From banking the unbanked, and funding the unfunded….…..to securing the unsecured
This paper evaluates the recent schemes of financial inclusion and social security. The paper recommends that concerted efforts at tackling the economic and social malaise faced by the excluded section of society will not only help ensure more equitable development but also help the economy itself grow faster. A sound economy, growing at robust rate, will offer larger pie for distribution of gains of economic growth.
This document also discusses how best advices from Sen’s and Bhagwati’s models have been incorporated in Modi’s Development Plan for India.
This document outlines various social and economic programs launched by the Modi government since taking office in 2014. It discusses initiatives like Digital India, Jan Dhan Yojana, Swachh Bharat Abhiyan, Make in India, Smart Cities Mission, Skill India, pension schemes, rural electrification and housing programs that aim to boost development, welfare and good governance. The document emphasizes that successful implementation of these schemes is key to achieving the government's vision of progress.
Top five programmes launched by Narendra Modi jiAbhas Agnihotri
The year 2014 is about to end, let us try to recollect the important programmes and projects that our new Government announced during the year for the development and welfare of the country.
Pm Narender Modi shemes(Yojana) class-9thSanju Sam
This document outlines several schemes launched by Indian Prime Minister Narendra Modi, including Digital India, Beti Bachao Beti Padhao, Make in India, Pradhan Mantri Jan-Dhan Yojana, Pradhan Mantri Krishi Sinchayee Yojana, Atal Pension Yojana, Pradhan Mantri Suraksha Bima Yojana, and Direct Benefit Transfer Yojana. It provides brief descriptions of each scheme, noting their goals of improving access to technology, empowering women and girls, boosting domestic manufacturing, expanding access to banking and financial services, increasing irrigation coverage, and reforming subsidy distribution.
The document summarizes several key initiatives by the Indian government including Digital India, Pradhan Mantri Jan Dhan Yojana, Swachh Bharat Abhiyan, Make in India, Sansad Adarsh Gram Yojana, Pradhan Mantri Awas Yojana, Skill India, MUDRA Bank, Sukanya Samriddhi Scheme, Digital Locker, eBasta, Smart Cities Mission. The initiatives aim to transform India into a digitally empowered society, provide financial inclusion, improve sanitation, focus on job creation, skill development, housing for the poor, developing model villages, and creating smart cities with basic infrastructure.
This document appears to be a chapter from a student's research project on perceptions of people towards the Pradhan Mantri Jan Dhan Yojana (PMJDY) program in India. The chapter provides background on financial inclusion in India and defines key terms. It discusses the objectives and importance of PMJDY, launched in 2014 to provide universal access to banking services. Key elements of PMJDY include opening bank accounts for all that can be held at zero balance and linking them to Aadhaar cards and Rupay debit cards. Over 16 crore accounts were opened under the scheme by June 2015, with over Rs. 18,000 crore deposited.
The PMJDY scheme aims to bring financially excluded people into the banking system through opening zero-balance bank accounts. Launched in 2014 by Prime Minister Modi, the key goals are increasing financial inclusion, reducing corruption, and supporting the Indian economy. The scheme provides benefits like zero fees, accident and life insurance, direct benefit transfers, and overdraft facilities. Account opening requires minimal documentation like Aadhar, voter ID, or passport. Implementation is in phases, with the first phase focusing on universal access and basic accounts and the second on micro-insurance and pension schemes. Over 11.5 crore accounts have been opened so far under the scheme, achieving 99.74% household coverage.
The document outlines several achievements and initiatives of the Modi government, including efforts to make India a manufacturing hub, promote cleanliness and sanitation across the country, develop digital infrastructure and e-governance, invest in cleaning the Ganga river, promote rural development and universal access to healthcare and education, expand banking access and provide zero balance accounts and debit cards, offer insurance schemes and pension plans for citizens, and establish the National Institution for Transforming India policy think tank.
This document outlines various social and economic programs launched by the Modi government since taking office in 2014. It discusses initiatives like Digital India, Jan Dhan Yojana, Swachh Bharat Abhiyan, Make in India, Smart Cities Mission, Skill India, pension schemes, rural electrification and housing programs that aim to boost development, welfare and good governance. The document emphasizes that successful implementation of these schemes is key to achieving the government's vision of progress.
Top five programmes launched by Narendra Modi jiAbhas Agnihotri
The year 2014 is about to end, let us try to recollect the important programmes and projects that our new Government announced during the year for the development and welfare of the country.
Pm Narender Modi shemes(Yojana) class-9thSanju Sam
This document outlines several schemes launched by Indian Prime Minister Narendra Modi, including Digital India, Beti Bachao Beti Padhao, Make in India, Pradhan Mantri Jan-Dhan Yojana, Pradhan Mantri Krishi Sinchayee Yojana, Atal Pension Yojana, Pradhan Mantri Suraksha Bima Yojana, and Direct Benefit Transfer Yojana. It provides brief descriptions of each scheme, noting their goals of improving access to technology, empowering women and girls, boosting domestic manufacturing, expanding access to banking and financial services, increasing irrigation coverage, and reforming subsidy distribution.
The document summarizes several key initiatives by the Indian government including Digital India, Pradhan Mantri Jan Dhan Yojana, Swachh Bharat Abhiyan, Make in India, Sansad Adarsh Gram Yojana, Pradhan Mantri Awas Yojana, Skill India, MUDRA Bank, Sukanya Samriddhi Scheme, Digital Locker, eBasta, Smart Cities Mission. The initiatives aim to transform India into a digitally empowered society, provide financial inclusion, improve sanitation, focus on job creation, skill development, housing for the poor, developing model villages, and creating smart cities with basic infrastructure.
This document appears to be a chapter from a student's research project on perceptions of people towards the Pradhan Mantri Jan Dhan Yojana (PMJDY) program in India. The chapter provides background on financial inclusion in India and defines key terms. It discusses the objectives and importance of PMJDY, launched in 2014 to provide universal access to banking services. Key elements of PMJDY include opening bank accounts for all that can be held at zero balance and linking them to Aadhaar cards and Rupay debit cards. Over 16 crore accounts were opened under the scheme by June 2015, with over Rs. 18,000 crore deposited.
The PMJDY scheme aims to bring financially excluded people into the banking system through opening zero-balance bank accounts. Launched in 2014 by Prime Minister Modi, the key goals are increasing financial inclusion, reducing corruption, and supporting the Indian economy. The scheme provides benefits like zero fees, accident and life insurance, direct benefit transfers, and overdraft facilities. Account opening requires minimal documentation like Aadhar, voter ID, or passport. Implementation is in phases, with the first phase focusing on universal access and basic accounts and the second on micro-insurance and pension schemes. Over 11.5 crore accounts have been opened so far under the scheme, achieving 99.74% household coverage.
The document outlines several achievements and initiatives of the Modi government, including efforts to make India a manufacturing hub, promote cleanliness and sanitation across the country, develop digital infrastructure and e-governance, invest in cleaning the Ganga river, promote rural development and universal access to healthcare and education, expand banking access and provide zero balance accounts and debit cards, offer insurance schemes and pension plans for citizens, and establish the National Institution for Transforming India policy think tank.
The document provides an overview and analysis of the Pradhan Mantri Jan-Dhan Yojana (PMJDY) scheme launched by the Indian government. It discusses the background and objectives of PMJDY, which aims to provide universal access to banking facilities and promote financial inclusion. The performance has exceeded expectations with over 12.5 crore accounts opened within the first 9 months. Going forward, stakeholders will need to address operational challenges to strengthen implementation and ensure accounts remain active. The success of PMJDY can help promote inclusive growth in India.
Prime Minister Narendra Modi launched the Pradhan Mantri Jan Dhan Yojana program in August 2014 to ensure financial inclusion and provide at least one bank account for every household in India by January 26, 2015. The program was announced by Modi during his Independence Day speech and aims to provide a RuPay debit card, overdraft facility of Rs. 5,000 after six months, and personal accident insurance of Rs. 1 lakh to account holders. On the first day of the launch, banks opened 1.5 crore new accounts with help from over 70,000 camps across the country to meet the goal of including over 75 million currently unbanked families by the deadline.
