Latest news with #PradhanMantriJanDhanYojana
Hans India
a day ago
- Business
- Hans India
11 years : 11 achievements
4th largest economy India has become the world's fourth-largest economy during the PM Modi government. Ram Mandir The Ram Mandir in Ayodhya is one of the key achievements of the Modi govt. This temple is a significant and the main sanctum was consecrated in January 2024. Article 370 In August 2019, Modi took a visionary decision to abrogate Article 370, which allowed J&K to have its own constitution, flag, and control over most internal affairs. Triple Talaq Triple Talaq was an instant divorce practice where a Muslim man could divorce his wife by uttering "talaq" three times. India's Supreme Court declared it unconstitutional in 2017. Jan Dhan The Modi government launched the Pradhan Mantri Jan Dhan Yojana (PMJDY) on August 28, 2014, as a national mission for financial inclusion. GST The Modi government implemented GST in 2017, unifying India's fragmented indirect tax system into "One Nation, One Tax." New Parliament India's new Parliament was inaugurated in 2023 to boost the seating capacity for both the Lok Sabha and Rajya Sabha. Railways In the railway sector, many developments took place, including the introduction of Vande Bharat to the renovation of many of the old railway stations in a modern way. Airports Under the Modi government, India observed a significant boost in airport development under the UDAN scheme, which was launched on October 21, 2016. Highways The Modi government significantly boosted highway development, expanding the national highway network since 2014. Defence Exports Under Modi government, defence exports have surged to a record high of Rs 23,622 crore in the Financial Year (FY) 2024-25.
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Business Standard
a day ago
- Business
- Business Standard
Microfinance in vicious cycle of debt, high rates, warns RBI deputy guv
India's microfinance sector is facing a "vicious cycle" of borrower over-indebtedness, high interest rates, and coercive recovery practices, Reserve Bank of India (RBI) Deputy Governor M Rajeshwar Rao has warned. Speaking at an event in Mumbai on 5 June, Rao underscored the urgent need for structural reforms in lending practices to ensure responsible and sustainable credit models. 'The [microfinance] sector continues to suffer from a vicious cycle of over-indebtedness, high interest rates and harsh recovery practices,' said Rao, according to the full speech published on the RBI's website on Monday. He noted that even lenders with access to low-cost funds are charging 'significantly higher margins than the industry norm,' which in many cases 'appear excessive.' Although interest rates on microfinance loans have moderated slightly in recent quarters, 'pockets of high interest rates and elevated margins continue to persist,' Rao said, adding that these practices have intensified stress in the sector, particularly in the current financial year. Concerns over mounting stress Commercial banks have already flagged concerns about growing distress in the microfinance ecosystem, driven by borrower indebtedness, falling rural incomes, and election-related disruptions. Rao called for a shift in mindset among lenders, urging them to stop treating microfinance as a 'high-yielding business' and instead prioritise credit discipline and borrower welfare. 'There is a critical need to curb over-leverage and strictly avoid coercive recovery practices,' he said. He added that while many institutions have sound business models, flaws in organisational structures and incentive mechanisms can lead to 'perverse outcomes' for borrowers. 'This calls for an introspection around the models,' he said. Financial inclusion and historical milestones Rao's remarks were part of a broader speech on financial inclusion, where he highlighted the vital role of access to financial services in reducing poverty, fostering social equity, and promoting economic development. Reflecting on India's progress in this area, he cited key milestones including bank nationalisation in 1969, the introduction of Priority Sector Lending, and the launch of the Pradhan Mantri Jan Dhan Yojana (PMJDY). As of 21 May 2025, over 550 million Jan Dhan accounts have been opened, with 56 per cent belonging to women, and cumulative deposits crossing ₹2.5 trillion. Responsible lending and borrower awareness Rao emphasised that increasing access to credit must go hand in hand with responsible lending and financial education. Without adequate awareness, financial inclusion could instead result in poor decision-making, mis-selling, and further debt accumulation. 'To facilitate informed decision-making by the customers and enhance transparency by the lenders, the RBI has mandated that all REs provide a standardised disclosure of key terms and conditions in the form of Key Fact Statement (KFS) to all retail and MSME borrowers,' he noted. Rao's candid comments reflect the central bank's deepening concern over unhealthy practices in India's microfinance space. As the country advances its financial inclusion agenda, the RBI is pushing for a parallel focus on ethical, transparent, and sustainable lending — especially for economically vulnerable populations.
