword id="597447" type="COMPANY" weightage="20" keywordseo="Rupay">RuPay</keyword> debit cards have been issued to account-holders. However, the scheme has drawn a fair bit of criticism in the past few years due to the prevalence of inactive accounts, which indicates that the scheme’s progress in achieving financial inclusion could be overestimated. A few months after the scheme started, around 77% of the accounts had no funds in them. In September 2016, the Indian Express <a href="https://indianexpress.com/article/business/banking-and-finance/how-banks-cut-their-zero-balance-jan-dhan-accounts-one-rupee-trick-3028190/">reported</a> that bank officials were quietly depositing ₹1 in accounts in order to ensure they weren’t classified as “zero-balance”. The government subsequently sought clarification from the banks and ordered them to impose tighter standards. A year ago, Jaitley announced that the ratio of inactive accounts had decreased to 20%. All things considered, the scheme’s added incentives could convince more Indians to enroll. In expanding the mandate of the scheme to every individual, the Indian government will also correct any gender inequality seen under the scheme so far.

India to relaunch its Jan Dhan "bank accounts for every household” scheme with some key changes

<ul><li><keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>’s newest payments bank was launched on 1 September.</li><li>The <keyword id="3388668" type="PERSON" weightage="20" keywordseo="India-Post-Payments-Bank">India Post Payments Bank</keyword> will use the infrastructure and employees already within the umbrella of the <keyword id="594063" type="PERSON" weightage="20" keywordseo="postal-network">postal network</keyword> to implement this initiative. </li><li>The bank aims to promote <keyword id="107911" type="ORGANIZATION" weightage="20" keywordseo="Financial-inclusion">financial inclusion</keyword> by integrating people currently employed in India’s informal economy.</li></ul>India’s new public-sector company, the India Post Payments Bank (IPPB) is set to be the next biggest bank in India with financial inclusion at the helm. It terms of its network size, it’s already the largest payments bank in the country with a network that extends into the rural corners of the country. The post office already has 34 million savings accounts that will now be able to avail <keyword id="1460938" type="PERSON" weightage="20" keywordseo="Digital-Banking">digital banking</keyword> services once they link their accounts to the IPPB. That being said, it’s important to remember that payments banks are different from commercial banks in a number of ways. And, while the Minister of State for Communications, Major Sinha, claims that this will launch the ‘<a href="https://www.firstpost.com/business/india-post-payment-bank-will-launch-the-second-wave-of-financial-inclusion-says-minister-manoj-sinha-5067621.html">second wave of financial inclusion</a>’, the first wave of the Pradhan Mantri Jan-Dhan Yojana is yet to be effectively implemented. The largest <keyword id="6354778" type="ORGANIZATION" weightage="20" keywordseo="Banking">banking</keyword> network The postal network in India is one of the most comprehensive. Using the post offices that are already in place and the postmen familiar with their routes, the IPPB can capitalise on the existing resources it has on hand. Rather than having to employ and train a whole new workforce, the postal service already has postmen in place that can go door-to-door for customer on-boarding, answering account statement requests, coordinating third-party services and other tasks. Starting Monday, nearly 11,000 postmen have already started on the job across urban and rural areas. And there’s not need to construct additional infrastructure either with post offices already established in far-flung corners of the country. That being said, while the IPPB has the same functions as an ordinary bank, it can’t issue credit lines via loans or credit cards. But then again, there’s no minimum balance requirement either. And, herein the lie the biggest boon of the initiative. The bank doesn’t rely on fines and loans to generate revenue, but on deposits and and transaction charges instead. It means that individuals can be a part of the initiative and have a bank account without necessarily needing a continuous flow of income, making the IPPB an affordable and accessible solution. The impetus on financial inclusion The underlying aim of launching the IPPB has been to promote financial inclusion. The smaller savings accounts and easy money transfers serve to empower migrant labourers and low-income households to integrate themselves with the formal economy. The crux of issue lies in the fact that 80% of India’s labour is currently employed in the informal sector. While the Pradhan Mantri Jan Dhan Yojna had the same aim in mind, financial literacy was an obstacle that they were unable to overcome. The IPPB plans to overcome this obstacle by running a campaign around digital literacy. The QR card in place of debit card should enable financial transactions without having to remember complex passwords or pin-codes. On the day of its launch the IPPB inaugurated 650 new branches and 3,250 access points co-located at post offices. In a phased manner, the government has plans of establishing 155,000 access points by the end of the year. The IPPB can accept demand deposits of upto ₹100,000 and offer remittance services. The bank also facilitates mobile payments, net banking and debit cards.