Pradhan Mantri Jan Dhan Yojana (PMJDY) is a scheme launched in 2014 by Prime Minister Narendra Modi to provide universal access to banking facilities. The scheme aims to provide bank accounts to over 75 million unbanked households across India. Key features of PMJDY include zero balance bank accounts, debit cards, accident and life insurance coverage, and an overdraft limit. By January 2015, over 12.58 crore accounts were opened under the scheme, with Rs. 10590 crore deposited. On its inauguration day itself, 1.5 crore accounts were opened, setting a Guinness World Record.
Prime Minister Narendra Modi launched the Pradhan Mantri Jan Dhan Yojana (PMJDY) scheme on August 28, 2014. The scheme aims to provide bank accounts, debit cards, accident and life insurance to all Indian citizens who do not have bank accounts. On the first day of the launch, the goal was to open 1 crore (10 million) bank accounts. The scheme targets opening over 15 crore (150 million) bank accounts and bringing over 7.5 crore (75 million) unbanked families into the banking system. Key benefits of opening a bank account under PMJDY include RuPay debit cards, Rs. 1 lakh accident insurance and Rs. 30,000 life
This document provides a SWOT analysis of the Modi government in India. It details the government's strengths such as minimum government and infrastructure initiatives. Weaknesses include being a single-man government and limited focus on farmers. Opportunities exist in using foreign exchange savings for employment and capitalizing on the large mandate. Threats include limited cash reserves and lack of numbers in the upper house of parliament. Global experts generally view Modi positively and see potential for further reforms leading to strong growth.
The Pradhanmantri Jan-Dhan Yojana (PMJDY) is India's national mission for financial inclusion. Launched in 2014 by Prime Minister Narendra Modi, PMJDY aims to provide universal access to banking facilities with at least one basic banking account for every household, financial literacy, access to credit, insurance and pension. Key benefits of opening a PMJDY account include zero balance accounts, no minimum balance requirement, accident and life insurance coverage, and access to an overdraft facility after 6 months. The scheme aims to bring unbanked populations into the formal banking system, reduce corruption, and support the Digital India initiative.
The document summarizes the Pradhanmantri Jan-Dhan Yojana (PMJDY) financial inclusion scheme launched by the Indian government in 2014. The key goals of PMJDY are to bring financially excluded individuals into the banking system, provide universal access to banking facilities, and promote financial inclusion, especially for poor and rural areas. The scheme offers zero-balance bank accounts with overdraft protection and accident and life insurance benefits. Major nationalized and private banks participate in PMJDY to reach target account openings.
Pradhan Mantri Jan-Dhan Yojana (PMJDY) was launched in 2014 as a national mission to promote financial inclusion across India. The scheme aimed to provide universal access to banking facilities, basic bank accounts with overdraft and debit cards, financial literacy programs, credit guarantees, and pension schemes. Within 20 months, over 220 million bank accounts were opened under PMJDY, depositing over Rs. 37,000 crore and providing banking access to over 15% of the previously unbanked population. However, the scheme also faced some criticism around issues like multiple accounts, money laundering, lack of proper identity proofs among poor citizens, and the impact of demonetization.
The document discusses India's Pradhan Mantri Jan Dhan Yojana (PMJDY) program which aims to increase financial inclusion. It was launched in 2014 to provide bank accounts, debit cards, accident insurance and other financial services to disadvantaged groups. The goals are to eradicate financial exclusion, provide financial stability, and increase the country's economic participation. The five pillars of PMJDY are universal access to banking, financial literacy programs, microcredit availability, microinsurance schemes, and financial counseling.
JAN DHAN YOJNA COMPLETE PROJECT(SUMEET SARASWATA)Sumit SARASWAT
Union Bank of India has played a proactive role in India's economic growth by providing credit to different sectors. It has over 4,200 branches across India. The Pradhan Mantri Jan Dhan Yojana (PMJDY) financial inclusion scheme aims to provide bank accounts to all households, and over 17.45 crore accounts were opened by August 2015, with Rs. 22,032.68 crore deposited. PMJDY has positively impacted banks like Union Bank by expanding customer base and increasing deposits.
30may ebookartiOne Year of the Modi Government: A Compilation of CritiquescleSandy Bisen
The document provides critiques of Narendra Modi's first year as Prime Minister of India from various commentators and publications. It contains 37 articles that are generally critical of Modi's performance. Some of the main critiques included are: 1) Modi failed to deliver on many of his major promises like bringing back black money and depositing Rs. 15 lakh in every citizen's account; 2) key economic indicators like GDP growth, industrial production, and exports have weakened under Modi; and 3) the social sectors like agriculture, education, and healthcare have been neglected while benefits have been showered on industrialists. Many argue Modi's first year has been one of unfulfilled expectations and sloganeering over substance.
The document discusses rural development in India. It outlines several key schemes and organizations focused on rural development. The Pradhan Mantri Gram Sadak Yojana scheme aims to connect rural habitations with paved roads. The National Rural Employment Guarantee Act provides employment opportunities in rural areas. Organizations like the National Bank for Agriculture and Rural Development provide credit and support rural economic development. Overall the document examines the government's efforts to promote growth in India's important rural sectors through various programs and institutions.
One Year of the Modi Government: A Performance AssessmentSandy Bisen
The document provides a summary and assessment of Narendra Modi and the BJP-led government's performance after one year in power. It criticizes the government for numerous U-turns on policies like GST, insurance reforms and foreign relations. It also argues the government has failed to fulfill many of its major promises like bringing back black money, creating jobs, and supporting farmers and social sectors. Instead, cuts were made to programs for healthcare, education, rural development and women/child welfare, harming social development.
Indian Banking Moving towards a new landscape - PMJDY scheme - Part - 5Resurgent India
Hon'ble Prime Minister, Sh. Narendra Modi launched the Pradhan Mantri Jan-Dhan Yojana (PMJDY) scheme as a national mission for Financial Inclusion on 28th August, 2014.
PM Jan-Dhan Yojana - Features & Benefits - (Part-9)Resurgent India
The document outlines the key features and benefits of the Pradhan Mantri Jan-Dhan Yojana (PMJDY) scheme. The main features include zero-balance savings accounts, interest paid on balances, RuPay debit cards, checkbooks and passbooks. Documentation is minimal, with Aadhar identification and temporary accounts available. Mobile and internet banking are supported. Additional benefits include accident insurance of Rs. 1 lakh for RuPay card holders, overdraft facilities after 6 months, and access to pension and insurance products. The scheme aims to increase bank account access and reduce dependency on money lenders.
The document discusses several schemes launched by the Indian government to promote development, including Digital India (launched in 2015 to transform India's economy digitally), Make in India (launched in 2014 to make India a manufacturing hub), Skill India (launched in 2015 to create jobs through skill development), Smart Cities (launched in 2015 to develop 100 smart cities), and Swachh Bharat Abhiyan (launched in 2014 to make India clean by 2019 through eliminating open defecation). It also briefly outlines the objectives and goals of other schemes such as Jan Dhan Yojana, Ujjwala Yojana, Mudra Bank Yojana, and Stand Up India Scheme.
C.PARAMASIVAN ,PERIYAR EVR COLLEGE , TIRUCHIRAPPALLI Commercial bank’s perfor...chelliah paramasivan
This document analyzes the performance of commercial banks in India under the Pradhan Mantri Jan Dhan Yojana (PMJDY) financial inclusion scheme launched in 2014. It provides statistics showing a significant increase in the number of bank accounts opened between September 2014 to March 2015, with over 60% of new accounts in rural areas. The study aims to understand commercial bank participation in PMJDY and how it helps promote financial inclusion and access to banking services for low-income populations. Key aspects of PMJDY discussed include its six pillars of universal access, no-frills accounts, financial literacy, credit guarantee funds, micro-insurance and pension schemes.