India.com
2 days ago
- Business
- India.com
11 Years Of Modi Government: 11 Key Achievements That Changed India
photoDetails english 2913420 Updated:Jun 09, 2025, 05:46 PM IST 4th largest economy 1 / 11 India has become the world's fourth-largest economy under the Prime Minister Modi Government. Ram Mandir 2 / 11 The Ram Mandir in Ayodhya is one of the key achievements of the Modi govt, This temple is a significant and historic Hindu temple currently under construction, with the main sanctum consecrated and opened to the public in January 2024. Article 370 3 / 11 In August 2019, Prime Minister Shri Narendra Modi Ji took a visionary decision to abrogate Article 370, which allowed J&K to have its own constitution, flag, and control over most internal affairs, except defence, foreign affairs, and communications. Triple Talaq 4 / 11 Triple Talaq was an instant divorce practice where a Muslim man could divorce his wife by uttering "talaq" three times. India's Supreme Court declared it unconstitutional in 2017, deeming it arbitrary and discriminatory. Jan Dhan 5 / 11 The Modi government launched the Pradhan Mantri Jan Dhan Yojana (PMJDY) on August 28, 2014, as a national mission for financial inclusion. GST 6 / 11 The Modi government implemented GST in 2017, unifying India's fragmented indirect tax system into "One Nation, One Tax." It simplified compliance, reduced cascading taxes, and boosted transparency and revenue collection, though some complexities in the rate structure persist. Railways 7 / 11 In the railway sector, many developments took place including the introduction of Vande Bharat to the renovation of many of the old railway stations in a modern way. Airport 8 / 11 Under the Modi government, India observed a significant boost in airport development under the UDAN scheme, which was launched on 21st October 2016 with an aim to boost air travel affordable for the common citizen. New Parliament 9 / 11 India's new Parliament was inaugurated in 2023 to boost the seating capacity for both Lok Sabha and Rajya Sabha. Highways 10 / 11 The Modi government significantly boosted highway development, expanding the national highway network since 2014. 11 / 11 Under Modi government, defence exports have surged to a record high of Rs 23,622 crore in the Financial Year (FY) 2024-25.
Economist
21-05-2025
- Business
- Economist
Women's financial resilience: the key to advancing climate action
Scientists recently confirmed that 2024 was not only the warmest year on record globally but also the first year to exceed 1.5°C of warming above pre-industrial levels. We're already seeing global warming's devastating consequences across the world, including more extreme heat, increased droughts and rising food insecurity, ultimately pushing millions into poverty and sickness. Currently, more than 90% of climate finance is focused on mitigating climate impacts, with only a drop in the ocean of total climate finance being spent on building resilience to the changes that are already threatening the health and livelihoods of millions of people. Our most vulnerable communities are left unprepared for current—and future—climate shocks. And it's not only money on the table that's missing from these lives. The topic of resilience is missing from climate conversations—most notably for me when I attended the World Economic Forum in Davos earlier this year or more recently the Spring Meetings in Washington DC. Yet we can't build climate resilience without first ensuring financial resilience—especially for women. That includes ensuring access to basic financial services such as digital payments, savings, credit, and insurance. Today, 753m women in the most climate-vulnerable countries lack even the most basic financial services such as access to formal savings accounts and insurance products that protect their assets and livelihoods from climate impacts. Women's World Banking has calculated that today, 880m women don't have access to digital payments, meaning they have no way of receiving emergency relief payments from governments or support organisations in the aftermath of a climate disaster. The millions of women around the globe bearing the brunt of climate impacts cannot wait. Research shows that women are 14 times more likely than men to die in climate-related disasters, and climate change is predicted to push 158m more women and girls into poverty by 2050. But what if there were a way to advance climate action while also lifting millions of women out of poverty? Why financial services and climate resilience go hand in hand Financial services play a critical role in helping women adapt to, mitigate and endure the effects of climate change. Let me introduce you to Rekha Devi, who owns a small embroidery and carpet-making business in Shahjahanpur, India. In 2023 the government's financial-inclusion programme, Pradhan Mantri Jan Dhan Yojana (PMJDY), provided Rekha with a lifeline when monsoon floods devastated her area. A few years earlier, Rekha had been encouraged to open a bank account at Bank of Baroda and, despite her irregular earnings, she had managed to save US$6 five times a year. Her small but constant savings, alongside two rounds of government relief payments deposited directly into her bank account, provided much-needed financial security when the monsoon displaced Rekha and her children. In addition, an important product enhancement, created in partnership with Women's World Banking and Bank of Baroda, also let Rekha's regular savings habit unlock an emergency loan of US$115. The credit allowed the family to return home, and for Rekha to make essential home and business repairs. Rekha's story showcases how access to the most basic financial services, combined with savings habits and government support, not only ensure survival