Latest news with #PradhanMantriJanDhanYojana
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Business Standard
24-07-2025
- Business
- Business Standard
Union Bank of India waives charges for non-maintenance of minimum balance
Union Bank of India has announced a complete waiver of charges for not maintaining the minimum balance in general savings deposit accounts, effective from the quarter-ending September, the bank said in a press note. 'This move is aimed at ensuring uniformity, fairness, and enhancing accessibility of basic banking services to customers. We are committed to supporting inclusive growth and believe this step will further strengthen our engagement with the underserved segment of the population,' the bank said. However, the waiver is not applicable to other customized products of savings accounts. Earlier, the charges for non-maintenance of minimum balance in accounts opened under the Pradhan Mantri Jan Dhan Yojana, and savings accounts of pensioners and senior citizens were already removed. Previously, several other banks, such as State Bank of India (SBI), Indian Bank, Canara Bank, Punjab National Bank, and Bank of Baroda, had waived charges for not maintaining minimum balance in savings accounts.
India Today
23-07-2025
- 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
22-07-2025
- 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.