Implementation of PMJDY with special reference to village Aakhar, District Ba...Rani Singh
The document discusses the implementation of the Pradhan Mantri Jan-Dhan Yojana (PMJDY) scheme with a special focus on the village of Aakhar in Ballia district, Uttar Pradesh. It provides background on previous financial inclusion efforts in India and outlines the objectives and key features of the PMJDY scheme launched in 2014, including providing all Indian households with a bank account, debit card, accident insurance and access to other financial products and services. The document also analyzes progress made on financial inclusion to date and challenges faced.
Narendra Modi faced challenges in building his brand from a regional leader to a national figure due to his image from the 2002 Gujarat riots and as a Hindu hardliner. His campaign aimed to promote his image as a leader focused on development and growth who could take India forward. The campaign used extensive social and traditional media strategies to promote Modi and counter opposition. Modi hired top advertising experts to create one of India's most successful political branding campaigns, focused on portraying him as a decisive leader dedicated to development. The success of his social media presence and the branding of development with Modi showed the effectiveness of the strategy in repositioning him nationally and contributing to his electoral victory.
The document provides an overview and analysis of the Pradhan Mantri Jan-Dhan Yojana (PMJDY) scheme launched by the Indian government. It discusses the background and objectives of PMJDY, which aims to provide universal access to banking facilities and promote financial inclusion. The performance has exceeded expectations with over 12.5 crore accounts opened within the first 9 months. Going forward, stakeholders will need to address operational challenges to strengthen implementation and ensure accounts remain active. The success of PMJDY can help promote inclusive growth in India.
Prime Minister Narendra Modi launched the Pradhan Mantri Jan Dhan Yojana program in August 2014 to ensure financial inclusion and provide at least one bank account for every household in India by January 26, 2015. The program was announced by Modi during his Independence Day speech and aims to provide a RuPay debit card, overdraft facility of Rs. 5,000 after six months, and personal accident insurance of Rs. 1 lakh to account holders. On the first day of the launch, banks opened 1.5 crore new accounts with help from over 70,000 camps across the country to meet the goal of including over 75 million currently unbanked families by the deadline.
Pradhan Mantri Jan Dhan Yojana (PMJDY) is a scheme launched in 2014 by Prime Minister Narendra Modi to provide universal access to banking facilities. The scheme aims to provide bank accounts to over 75 million unbanked households across India. Key features of PMJDY include zero balance bank accounts, debit cards, accident and life insurance coverage, and an overdraft limit. By January 2015, over 12.58 crore accounts were opened under the scheme, with Rs. 10590 crore deposited. On its inauguration day itself, 1.5 crore accounts were opened, setting a Guinness World Record.
Prime Minister Narendra Modi launched the Pradhan Mantri Jan Dhan Yojana (PMJDY) scheme on August 28, 2014. The scheme aims to provide bank accounts, debit cards, accident and life insurance to all Indian citizens who do not have bank accounts. On the first day of the launch, the goal was to open 1 crore (10 million) bank accounts. The scheme targets opening over 15 crore (150 million) bank accounts and bringing over 7.5 crore (75 million) unbanked families into the banking system. Key benefits of opening a bank account under PMJDY include RuPay debit cards, Rs. 1 lakh accident insurance and Rs. 30,000 life
This document provides a SWOT analysis of the Modi government in India. It details the government's strengths such as minimum government and infrastructure initiatives. Weaknesses include being a single-man government and limited focus on farmers. Opportunities exist in using foreign exchange savings for employment and capitalizing on the large mandate. Threats include limited cash reserves and lack of numbers in the upper house of parliament. Global experts generally view Modi positively and see potential for further reforms leading to strong growth.
The Pradhanmantri Jan-Dhan Yojana (PMJDY) is India's national mission for financial inclusion. Launched in 2014 by Prime Minister Narendra Modi, PMJDY aims to provide universal access to banking facilities with at least one basic banking account for every household, financial literacy, access to credit, insurance and pension. Key benefits of opening a PMJDY account include zero balance accounts, no minimum balance requirement, accident and life insurance coverage, and access to an overdraft facility after 6 months. The scheme aims to bring unbanked populations into the formal banking system, reduce corruption, and support the Digital India initiative.
The document summarizes the Pradhanmantri Jan-Dhan Yojana (PMJDY) financial inclusion scheme launched by the Indian government in 2014. The key goals of PMJDY are to bring financially excluded individuals into the banking system, provide universal access to banking facilities, and promote financial inclusion, especially for poor and rural areas. The scheme offers zero-balance bank accounts with overdraft protection and accident and life insurance benefits. Major nationalized and private banks participate in PMJDY to reach target account openings.
Pradhan Mantri Jan-Dhan Yojana (PMJDY) was launched in 2014 as a national mission to promote financial inclusion across India. The scheme aimed to provide universal access to banking facilities, basic bank accounts with overdraft and debit cards, financial literacy programs, credit guarantees, and pension schemes. Within 20 months, over 220 million bank accounts were opened under PMJDY, depositing over Rs. 37,000 crore and providing banking access to over 15% of the previously unbanked population. However, the scheme also faced some criticism around issues like multiple accounts, money laundering, lack of proper identity proofs among poor citizens, and the impact of demonetization.
The document discusses India's Pradhan Mantri Jan Dhan Yojana (PMJDY) program which aims to increase financial inclusion. It was launched in 2014 to provide bank accounts, debit cards, accident insurance and other financial services to disadvantaged groups. The goals are to eradicate financial exclusion, provide financial stability, and increase the country's economic participation. The five pillars of PMJDY are universal access to banking, financial literacy programs, microcredit availability, microinsurance schemes, and financial counseling.
JAN DHAN YOJNA COMPLETE PROJECT(SUMEET SARASWATA)Sumit SARASWAT
Union Bank of India has played a proactive role in India's economic growth by providing credit to different sectors. It has over 4,200 branches across India. The Pradhan Mantri Jan Dhan Yojana (PMJDY) financial inclusion scheme aims to provide bank accounts to all households, and over 17.45 crore accounts were opened by August 2015, with Rs. 22,032.68 crore deposited. PMJDY has positively impacted banks like Union Bank by expanding customer base and increasing deposits.
30may ebookartiOne Year of the Modi Government: A Compilation of CritiquescleSandy Bisen
The document provides critiques of Narendra Modi's first year as Prime Minister of India from various commentators and publications. It contains 37 articles that are generally critical of Modi's performance. Some of the main critiques included are: 1) Modi failed to deliver on many of his major promises like bringing back black money and depositing Rs. 15 lakh in every citizen's account; 2) key economic indicators like GDP growth, industrial production, and exports have weakened under Modi; and 3) the social sectors like agriculture, education, and healthcare have been neglected while benefits have been showered on industrialists. Many argue Modi's first year has been one of unfulfilled expectations and sloganeering over substance.
The document discusses rural development in India. It outlines several key schemes and organizations focused on rural development. The Pradhan Mantri Gram Sadak Yojana scheme aims to connect rural habitations with paved roads. The National Rural Employment Guarantee Act provides employment opportunities in rural areas. Organizations like the National Bank for Agriculture and Rural Development provide credit and support rural economic development. Overall the document examines the government's efforts to promote growth in India's important rural sectors through various programs and institutions.
One Year of the Modi Government: A Performance AssessmentSandy Bisen
The document provides a summary and assessment of Narendra Modi and the BJP-led government's performance after one year in power. It criticizes the government for numerous U-turns on policies like GST, insurance reforms and foreign relations. It also argues the government has failed to fulfill many of its major promises like bringing back black money, creating jobs, and supporting farmers and social sectors. Instead, cuts were made to programs for healthcare, education, rural development and women/child welfare, harming social development.