India’s newest financial institution is set to be the country’s biggest bank

When people queue up at banks to exchange their Rs 500 and Rs 1000 notes, the government is keeping a check on cash deposits in bank accounts opened under the <keyword id="2493676" type="UNKNOWN" weightage="20" keywordseo="Pradhan-Mantri-Jan-Dhan-Yojana">Pradhan Mantri Jan-Dhan Yojana</keyword>. 
 "If we find suddenly there are large deposits in <keyword id="4193108" type="UNKNOWN" weightage="20" keywordseo="Jan-dhan">Jan-Dhan</keyword> accounts in one area, we will find out where this money has come from,” a government official, who did not wish to be identified told the <keyword id="6474066" type="COMPANY" weightage="20" keywordseo="economic-times">Economic Times</keyword>. 
 The deposit limit in Jan-Dhan accounts is Rs 1 lakh and for a lighter version of account that does not adhere to full know-your-customer or KYC norms, the limit is Rs 50,000. The <keyword id="6354335" type="CITY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> has already asked banks to keep an eye out for possible misuse of Jan-Dhan accounts. 
 
As many as 25 crore Jan-Dhan accounts have been opened, making them susceptible to abuse wherein those holding these accounts are offered incentives to launder money. The government has said all deposits of over Rs 2.5 lakh in bank accounts would be under scrutiny to ensure that cash deposit is consistent with the declared earning of the depositor. 
 
(Image: India times)

Government is keeping a check on Jan-Dhan Yojana accounts while people exchange notes

Arresting the trend of withdrawals that began in December, the net balance in <keyword id="2494045" type="UNKNOWN" weightage="100" keywordseo="jan-dhan">Jan Dhan</keyword> accounts swelled by Rs 1,000 crore to Rs 63,971.38 crore during the week ended April 5, as per a <keyword id="6367495" type="COMPANY" weightage="20" keywordseo="PTI">PTI</keyword> news report. The net balance in the accounts opened under the <keyword id="2473706" type="UNKNOWN" weightage="20" keywordseo="Pradhan-Mantri-Jan-Dhan-Yojana">Pradhan Mantri Jan Dhan Yojana</keyword> (PMJDY) was Rs 62,972.42 crore on March 29, as per the <keyword id="47209" type="ORGANIZATION" weightage="20" keywordseo="Finance-Ministry">Finance Ministry</keyword>'s data. Total deposits in these accounts had increased to a record high of Rs 74,610 crore on December 7 and thereafter, started declining gradually. As per the PMJDY data for April 5, it is for the first time the net balance in the accounts has shown an increase on a weekly basis. PMJDY was launched in August 2014 to increase banking penetration and promote financial inclusion in the country. Meanwhile, the number of Jan Dhan accounts have increased to 28.23 crore of which 18.50 crore have been seeded with Aadhaar. The deposits in the accounts had surged following demonetisation of old Rs 500/1000 notes in November last year. After setting a cash deposit limit of Rs 50,000 in Jan Dhan accounts, the government had on November 18 cautioned account holders that they will be prosecuted under the I-T Act for allowing misuse of their bank accounts through deposit of black money in Rs 500/1,000 notes during the 50-day window till December 30. The directive came against the backdrop of reports that some persons were misusing other people' bank accounts to deposit demonetised notes.

The curse over Jan Dhan bank accounts seem to have ceased

<keyword id="2494045" type="UNKNOWN" weightage="20" keywordseo="jan-dhan">Jan Dhan</keyword> accounts have witnessed net withdrawal of Rs 5,582.83 crore since December 7, the day deposits in these accounts soared to all time high in the backdrop of demonetisation. 
 Total deposits had increased to a record high of Rs 74,610 crore on December 7 and thereafter, it started gradual decline to close at Rs 69,027.17 crore on January 11, according to the latest <keyword id="47209" type="ORGANIZATION" weightage="20" keywordseo="Finance-Ministry">Finance Ministry</keyword> data. 
 
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. 
 
The monthly upper withdrawal limit for Jan Dhan account has been fixed at Rs 10,000 per month from November 30 to check misuse of these accounts. 
 
The upper limit for deposits in Jan Dhan account is Rs 50,000. 
 
As of November 9, the day demonetisation of Rs 500/1,000 notes became effective, there were 25.5 crore such accounts with a deposit of Rs 45,636.61 crore. 
 
Total deposits in Jan Dhan accounts surged by around Rs 28,973 crore in about a month after the announcement of ban on old high denomination notes. 
 
Meanwhile, the number of Aadhaar seeded Jan Dhan accounts have increased to 15.36 crore in the week ended January 11 from about 13.68 crore on the demonetisation day. 
 The Pradhan Mantri <keyword id="6392137" type="UNKNOWN" weightage="20" keywordseo="Jan-dhan-Yojana">Jan Dhan Yojana</keyword> was launched in August 2014 to increase banking penetration and promote financial inclusion in the country.

