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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

A parliamentary committee has recommended setting up population-based cancer registries in rural areas to help data-driven and evidence-based policy formulation. It has also suggested raising taxes on tobacco products citing that increasing their market price would make them less affordable. This will result in lower consumption and decrease the risk of tobacco-related diseases, including cancer, the panel said. The <keyword id="46535" type="General" weightage="80" keywordseo="health-ministry" source="Orion">health ministry</keyword> must pursue with the Department of Revenue to expedite the decision on raising taxes on tobacco products, the Department-related Parliamentary Standing Committee on Health and Family Welfare said in its 147th report. It was presented in <keyword id="48510" type="General" weightage="80" keywordseo="rajya-sabha" source="Orion">Rajya Sabha</keyword> on Friday. It said for better policy formulation on cancer treatment and uniform distribution of cancer care, there is an urgent need to have realistic information about the incidence and type of cancers across the country. The committee said that the health ministry should take appropriate steps to persuade state governments to participate in the formulation of the cancer atlas so that the entire Indian population is covered under Population Based Cancer Registries (PBCRs). This will help in data-driven and evidence-based policy formulation, it said. It suggested that PBCRs can be linked to the Ayushman Bharat Digital Mission to record data of cancer patients to get real-time information on cancer-related illnesses. "The committee has taken note that currently PBCRs cover 16 per cent of the Indian population only. Therefore, it is quite necessary that the National Cancer Registry Programme cover the population of India extensively, in order to have a unified national database for scientific understanding of epidemiology of cancer," the report said. Stressing a robust screening mechanism for cancer, the committee suggested that one day in a month can be fixed for cancer screening. While appreciating the government's impetus on an institutional framework for cancer care and management and financial support for combating cancer, the committee said cancer must be dealt with separately instead of being a part of other lifestyle and non-communicable diseases. It recommended the demerger of the National Cancer Control Programme (NCCP) from the National Programme for Prevention and Control of Cancer, Diabetes, Cardiovascular diseases and Stroke (NPCDCS) to have a better focus on screening, early diagnosis and management of cancer. In its report, the committee said that in all the leftover districts Non-Communicable Diseases (<keyword id="131571" type="General" weightage="50" keywordseo="ncd" source="Orion">NCD</keyword>) clinics should be set up at the earliest and more healthcare professionals be trained for screening of common cancer. The panel highlighted that adequate human resource in cancer centres is crucial for their complete operationalisation and recommended setting up subsidised or free accommodation for patients and their relatives near cancer hospitals. The National Health Authority (<keyword id="672062" type="General" weightage="80" keywordseo="nha" source="Orion">NHA</keyword>) should consider including all types of cancer diagnostic tests under the Ayushman Bharat <keyword id="6524177" type="General" weightage="50" keywordseo="pradhan-mantri" source="Orion">Pradhan Mantri</keyword> Jan Arogya Yojana (AB-PMJAY), it said. It appreciated that in compliance with the committee's recommendations, the NHA has approved the inclusion of diagnostic tests under the AB-PMJAY with respect to breast, cervical and oral cancer. The committee noted that the health ministry has set up the e-Sanjivini Ayushman Bharat-Health Wellness Centre (AB-HWC), where doctor-to-doctor telemedicine services can be delivered through the hub and spoke model. It recommended that this model should be strengthened so that the opinions of experts can be provided to cancer patients in isolated and backward areas. The ministry should instruct National Cancer Grid (<keyword id="1502308" type="General" weightage="50" keywordseo="ncg" source="Orion">NCG</keyword>) officials to explore group negotiation of commonly used high-value cancer drugs with pharmaceutical companies through a transparent central tendering platform to have substantial discounts on cancer drugs. Since the mandate of the National Pharmaceuticals Pricing Authority is to ensure the availability of drugs at affordable prices, the committee reiterated that the pricing of cancer drugs should not be guided by profit as in the case of the other businesses. If it is not possible to reduce the profit margin of such drugs, the government may subsidise it, it said in its report. "The committee feels that the submission made by the Secretary, Department of Pharmaceutical, before the committee that over a period of about eight years or so the actual price increase in the drugs had been only between two to four per cent, does not mean that each manufacturer keeps the price of the drug below 10 per cent, as the mechanism permits them to make the hike up to 10 per cent," the report said. The committee said the government should rationalise the annual price hike limit of cancer drugs from 10 to five per cent in order to rescue poor cancer patients. It also suggested the ministry look at subsidising the healthcare cost for cancer patients and declare radiotherapy service as an essential commodity. The ministry should take the matter on board immediately and declare radiotherapy service as an essential commodity so that patients can get some relief from bearing the high cost of the service, it said. SEE ALSO:<a href="https://www.businessinsider.in/tech/news/india-puts-curbs-on-laptop-and-tablet-imports-heres-how-it-could-impact-you/articleshow/102430014.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/india-puts-curbs-on-laptop-and-tablet-imports-heres-how-it-could-impact-you/articleshow/102430014.cms" target="_blank">India puts curbs on laptop and tablet imports – here’s how it could impact you</a><a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-market-sees-a-declines-in-q2-vivo-in-the-lead/articleshow/102417485.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-market-sees-a-declines-in-q2-vivo-in-the-lead/articleshow/102417485.cms" target="_blank">Indian smartphone market sees a declines in Q2; Vivo in the lead</a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-recover-in-july-2023/articleshow/102347978.cms">Electric two-wheeler sales recover after spending June in the pitlane</a>