Indian Banking Moving towards a new landscape - PMJDY scheme - Part - 5Resurgent India
Hon'ble Prime Minister, Sh. Narendra Modi launched the Pradhan Mantri Jan-Dhan Yojana (PMJDY) scheme as a national mission for Financial Inclusion on 28th August, 2014.
PM Jan-Dhan Yojana - Features & Benefits - (Part-9)Resurgent India
The document outlines the key features and benefits of the Pradhan Mantri Jan-Dhan Yojana (PMJDY) scheme. The main features include zero-balance savings accounts, interest paid on balances, RuPay debit cards, checkbooks and passbooks. Documentation is minimal, with Aadhar identification and temporary accounts available. Mobile and internet banking are supported. Additional benefits include accident insurance of Rs. 1 lakh for RuPay card holders, overdraft facilities after 6 months, and access to pension and insurance products. The scheme aims to increase bank account access and reduce dependency on money lenders.
The document discusses several schemes launched by the Indian government to promote development, including Digital India (launched in 2015 to transform India's economy digitally), Make in India (launched in 2014 to make India a manufacturing hub), Skill India (launched in 2015 to create jobs through skill development), Smart Cities (launched in 2015 to develop 100 smart cities), and Swachh Bharat Abhiyan (launched in 2014 to make India clean by 2019 through eliminating open defecation). It also briefly outlines the objectives and goals of other schemes such as Jan Dhan Yojana, Ujjwala Yojana, Mudra Bank Yojana, and Stand Up India Scheme.
C.PARAMASIVAN ,PERIYAR EVR COLLEGE , TIRUCHIRAPPALLI Commercial bank’s perfor...chelliah paramasivan
This document analyzes the performance of commercial banks in India under the Pradhan Mantri Jan Dhan Yojana (PMJDY) financial inclusion scheme launched in 2014. It provides statistics showing a significant increase in the number of bank accounts opened between September 2014 to March 2015, with over 60% of new accounts in rural areas. The study aims to understand commercial bank participation in PMJDY and how it helps promote financial inclusion and access to banking services for low-income populations. Key aspects of PMJDY discussed include its six pillars of universal access, no-frills accounts, financial literacy, credit guarantee funds, micro-insurance and pension schemes.
Implementation of PMJDY with special reference to village Aakhar, District Ba...Rani Singh
The document discusses the implementation of the Pradhan Mantri Jan-Dhan Yojana (PMJDY) scheme with a special focus on the village of Aakhar in Ballia district, Uttar Pradesh. It provides background on previous financial inclusion efforts in India and outlines the objectives and key features of the PMJDY scheme launched in 2014, including providing all Indian households with a bank account, debit card, accident insurance and access to other financial products and services. The document also analyzes progress made on financial inclusion to date and challenges faced.
Narendra Modi faced challenges in building his brand from a regional leader to a national figure due to his image from the 2002 Gujarat riots and as a Hindu hardliner. His campaign aimed to promote his image as a leader focused on development and growth who could take India forward. The campaign used extensive social and traditional media strategies to promote Modi and counter opposition. Modi hired top advertising experts to create one of India's most successful political branding campaigns, focused on portraying him as a decisive leader dedicated to development. The success of his social media presence and the branding of development with Modi showed the effectiveness of the strategy in repositioning him nationally and contributing to his electoral victory.
The document discusses the Pradhan Mantri Jan Dhan Yojana (PMJDY), a scheme launched in 2014 by Prime Minister Narendra Modi to promote financial inclusion in India. The key aspects of the scheme are that it provides zero-balance bank accounts, Rs. 1 lakh insurance coverage, checkbooks and passbooks, and access to direct benefit transfers and loans. It aims to benefit farmers through access to lower interest rate loans for agriculture. The scheme could also help reduce black money and ensure subsidies reach beneficiaries by minimizing leakage.
This document provides details about Narendra Modi, including his personal and political background as well as developments that occurred in Gujarat during his time as Chief Minister. It notes that Modi was born in 1950 in Gujarat and became involved in politics through student organizations and the RSS. He served as Chief Minister of Gujarat from 2001 to 2014, during which time Gujarat experienced substantial infrastructure, education, social, and economic developments, including several business investment summits that attracted hundreds of billions of dollars in investments. Key projects launched included the Knowledge Corridor, various girl child education initiatives, and the large Kalpasar water storage project.
Narendra Modi is being proposed as the right choice for Prime Minister of India. He was born in 1950 in Gujarat and had a humble upbringing as a tea seller. As Chief Minister of Gujarat, he has led the state to significant development and received several awards for his governance. Surveys show the mood of the nation favors Modi as Prime Minister due to his development track record and ability to inspire patriotism. While some criticize him as authoritarian, others believe strong leadership is needed to solve India's problems and restore its past glory.
Narendra Modi grew up in a small town in Gujarat, India and became involved in student politics and social movements as a young man. He served as Chief Minister of Gujarat for 13 years, during which time he oversaw large infrastructure projects and economic growth that transformed the state. In 2014, Modi's Bharatiya Janata Party selected him as their prime ministerial candidate, and he led the party to victory in the national elections, becoming the 15th Prime Minister of India. The document provides details on Modi's personal background and political rise from his early career in Gujarat to becoming the Prime Minister of India.
The document discusses technological advancements in India over the past 5000+ years. It notes that India now has the third largest scientific workforce globally and is self-reliant in fields like nuclear technology, space research, and electronics. Key areas that have seen growth include atomic energy, space, electronics, agriculture, health care, and defense technologies like missiles and aircraft. The government is committed to making science, technology and innovation an integral part of socio-economic development.
Narendra Modi is the current and 14th Prime Minister of India. He was born in 1950 in Gujarat and received a post-graduate degree in political science. He joined the BJP and RSS and became active in politics, organizing important events for the party. He served as Chief Minister of Gujarat from 2001 to 2014, overseeing many infrastructure, education, and social development projects in the state. Some of his key initiatives included expanding road, port and airport infrastructure as well as improving rural connectivity and increasing girls' school enrollment. He focused on long-term planning and development.
The document discusses new trends in the Indian banking system, including increased use of technology and digital services. It outlines how banks have adopted technologies like core banking solutions, customer relationship management, electronic payments, real-time gross settlement, electronic fund transfer, electronic clearing systems, ATMs, telebanking/mobile banking, point of sale terminals, and electronic data interchange to automate operations, improve efficiency, and enhance customer service. The trends have redefined banking operations and allowed customers to access services anytime from anywhere. Foreign direct investment is also said to ensure better risk management and capitalization in the Indian banking sector.
Rand Fishkin's presentation on the Fermi Paradox and how great filters relate to marketing activities. Presented at Conductor C3, Seattle Interactive Conference, and others.
The Who What Where When And Why Of Social Media Lead GenerationAbhishek Shah
Social Media is the place to be for lead generation. Each platform offers insight and information about thousands of potential prospects, and it’s all right there waiting for you.
But in order for your strategy to be efficient and effective, you have to identify the 5 W’s of your lead generation: Who, What, Where, When, and Why.
This SlideShare will give you a brief breakdown of what these elements are and how to use them to your advantage.
If I Knew Then What I Know Now/Skills That I Think Students Should Have/What ...Guy Kawasaki
The document discusses 10 skills that students should learn: 1) how to continue learning, 2) how to separate correlation and causation, 3) how to pitch, 4) how to write software, 5) how to be brief, 6) how to use graphics, 7) how to make a video, 8) how to work social media, 9) how to reciprocate in advance, and 10) how to suck it up. It also provides information about an initiative called TechHire that aims to expand training opportunities and connect Americans to technology jobs.
One of the most important elements of email marketing is writing subject lines that get people to open your emails.
How many times have you received a marketing email from someone and never opened it? Chances are more than once, and more than likely, it’s because the subject line didn’t grab you.
So, as you think about email marketing, how can you write effective email subject lines that get your subscribers to open your email?