SHOCKING! Rs 74,610 crore
deposited in Jan Dhan accounts after note ban

In India, as of 2011, only 35% Indians had bank accounts. As of this month, Indian government’s effort under <keyword id="2493931" type="PERSON" weightage="20" keywordseo="Pradhan-Mantri-Jan-Dhan-Yojna">Pradhan Mantri Jan Dhan Yojna</keyword> led to 306 million JDY accounts opening since its launch in 2014. The mission to provide no-frills, no-minimum-balance bank accounts to every adult including the ones below the poverty line has been remarkably successful, to say the least. The premise of PMJDY was to lower bank transactions costs so that millions of Indians who lacked access to financial services could finally be financially included. The launch of another new service coupled with the increase in mobile data usage could prove to be a highway to not only get more Indians financially secure but also encourage savings and digital adoption. The watershed moment? <keyword id="3236791" type="ORGANIZATION" weightage="60" keywordseo="Paytm-payments-bank">Paytm Payments bank</keyword> has finally launched as India’s mobile-first bank with zero charges on all online transactions and no minimum balance requirement. <keyword id="6357120" type="PERSON" weightage="20" keywordseo="PayTM">Paytm</keyword> <keyword id="2324069" type="ORGANIZATION" weightage="20" keywordseo="Payments-Bank">Payments bank</keyword> will be a part of the popular Paytm wallet app. <keyword id="198636" type="PERSON" weightage="20" keywordseo="Vijay-Shekhar-Sharma">Vijay Shekhar Sharma</keyword>, CEO, Paytm said during the launch that the entire wallet business is currently contribution positive and by financial year 2018 he expects the Payments Bank business to facilitate one lakh transactions. Sharma still owns majority stake in the new bank, and the remaining share is owned by One97 Communications Ltd. Business Insider spoke to <keyword id="2807104" type="PERSON" weightage="60" keywordseo="Renu-Satti">Renu Satti</keyword>, CEO, Paytm Payments Bank who reaffirmed the company’s commitment to serving the large un-served and under-served population “We are committed to offering the most transparent, safe and trusted banking to masses and aim at onboarding 500 million people on the platform in the next three years." How does it compare Paytm Payments Bank has planned an investment of $500 million in KYC (Know Your Customer) operations and is setting up KYC centers across India to complete KYC for customers and make them eligible for a Payments Bank account. The bank will have 31 branches all over India by the end of this year. The bank also plans on opening ATM branches and 'people' branches for cash disbursements. The Payments bank is offering benefits like zero-balance account, free IMPS, NEFT, RTGS, and <keyword id="6358921" type="ORGANIZATION" weightage="20" keywordseo="UPI">UPI</keyword> transactions. Paytm Payments Bank account holders will also be eligible to earn an interest of 4 per cent on savings every month and offered a free insurance cover of up to Rs 2 lakh in case of death or permanent disability according to the company’s terms and conditions.The account holders of Paytm Payments Bank will get a free digital debit card after signing up but they can also ask for a physical Rupay card, which will cost Rs 100 excluding delivery charges. It also has some limitations like it can't offer financial products of their own as a business entity, but it can act as a business correspondent and partner with other financial institutions and banks to offer loans, fixed deposits, insurances and mutual funds. Paytm Payments bank is also providing customers with a physical cheque book and Passbook on request but <keyword id="2939236" type="PERSON" weightage="20" keywordseo="Satti">Satti</keyword> says that they will always be digital-first, “We have created a customer-centric product which will be easy to adopt on mobile. While we don’t want to limit our customers, we will ensure everything is available on the app itself.” Satti maintains that the bank will be soon start lending to create better access to easy loans and the Paytm Payments Bank aims to be EBITDA profitable in the next two years. “A great product should be easily adoptable and we want to make banking easy for the masses. We will also be launching loyalty programs to onboard the people who are already a part of the formal banking system," she signs off. Here are the charges the new digital bank will levy: ATM Transactions Non-metro Locations: 5 free every month; post that Rs 20/transaction Balance check: Rs 5/transaction Metro Locations: 3 free every month; post that: Rs 20/transaction Mini statement, Balance check: Rs 5/transaction Annual subscription for physical RuPay Debit Card: Rs 100 annually Cheque book (10 leaves): Rs 100 and delivery charges Charges on Paytm Wallet Paytm Wallet to <keyword id="6024275" type="ORGANIZATION" weightage="20" keywordseo="bank-transfer">Bank Transfer</keyword> - Basic Customer 3 per cent Paytm Wallet to Bank Transfer - KYC Customer 3 per cent

India’s first mobile bank with zero-fee online transactions and no minimum balance is on your Paytm app