Parliamentary panel recommends setting up of population-based cancer registries in rural areas

<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

<ul><li>A component of Ayushman Bharat, a flagship healthcare scheme of the Government of India, PM-JAY aims to achieve universal health coverage. </li><li>PM-JAY provides a health insurance coverage up to ₹5 lakhs per family in a year that can be claimed for meeting the expenses of secondary and tertiary medical care across 1,393 procedures. </li><li>It works by providing cashless healthcare services to families through public and empanelled private hospitals. </li></ul>Abbreviated as PM-JAY, Pradhan Mantri Jan ArogyaYojanais a component of Ayushman Bharat, aims to achieve universal health coverage (UHC). This project was recommended by the National Health Policy 2017 and designed under the commitment of the government which reads as, "Leave no one behind". Marking a shift from a segmented approach to providing healthcare services to the citizens, Ayushman Bharat endeavors to deliver a holistic and need-based healthcare service. The scope of Pradhan Mantri Jan ArogyaYojana PM-JAY will provide health insurance coverage up to ₹5 lakhs per family in a year. It can be claimed for secondary and tertiary care hospitalization. The scheme targets about 10.74 crore families in the poor and vulnerable segments of the society. About 50 crore beneficiaries are covered by this programme. Earlier called as National Health Protection Scheme (NHPS), PM-JAY was launched in Ranchi, Jharkhand on September 23, 2018 by <keyword id="71" type="POSITION" weightage="20" keywordseo="Prime-Minister">Prime Minister</keyword> <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword>. Important highlights of PM-JAY The largest health insurance programme in the world PM-JAY is notably the world’s largest health insurance programme that is fully financed and operated by a government, today. The scheme provides an insurance coverage of ₹5 lakhs per family per year which can be claimed for secondary and tertiary care hospitalization. The benefit will be disbursed through the public hospitals as well as empanelled private hospitals in the country. What does it seek to cover? PM-JAY offers access to cashless health care services for the beneficiary families at the point of service, namely, the hospital. PM-JAY will help bring down the ruinous expenditure spent on hospitalizations, which forces about 6 crore people under poverty line year-on-year. The programme’s objective is to mitigate the financial risks that result from disastrous health episodes. The nature of coverage With regard to the coverage, PM-JAY does not have any restrictions regarding the size of the family, and gender or age of the beneficiary. Right from the first day, the scheme covers all pre-existing conditions. The beneficiaries can move anywhere within the country to avail of the facility in any of the empanelled and public hospitals across the nation. The scheme will cover three days of pre-hospitalization and 15 days of post-hospitalization expenses that will also include diagnosis and medication. Medical services included The services include about 1,393 procedures that will cover all the costs connected to treatment that will include but is not limited to drugs, diagnosis, physician fees, surgeon charges, room fees, ICU and OT charges. The scheme will reimburse the cashless healthcare services offered by public hospitals on par with the private hospitals. PM-JAY benefit cover The total benefit of ₹5,00,000 per family per year can be used on a family floater basis which will mean that one or all members of the family can use it as per the arising needs. Whereas the RSBY has a cap of five members per family, PM-JAY does not have any cap on the family size or the age of the family members.

what is prime minister jan arogya yojana

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

<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

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

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)

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

PTI

Parliamentary panel recommends setting up of population-based cancer registries in rural areas

PTI

How to check Pradhan antri jan dhan yojana account balance

BI India Bureau

what is prime minister jan arogya yojana

BI India Bureau

Here’s a snapshot of social security schemes in India

BI India Bureau

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

Dilsher Dhillon

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

Prabhjote Gill

The curse over Jan Dhan bank accounts seem to have ceased

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

BI India Bureau

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