More and more, it seems that companies default to having a Facebook and Twitter account and then make the choice for a third among Google+, LinkedIn, Pinterest, and Instagram. For those who use Instagram in their personal lives, adding Instagram to the business mix is becoming an easier and easier decision.
So the next question becomes: How do you thrive with Instagram for business?
Before you start creating content, you need to build your strategy. We collected such valuable insights from over 40 major brands and thought leaders that we are rereleasing this ebook to help make your content marketing successful.
Financial inclusion for sustainable developmentTapasya123
For any developing country like India, the sustainable growth of nation is only possible
by inclusive all financial services to those groups who are excluded to access financial
system. The approach that was first used by the government for financial inclusion
was Swabhimaan. In Swabhimaan, the target area was rural with account opening
as the main focus ignoring the use of mobile banking. Pradhan Mantri Jan-Dhan
Yojana (PMJDY) is introduced to overcome the loopholes of Swabhimaan. It is an
urge of the hour to make the people understand that financial inclusion is the emerging
financial means which play major role to develop country by eradicating poverty.
The main objective of financial inclusion is a basic no frill account, credit availability
at appropriate rate, knowledge of secure savings and financial products, remittance,
pension and insurance etc. PMJDY is major financial plan with the objective of covering
all households in the country with banking facilities along with inbuilt insurance
coverage. The paper implies to study the need of financial inclusions in India with
special reference to PMJDY for the sustainable growth of economy.
Financil Inclusion for Sustainable Development through Pradhan Mantri Jan-Dha...professionalpanorama
For any developing country like India, the sustainable growth of nation is only possible
by inclusive all financial services to those groups who are excluded to access financial
system. The approach that was first used by the government for financial inclusion
was Swabhimaan. In Swabhimaan, the target area was rural with account opening
as the main focus ignoring the use of mobile banking. Pradhan Mantri Jan-Dhan
Yojana (PMJDY) is introduced to overcome the loopholes of Swabhimaan. It is an
urge of the hour to make the people understand that financial inclusion is the emerging
financial means which play major role to develop country by eradicating poverty.
The main objective of financial inclusion is a basic no frill account, credit availability
at appropriate rate, knowledge of secure savings and financial products, remittance,
pension and insurance etc. PMJDY is major financial plan with the objective of covering
all households in the country with banking facilities along with inbuilt insurance
coverage. The paper implies to study the need of financial inclusions in India with
special reference to PMJDY for the sustainable growth of economy.
Keywords: Financial Exclusion, Financial Inclusion, PMJDY, Sustainable Growth.
The Pradhan Mantri Kaushal Vikas Yojana (PMKVY) skill development program was launched to provide industry-relevant skill training to Indian youth so they can gain employment. The scheme is managed by the Ministry of Skill Development and Entrepreneurship with the goal of mobilizing and training India's youth for better employment opportunities and livelihoods. The Pradhan Mantri Jan Dhan Yojana (PMJDY) financial inclusion scheme aims to provide a bank account to every Indian household. Key features of PMJDY accounts include being zero balance, coming with a RuPay debit card with accident insurance, and enabling direct benefit transfers from the government. The overdraft facility under PMJ
Financial Inclusion Summit 2016 - PMJDY Scheme - Part - 3Resurgent India
The Pradhan Mantri Jan-Dhan Yojana (PMJDY) scheme was launched in August 2014 by Prime Minister Narendra Modi with the objective of ensuring affordable access to financial services like banking, credit, insurance, and remittances to disadvantaged and low-income groups. Phase 1 provided basic bank accounts and debit cards with accident insurance. Phase 2 seeks to promote activity in the bank accounts by providing overdraft facilities and credit guarantee funds, as well as micro insurance. As of January 2016, over 20 crore accounts have been opened under PMJDY with deposits over 30,000 crore. However, more work remains to achieve complete financial inclusion.
Rani Singh-Financial Inclusion Issues and ChallengesRani Singh
This document discusses the challenges and issues around financial inclusion in India. It provides statistics that show progress expanding access to banking services, but notes that full inclusion has not been achieved. Key issues discussed include the need to cover all households, not just villages; ensuring technology platforms are robust; improving financial literacy; and overcoming operational challenges in rural areas. The Prime Minister's Jan Dhan Yojana aims to provide universal banking access to all households by 2015 through basic bank accounts with debit cards and insurance, but achieving widespread usage remains a challenge.
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FINANCIAL INCLUSION IN INDIA: A ROAD MAP TOWARDS FUTURE GROWTHIAEME Publication
This document discusses financial inclusion in India and proposes a roadmap for future growth. It defines financial inclusion and exclusion, and outlines the importance of financial inclusion for overall development. Several approaches to achieving financial inclusion in India are analyzed, including product-based approaches like no-frills accounts, credit cards, and savings accounts with overdraft facilities. Bank-led approaches like self-help groups and using business correspondents are also discussed. The regulatory approach of simplified KYC norms to expand rural banking is mentioned. Overall, the document evaluates India's progress on financial inclusion and suggests that continued initiatives and innovative technologies are needed to strengthen financial deepening and credit delivery, especially in rural areas.
Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched in 2014 to provide universal access to banking facilities and enhance financial inclusion in India. It aims to provide at least one basic banking account for every household. PMJDY has helped expand access to important social security schemes for insurance, pensions, and credit. However, a large section of the population, especially those working in the unorganized sector, still lacks coverage under social security schemes due to lack of awareness and financial access. The government has since improved PMJDY to link it with employment schemes and ensure benefits reach citizens through direct bank transfers. While PMJDY has significantly expanded financial inclusion, further expansion is still needed to cover all adults and
Perceptions of People from Economically Backward Section towards Financial In...iosrjce
Financial Inclusion aims to provide the financial services to the people from economically backward
section of the society. The objective is to assist them in their economic improvement and achieve the sustainable
growth. In this study, an effort has been made to examine the views of the people from economically backward
sectionregarding the important aspects of financial inclusion. Views of 53 respondents are analyzed. ChiSquare,
nonparametric statistical technique, has been used to examine whether the views of the different
categories of the respondents about the important aspects of financial inclusiondiffer. Based on the views of the
respondents we found that bank employees are encouraging people from economically weaker sections to open
their accounts and people also found these accounts useful. Respondents are also of the view that education
level, income level, age and period of association of the account holder with the bank directly affects the quality
of services rendered. To further enhance the utility of the scheme and ensure its success, there is a need to
provide training to bank staff so that the quality of services rendered is not differentiated between different
categories of customers. Further, whereas this study pertains to the views of the economically weaker section,
there is a need to examine the views of bankers also, so that this scheme can be made more useful.
The document outlines the Pradhan Mantri Jan-Dhan Yojana (PMJDY), a national mission for financial inclusion in India. The key objectives of PMJDY are to provide universal access to banking facilities, financial literacy programs, access to credit, insurance, and pension services. It aims to provide basic bank accounts with RuPay debit cards, financial literacy centers, and cover households that currently lack access to formal banking. The program will leverage technology and business correspondent models to expand coverage, especially in rural areas. It also seeks to promote direct benefit transfers to improve efficiency of government subsidy programs. Implementation will involve coordination between banks, business correspondents, government agencies, and technology/telecom partners. Monitoring will occur
The document outlines the Pradhan Mantri Jan-Dhan Yojana (PMJDY), a national mission for financial inclusion in India. The key objectives of PMJDY are to provide universal access to banking facilities, financial literacy programs, access to credit, insurance, and pension services. It aims to provide basic bank accounts with RuPay debit cards, KYC compliance, and accident insurance to all households. The program will leverage technology and business correspondents to expand coverage in rural areas. It also seeks to promote the use of direct benefit transfers for government subsidies and services to beneficiaries' bank accounts. The mission represents a comprehensive plan to promote financial inclusion in India and empower the economically weaker sections of society through access to
The document summarizes the Pradhan Mantri Mudra Yojana (PMMY) scheme in India, which provides loans of up to Rs. 10 lakh to micro and small businesses. The scheme aims to fund small businesses that lack access to formal institutional financing. It was launched in 2015 by Prime Minister Narendra Modi. In the first year, over 3.5 crore micro entrepreneurs received loans worth over Rs. 1.32 lakh crore, surpassing the target of Rs. 1.22 lakh crore. The scheme has been successful in promoting financial inclusion and empowering small businesses across India.