<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword> today warned that <keyword id="2494045" type="UNKNOWN" weightage="20" keywordseo="jan-dhan">Jan Dhan</keyword> accounts are "very vulnerable" to frauds and asked banks to be on guard against them being misused. Reserve Bank deputy governor <keyword id="816322" type="UNKNOWN" weightage="20" keywordseo="ss-mundra">SS Mundra</keyword> said banks should have a proper mechanism to monitor transactions in these accounts. "The newly opened accounts under the PMJDY (<keyword id="2473706" type="UNKNOWN" weightage="20" keywordseo="Pradhan-Mantri-Jan-Dhan-Yojana">Pradhan Mantri Jan Dhan Yojana</keyword>) could be very vulnerable to fraud practices. Banks need to clearly guard against misuse of these accounts from money muling," Mundra said at an event here today. He said third parties can be used to launder the proceeds of <keyword id="1317875" type="UNKNOWN" weightage="20" keywordseo="fraud-schemes">fraud schemes</keyword> (such as phishing and identity theft) by criminals who gain illegal access to deposit accounts by recruiting them as 'money mules'. 

	Mundra highlighted a recent case where an idle account was used for receiving and transferring large funds without the knowledge of the accounts holder. 
 

	"It was an account of a daily labourer in Punjab and the account was opened as a basic one where there is limitation on number of transactions. This amount of transaction was of Rs 1 crore," he said. 
 

	The case came to light when the income tax authority served the notice to the account holder. 
 

	"This episode highlights the failure of the banks system and processes for monitoring of newly opened accounts," he said. 
 

	"What we are observing of late is that while the standard and the vigour of Know your customer ( KYC ) has become quite good at the time of opening of the account, but the same is not observed in the continuous surveillance or continuous watch over the transactions in these accounts," he said. 
 

	The deputy governor said at present though the banks have some alerts and exception transaction mechanism, it is mostly primitive and generally ineffective. 
 

	Banks should have robust system to monitor such accounts and the transactions being made therein for taking proactive actions which entails a better customer protection, he said. 
 

	Mundra warned if banks fail to take proactive measures to stop such transactions, it could face some action from RBI as well as other enforcement agencies. 
 

	"Failure to guard against misuse of customer accounts, might result in banks incurring supervisory sanctions and enforcement action from the RBI. It can have the money laundering angles and there could be action from the various enforcement agencies as well," he added.

Jan Dhan accounts are vulnerable to frauds, can be easily misused, RBI warns banks

India’s largest bank, the <keyword id="6354731" type="CITY" weightage="100" keywordseo="State-Bank-Of-India">State Bank of India</keyword> (<a href="http://www.businessinsider.in/topic/SBI">SBI</a>) is currently facing a lot of backlash for imposing penalty on customers for non-maintenance of minimum balance in their accounts. However, it has justified the <keyword id="512003" type="UNKNOWN" weightage="100" keywordseo="penalties">penalties</keyword> by saying that it’s needed to balance the "burden" of managing a large number of <a href="http://www.businessinsider.in/shocking-rs-74610-croredeposited-in-jan-dhan-accounts-after-note-ban/articleshow/56850719.cms">Jan Dhan accounts</a>, which are opened with no frills, not even these penalties. 
 
The bank also said that the government has not sent any "formal communication" for re-considering the penalty, and it will be reconsidered only if government says so. 
 It was only last week that <keyword id="13222" type="CITY" weightage="100" keywordseo="SBI">SBI</keyword> reintroduced these penalties along with <a href="http://www.businessinsider.in/have-a-sbi-account-get-ready-to-pay-extra-if-you-deposit-cash-more-than-three-times-a-month/articleshow/57489720.cms">revised rates</a> on other banking services, to be charged from April 1. 
 "Today, we have lot of burden such as we have 11 crore financial inclusion or <keyword id="6393559" type="UNKNOWN" weightage="100" keywordseo="Jan-Dhan-accounts">Jan Dhan accounts</keyword>. To manage such a large number of Jan Dhan accounts, we need some charges. We have considered many factors and after analysing carefully, we have taken this step," SBI Chairman <a href="http://www.businessinsider.in/topic/Arundhati-Bhattacharya">Arundhati Bhattacharya</a> told reporters. 
 
Also read: <a href="http://www.businessinsider.in/Demonetization-digest-People-depositing-above-Rs-2-5-lakhs-started-receiving-show-cause-notices-and-other-stories/Top-bankers-including-SBI-Chief-Arundhati-Bhattacharya-had-no-clue-of-demonetization/slideshow/55510487.cms">Top bankers including SBI Chief Arundhati Bhattacharya had no clue of demonetization</a> 
 
<a href="http://www.businessinsider.in/SBI-chairperson-Arundhati-Bhattacharya-is-5th-most-powerful-woman-in-finance-on-Forbes-list/articleshow/52641242.cms">Bhattacharya</a> also said that all banks have minimum balance requirements and penalties, and comparatively, SBI has the lowest requirement. She added that only SBI had decided to withdraw the penalty in 2012. 
 
(Image source: InsideIIM)

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