but can empower low-income women to navigate the climate crisis and build their resilience. Women's climate resilience doesn't have to depend on development assistance Despite the clear benefits of investing in women's financial resilience and the many effective, scalable financial solutions that already exist, only a miniscule part of climate finance is directed to women and girls. As development assistance budgets in the United States and Europe decline, the need for self-sustainability becomes even more urgent. That's where financial service providers—in partnership with governments—come in. By providing access to basic financial services (including through national financial-inclusion schemes like India's PMJDY) to the broadest number of clients, we can ensure that women are able to prepare for and respond to climate shocks. And we can do that while greatly reducing dependence on international development assistance. Women's World Banking is dedicated to reaching the nearly one billion women who are underserved by the formal financial sector and works closely with financial-services providers across the global south to develop products and services that not only meet women's needs but are financially viable for the provider as well. A word about insurance The case for providing savings and credit is clear and, while insurance represents the 'third leg of the stool' in building financial resilience, only 1% of the world's population currently has climate-related insurance. SwissRe estimates that relative to GDP, the insurance loss burden from catastrophes has more than doubled over the last 30 years, and it could double again in the next decade. Property and casualty insurance undeniably assist individuals and families in recovering from natural disasters, while access to health insurance helps people deal with climate-related illnesses such as respiratory diseases caused by air pollution. Insurance provides an essential part of the foundation upon which communities and individuals can recover from climate-induced catastrophes. Research shows that insurance is at the centre of a virtuous circle. Insurance premiums are largely unaffordable for most people until GDP per capita reaches a certain level, but increased levels of insurance result directly in higher GDP growth—leaving us with a financial 'Catch 22' situation. For every 1% increase in insurance penetration, there is a 0.5% rise in GDP growth, underscoring the crucial role insurance plays in advancing economic development and the Sustainable Development Goals. Here is where development assistance and philanthropic capital can play a hugely catalytic role: by subsidising premiums to expand the number of people who are insured, while also spreading much-needed awareness about how insurance works and its benefits. We only have five more years to make progress on the SDGs and other climate commitments, but we cannot stumble at the finishing line just because it seems ever more difficult to reach. Instead, we need to prepare for a sprint. There is no economic growth and sustainable development without women's financial inclusion—just like there is no way to address the climate crisis without improving women's resilience.
Business Standard
15-05-2025
- Business
- Business Standard
BLS E-Services rallies as Q4 PAT jumps 59% YoY to Rs 17 crore
BLS E-Services zoomed 14.30% to Rs 178.50 after the company's consolidated net profit rallied 58.66% to Rs 17.31 crore in Q4 FY25, compared with Rs 10.91 crore in Q4 FY24. Revenue from operations was at Rs 239.21 crore in the fourth quarter of FY25, skyrocketed 224.83% year on year. Profit before tax added 61.78% to Rs 23.33 crore in Q4 FY25, compared with Rs 14.42 crore in Q4 FY24. EBITDA stood at Rs 25.4 crore in Q4 FY25, up 59.3% YoY. EBITDA margin declined 10.4% in Q4 FY25 as against 20.3% in Q4 FY24. On a full year basis, the companys net profit rallied 75.4% to Rs 58.8 crore on 72.3% rise in revenue from operations to Rs 519.4 crore in FY25 over FY24. Shikhar Aggarwal, Chairman, BLSE- Services, said: We are delighted to report a remarkable performance in FY25, as weachieved several milestones during the fiscal year. FY25 marked our highest-ever financial performance, as we surpassed Rs 500 crore milestone in total income during the year, whichwas reported at Rs 545 crore, a notable YoY growth of 76%. The successful completion and consolidation of Aadifidelis Solutions Pvt Ltd (ASPL) is another milestone we achieved, whichalso aided to our topline growth. EBITDA and PAT too witnessed a robust growth of 72.5% and75.4% respectively, in FY25. As we move forward, our strategic focus is on enhancing digital infrastructure to improveaccessibility and penetrates new market segments. We foresee a significant opportunitywiththe government increasingly outsourcing G2C services to third parties, amidst the growingneed for scalability, cost-efficiency and last-mile connectivity. The Indian Government is focussed on expanding financial inclusion through schemes like Pradhan Mantri JanDhanYojana, Direct Benefit Transfer and others. Meanwhile, the company recommended final dividend at the rate of 10% on face value i.e. 1.00 per equity share of face value of Rs 10 each on 9,08,56,485 equity shares of the company, for the financial year 2024-25, subject to the approval of the members in ensuing annual general meeting of the company. BLS E-Services, a subsidiary of BLS International, stands as a leading technology-enabled digital service provider in India, offering a diverse range of services that encompass Business Correspondent (BC / Rural Banking Outlets) services, Assisted E-services, and E-Governance Services. These offerings are all geared towards grass-rootsempowerment, revolutionizing how essential services are accessed.