Financial inclusion schemes aim to provide access to banking and financial services to excluded populations. The Pradhan Mantri Jan-Dhan Yojana (PMJDY) was launched as a national mission to ensure access to banking, savings accounts, remittances, credit, insurance, and pensions. It aims to cover all unbanked households with at least one bank account per household. The PMJDY offers zero-balance accounts with minimum Know Your Customer requirements, accidental death insurance of Rs. 1 lakh, life insurance of Rs. 30,000, and other benefits. It has resulted in the opening of over 23,000 accounts in the Ahmedabad region of IDBI Bank. Along with PMJDY,
Financial inclusion from Poverty to ProsperitySiddharth Mehta
The document discusses financial inclusion in India. It provides background on India's economic growth and sectors. It then discusses the large portion of the population that lives in poverty and are financially excluded. Several government programs and initiatives are outlined to promote financial inclusion, such as no-frills bank accounts, expanding branch networks, and initiatives like Jan Dhan Yojana that aim to provide every family access to a bank account. Challenges to financial inclusion include limited financial literacy and the large number of people still needing access to financial services. The role of organizations like NABARD in promoting financial inclusion through microfinance and other programs is also mentioned.
Financial inclusion aims to ensure access to financial services and timely credit for vulnerable groups at affordable costs. It has the objectives of addressing constraints that exclude people from financial access, establishing proper financial institutions for the poor, and building financial sustainability. Financial inclusion is important as it can reduce poverty, increase savings and investment, manage risks and liquidity, and spur economic growth. Technology plays a key role by lowering transaction costs through digital finance and mobile banking, while financial institutions operate schemes and reach rural areas to promote inclusion.
The State of Financial Inclusion – An Overview and AdvancementIJLT EMAS
Financial Inclusion is delivery of banking services at an affordable cost to the vast sections of disadvantaged and low income groups. The main focus of financial inclusion in India is to promote sustainable development and generating employment in rural areas for the rural population. In India, few households have access to banking services. There are many factors affecting access to financial services by weaker section of society in India. Several steps have been taken by the Reserve Bank of India and the Government to bring the financially excluded people to the fold of the formal banking services. Financial Access Survey for 2016 released by International Monetary Fund (IMF) shows that in India there only 13 commercial bank branches per 1,00,000 individuals. PM Jan Dhan Yojna (PMJDY) was highly successful in opening bank accounts in which more than 97% of the accounts were opened with the public banks, but around 72% of these accounts show 'zero balances'. More than 1 crore bank accounts have been opened under PMJDY. However, despite the opening of such accounts, access has been lower. Access to banking is an important indicator of the level of financial inclusion in the country. India's urban and semi-urban region performs fairly well, however rural region is still underdeveloped in banking. Digital India campaign recently launched schemes like MUDRA, startup India, PMJDY, initiation of new banks like payment banks, PSL certificates trading etc. are in the right direction. With government moving towards DBT for subsidies financial inclusion becomes very critical. Focus should shift to increase coverage, reach of services and ease of availing credit.
This document discusses financial inclusion in India based on a literature review and analysis of key statistics. It begins by providing context on India's economic growth since 1991 and defines financial inclusion. It then reviews literature on various aspects of financial inclusion in India. Key statistics analyzed include the availability of ATMs and bank branches in India compared to other countries, growth in agricultural credit and bank accounts in rural areas, and the progress of banks in expanding access in rural villages. The overall perspective presented is that while progress has been made in expanding access to financial services in India, significant deficiencies still remain, particularly for vulnerable groups, and India still lags globally in terms of access points per population when compared to other nations.
This newsletter from S.P. Mandali's Prin. L.N. Welingkar Institute of Management discusses various topics related to rural management and microfinance. It includes an editorial note, articles on microfinance institutions and the challenges they face, the impact of demonetization on the microfinance sector, opportunities for growth in rural housing, and mergers and acquisitions in microfinance. It also summarizes interviews with industry experts, shares student experiences, and highlights achievements.
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Modi's development model for india
1. From banking the unbanked, and
funding the unfunded….…..to securing
the unsecured
Sen’s and Bhagwati’s models in
Modi’s Development Plan for India
Socio-economic empowerment initiatives of Modi’s Government
Dr. Kamakhya Nr. Singh,
UNDP(AMSCO)
Present day Government of India, led by Narendra Modi is doing remarkable work on
economic front. What is more remarkable is the fundamental change that he is trying to bring
to the way development is seen, talked about and undertaken in a developing economy like
India. Even when the world is realizing that India, through its large consumer base and
enormous economic strength, could be the engine of global growth, the Indian Government is
trying to take the development to the roots. Within just one year of governance, Modi’s
Government has undertaken a series of initiatives for socio-economic empowerment of those
sections of Indians, who have largely remained untouched by the macro-economic
development. Such section of Indian population is too large to wait for the development to
trickle down to them. This paper evaluates the recent schemes of financial inclusion and social
security. The paper recommends that concerted efforts at tackling the economic and social
malaise faced by the excluded section of society will not only help ensure more equitable
development but also help the economy itself grow faster. A sound economy, growing at robust
rate, will offer larger pie for distribution of gains of economic growth.
2. From banking the unbanked, and funding the unfunded to securing the
unsecured - Sen’s and Bhagwati’s model in Modi’s Development plan
Dr. Kamakhya Nr. Singh [http://ng.linkedin.com/in/kamakhyasingh/] Page 1 of 9
Introduction:
Contrary to the apparent mutually exclusive models of Economic Development propounded by
Amartya Sen and Jagdish Bahgwati, Modi Government seems to have found a way to charter
development along a new path. Modi’s vision of Indian Economic Development builds upon the
best advices offered by Amartya Sen and Jagdish Bahgwati, whose views were, interestingly,
hotly debated before the 2014 general election in India. Modi Government is not only trying to
boost the growth of Indian Economy (as per UN Report, growth is estimated to be more than
8% for FY 2015 and FY 2016) but also trying to make the development more inclusive.
One year is not a long period for the macro-economic policies and government initiatives to
show grand impact. However, over the last one year, apart from the brand building of India at
international stage, what Indian Government seems to have achieved is put the focus of
development on those “who are at the margin of the mainstream economy.” Those people have
been made an important stakeholder of development. Concerted efforts are being made to
ensure that the Indian Economy grows sustainably at significant rate. At the same time,
government is also trying to ensure that standard of living and quality of life of vast majority of
Indians, who seemed to get left out of the broad economic growth of India, get improved.
The social empowerment initiatives of Modi Government have the tools of economic
betterment for the masses of India at their root. On May 9th, speaking at the launch of three
social security schemes: Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti
Bima Yojana, and Atal Pension Yojana, Modi said that the fruits of development must reach the
poorest of the poor. He said Jan Dhan Yojana helped bank the unbanked, Mudra Bank would
help fund the unfunded, and these schemes would help secure the unsecured.
These interlinked schemes of empowerment, launched by Modi government to improve the
socio-economic conditions of large segment of Indians, can be presented schematically as
under:
Fig 1: Linkages amongst schemes of socio-economic empowerment
Fig 1: Linkages amongst Modi’s schemes of socio-economic empowerment
Schemes of Socio-Economic empowerment:
Jan Dhan
Scheme
Date of launch:
Aug 28, 2014
MUDRA Scheme
Date of launch:
April 08, 2015
Social Security
Schemes
Date of launch:
9th May, 2015
3. From banking the unbanked, and funding the unfunded to securing the
unsecured - Sen’s and Bhagwati’s model in Modi’s Development plan
Dr. Kamakhya Nr. Singh [http://ng.linkedin.com/in/kamakhyasingh/] Page 2 of 9
A quick review of the three socio-economic initiatives, as shown in Fig 1 above, demonstrates
the visionary thinking behind those initiatives. The review of the salient features of those
schemes and potential challenges that could be thrown up by those schemes are as under:
A) Jan Dhan Scheme or Pradhan Mantri Jan-Dhan Yojana (PMJDY):
On August 28, 2014, while launching the PMJDY, PM Modi, declared the beginning of the end of
financial untouchability in India. Opening of an estimated 15 million bank accounts across the
country was an exercise unprecedented in scale in economic history. Client acquisition of 15
million in single day has never been heard anywhere in the world.
PMJDY is National Mission for Financial Inclusion to ensure access to financial services, namely,
Banking/Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension, etc. in an
affordable manner. Account can be opened in any bank branch or Business Correspondent
(Bank Mitr) outlet. PMJDY accounts are being opened with Zero balance. However, if the
account-holder wishes to get cheque book, he/she will have to fulfill minimum balance criteria.
Special Benefits under PMJDY Scheme
a. Account holders will be provided zero-balance bank account with RuPay debit card. In
addition, accidental insurance cover of ₹1 lakh (to be given by 'HDFC Ergo') would be
offered, provided that the RuPay Debit Card is used at least once within first 45 days of
opening of the account.
b. An additional life insurance cover of ₹30,000 (to be given by LIC) was to be given to
those who had opened accounts by January 26, 2015 over.
c. With the introduction of new technology by National Payments Corporation of India
(NPCI), a person could transfer funds and check balance through a normal phone
d. Beneficiaries of Government Schemes will get Direct Benefit Transfer in these accounts.
e. After satisfactory operation of the account for 6 months, an overdraft facility of ₹5000
will be permitted
f. Mobile banking for the poor would be made available through National Unified USSD
Platform (NUUP)
g. Bank accounts opened under PMJDY, will have access to Pension and insurance
products.
It is expected that opening of bank accounts will provide efficient and safe means of keeping
their savings. The Prime Minister illustrated his point through the example of a mother saving
money and being forced to hide it somewhere within the house. He said the bank officials who
had opened an account for such a mother, had been blessed by those mothers.
The Prime Minister said that a breakthrough was required to overcome the vicious cycle of
poverty and debt, and that breakthrough had been achieved with the launching of PMJDY. He
further added that there were similarities between the poor getting access to mobile
telephones, and getting access to debit cards. They both had the effect of instilling confidence
and pride among the poor, he added.
4. From banking the unbanked, and funding the unfunded to securing the
unsecured - Sen’s and Bhagwati’s model in Modi’s Development plan
Dr. Kamakhya Nr. Singh [http://ng.linkedin.com/in/kamakhyasingh/] Page 3 of 9
Fig
2:
Prime Minister, Modi, launching PMJDY
Achievements under PMJDY:
1) On the inauguration day, 15 million bank accounts were opened under PMJDY. By 28
January 2015, 125.8 million accounts had been opened, with around ₹106 billion
(US$1.75 billion) deposited under the scheme. As on 31st March, 2015 total number of
accounts opened were 147.2 million and had ₹156 billion in deposits; about 85 million
had zero balance. Number of Rupay Debit cards issued by 31st March, 2015 was 132
million.
2) On January 31, 2015, Shri Narendra Modi, while reviewing PaHaL (Pratyaksha
Hastaantarit Laabh - the Direct Benefit Transfer Scheme for LPG Subsidy), noted that
PaHaL, had covered more than. 97.5 million LPG consumers, and was perhaps the
world’s largest cash transfer program as compared to similar programs in other
countries, such as China, Mexico and Brazil.
Challenges thrown by PMJDY:
1) Management of so many accounts has put immense pressure on the over-burdened
banking infrastructure, especially on the infrastructure of public-sector banks.
2) The overdraft facility has become discretionary in view of the government notice that
only those people would get the overdraft facility whose transaction record is satisfactory
as per the banks.
3) Keeping the account live and operational could be a huge task for account holders. A
simple trip to the bank branch may not be economically viable for those people who have
opened the zero balance account.
4) Technology for branchless banking, which would eventually drive the PMJDY, would
require continuous upgradation and at the same time reduction in the cost of usage
5) For the use of banking correspondent to be effective, the incentive structure would
require to be made more attractive
5. From banking the unbanked, and funding the unfunded to securing the
unsecured - Sen’s and Bhagwati’s model in Modi’s Development plan
Dr. Kamakhya Nr. Singh [http://ng.linkedin.com/in/kamakhyasingh/] Page 4 of 9
B) MUDRA Bank Scheme:
Launching Pradhan Mantri MUDRA (Micro Units Development and Refinance Agency) Scheme
on April 08, 2015 PM Modi tweeted that the biggest capital of the poor is their integrity and
combination of integrity with MUDRA – capital - will be the key to success for small
entrepreneurs. He also observed that supporting the small entrepreneurs of India was the
biggest way to help the Indian economy grow and prosper.
Earlier, on 28th Feb, 2015, Finance Minister, Arun Jaitley, had indicated in his budget speech
that there are some 57.7 million small business units, mostly individual proprietorship/own
account enterprises (OAEs), which run small manufacturing, trading or service businesses.
These hard-working entrepreneurs, who operate at the bottom-of-the-pyramid, find it difficult,
if not impossible, to access institutional finance. To help such entrepreneurs, Micro Units
Development Refinance Agency (MUDRA) Bank, with a corpus of ₹200 million, and credit
guarantee corpus of ₹30 million was created. MUDRA Bank would refinance Micro-Finance
Institutions through Pradhan Mantri Mudra Yojana.
Fig 3: Prime Minister, Modi, launching MUDRA Scheme
It is hoped that MUDRA scheme could be a boon for small business units/enterprises, which
have only limited access to formal finance. Numbering about 57.7 million, these small
enterprises use a debt fund of just ₹11 trillion (about US$ 180 billion) and provide employment
to 120 million Indians. Government statistics show that only 4% of these SBUs get finance from
regular banks and Micro, Small and Medium Enterprises (MSMEs) as a whole get less than 15%
of the total bank credit. It is in this backdrop that Government of India (GoI) has envisioned to
set up a Micro Units Development & Refinance Agency (MUDRA) Bank through a statutory
enactment. This Agency would be responsible for developing and refinancing all Micro-finance
Institutions (MFIs) which are in the business of lending to micro/small business entities
engaged in manufacturing, trading and service activities. The Bank would partner with state
level/regional level co-ordinators to provide finance to Last Mile Financiers of small/micro
business enterprises.
MUDRA Bank would be primarily responsible for:
1) Laying down policy guidelines for micro enterprise financing business
6. From banking the unbanked, and funding the unfunded to securing the
unsecured - Sen’s and Bhagwati’s model in Modi’s Development plan
Dr. Kamakhya Nr. Singh [http://ng.linkedin.com/in/kamakhyasingh/] Page 5 of 9
2) Registration and Supervision of MFI entities
3) Accreditation /rating of MFI entities
4) Laying down responsible financing practices to ward off over-indebtedness and ensure
compliance with the proper client protection principles and methods of recovery
6) Development of standardised set of covenants governing last mile lending to micro
enterprises
7) Promoting right technology solutions for the last mile
8) Formulating and running a Credit Guarantee scheme for providing guarantees to the
loans/portfolios which are being extended to micro enterprises
9) Supporting development and promotional activities in the sector
10) Creating a good architecture of Last Mile Credit Delivery to micro businesses under the
scheme of Pradhan Mantri MUDRA Yojana
MUDRA bank will be offering:
1) Refinance to Commercial Banks, NBFCs, RRBs, Cooperative Banks and MFIs for lending
to micro units. The loans to micro units will be in 3 categories:
a. Shishu : covering loans upto ₹50,000/-
b. Kishor : covering loans above ₹50,000/- and upto ₹5 lakh
c. Tarun : covering loans above ₹5 lakh and upto ₹10 lakh
2) Development and Financial Literacy Support - MUDRA will adopt a credit- plus
approach and offer Developmental and Support services to the target audience to help
overcome constraints such as:
• Skill Development Gaps
• Knowledge Gaps
• Information Asymmetry
• Financial Literacy gap
• Lack of growth orientation
MUDRA Bank will act as a market maker and build-up an ecosystem with capacities to deliver
value in an efficient and sustainable manner. MUDRA Bank will also support Financial Literacy
on demand as well as on supply side by 'providing familiarity with and understanding of
financial market products, especially rewards and risks, in order to make informed choices.'
In India, Micro Finance sector players can be broadly grouped under 3 categories:
a) Those who follow the SHG-Bank linkage model through Commercial Banks and Regional
Rural Banking channels,
b) The Non-Banking Finance Company and
c) Others including Section 8 (formerly Section 25) Companies, Trusts, Societies, etc.
MUDRA Bank will arrange to meet the requirements of institutions in all the 3 categories.
Challenges:
a. There seems to be a sense of uncertainty, as MUDRA Bank is yet to be set up as a
separate/independent statutory body. As the Bank will function as an NBFC and a
subsidiary of SIDBI in the initial phases, it will have problems setting up a new path of
its own
b. Given the complex nature of microfinance sector, MUDRA Bank may find it difficult to
serve as a regulator for widely diversified set of Microfinance operators and, at the same
time, provide them refinancing services as well.
7. From banking the unbanked, and funding the unfunded to securing the
unsecured - Sen’s and Bhagwati’s model in Modi’s Development plan
Dr. Kamakhya Nr. Singh [http://ng.linkedin.com/in/kamakhyasingh/] Page 6 of 9
C) Social Security Schemes:
While launching the Social Security Schemes on May 09, 2015, PM stated that poor do not need
support (Sahaara), but require strength (Shakti). Government was determined to providing
strength to the marginalized and poor people by using three social security schemes: Pradhan
Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana, and Atal Pension
Yojana. He noted that it was indeed a matter of great pain that 80 to 90 percent of the people in
India do not have access to insurance and pension.
Fig 4: Prime Minister, Modi, launching Social Security Schemes
Building on the foundation of Jan Dhan Yojana, new social security schemes have been
launched. These social security schemes are:
a) Prime Minister Accident Insurance Scheme-Pradhan Mantri Suraksha Beem
Yojana (PMSBY) –
This is an Accident Insurance Scheme offering accidental death and disability arising from an
accident. The scheme will be have one year coverage, and be renewable from year to year. All
savings bank account holders with participating banks, within the age bracket of 18 to 70
years, will be entitled to join. Aadhar would be the primary KYC for the bank account.
An amount of ₹12/- per annum needs to be paid as premium by each beneficiary. The premium
will be deducted from the account holder’s savings bank account through ‘auto debit’ facility in
one installment on or before 1st June of each annual coverage period under the scheme.
Resultant potential benefits accruing to those opting for this insurance would be as per the
following table:
Benefits Sum Insured
a. Death ₹ 2 Lakh
b. Total and irrecoverable loss of both eyes or loss of use of
both hands or feet or loss of sight of one eye and loss of use
of hand or foot
₹ 2 Lakh
c. Total and irrecoverable loss of sight of one eye or loss of use
of one hand or foot
₹ 1 Lakh
Table 1: PMSBY - Table of benefits
8. From banking the unbanked, and funding the unfunded to securing the
unsecured - Sen’s and Bhagwati’s model in Modi’s Development plan
Dr. Kamakhya Nr. Singh [http://ng.linkedin.com/in/kamakhyasingh/] Page 7 of 9
b) Prime Minister Life Insurance Scheme-Pradhan Mantri Jeevan Jyoti Yojana
(PMJJY)
This is an Insurance Scheme offering life insurance cover for death due to any reason. The
scheme offers a renewable one-year life cover of ₹ 2 lakh for a premium of ₹ 330 a year. Thus
the scheme provides risk coverage of life at a premium of less than 1₹ per day and can be
renewed on a yearly basis. All savings bank account holders with participating banks, within
the age bracket of 18 to 50 years, will be entitled to join. In case of multiple saving bank
accounts held by an individual, the person would be eligible to join the scheme through one
savings bank account only. Aadhar would be the primary KYC for the bank account.
c) Atal Pension Scheme - Atal Pension Yojana (APY)
This pension scheme addresses the longevity risks among the workers in unorganised sector. It
encourages those workers in the unorganised sector, who constitute 88% of the total labour
force but do not have any formal pension provision, to voluntarily save for their retirement.
Atal Pension Yojana (APY) is open to all bank account holders. Bank accounts must have auto-
debit facility and subscribers need to keep the required balance in their savings bank accounts
on the stipulated due dates to avoid any late payment penalty.
The minimum age of joining APY is 18 years and maximum age is 40 years. Therefore,
minimum period of contribution by any subscriber under APY would be 20 years or more.
Pension would be paid on monthly basis after completion of 60 years of age. The benefit of
fixed minimum pension would be guaranteed by the Government. To all those subscribers of
APY who join this scheme during the period of 1st June, 2015 to 31st December, 2015, who are
not members of any statutory social security scheme and who are not income tax payers,
Government will contribute 50% of the total contribution (or ₹1000 per annum, whichever is
lower) for a period of 5 years, i.e., from Financial Year 2015-16 to 2019-20.
All the details of APY are illustrated in the table of computation below:
Age of
Joining
(Years)
Years of
Contribution
Indicative Monthly
Contribution
(in ₹)
Monthly Pension to
the subscribers and
his spouse (in ₹)
Indicative Return of
Corpus to the nominee
of the subscribers (in ₹)
18 42 42 1,000 170,000
20 40 50 1,000 170,000
25 35 76 1,000 170,000
30 30 116 1,000 170,000
35 25 181 1,000 170,000
40 20 291 1,000 170,000
Age of maturity: 60 years
Table 2: APY - Table of contribution and pension payments
Subscribers need to be regular in payment of their contribution to the scheme as
discontinuation of payments of monthly contribution shall lead to following:
After 6 months, account will be frozen.
After 12 months, account will be deactivated.
9. From banking the unbanked, and funding the unfunded to securing the
unsecured - Sen’s and Bhagwati’s model in Modi’s Development plan
Dr. Kamakhya Nr. Singh [http://ng.linkedin.com/in/kamakhyasingh/] Page 8 of 9
After 24 months, account will be closed.
It is not clear as to what happens to the fund after the account is closed. More clarification
would be required on how the contributor gets his contribution (in part, at least) back. A
serious concern about the pension plan relates to the longevity of Indians, the amount of
contribution that (s)he makes, which is to be made upto 60 years and the amount of pension
that that (s)he would get under APY, which would be received only after the completion of 60
years.
Conclusion:
There is no gainsaying that the recent actions taken by the Indian Government have been long
overdue in India. These schemes are especially remarkable as they are targeted to benefit that
section of the Indian society, which has lower financial resources at its disposal and which has
largely remained excluded from mainstream financial sector for long. What is also remarkable
is the use of economies of scale and use of large number of potential users to make these social
schemes so affordable in terms of cost (premium) to the beneficiary.
With all these positive points there are a few points of caution as well. As normally happens
with most of the government schemes, these schemes of socio-economic empowerment also
have a few grey areas and uncertainties. As the operational process starts at full scale, it is
expected that those uncertainties would get clarified and pending issues resolved.
Time and again, it has been noticed that many a schemes, launched with all the noble
intentions, flounder at the stage of implementation. For these recently launched schemes as
well, there could be potential hurdle of implementation from vested interests. However, if
proper positive incentives are put in place at the stage of implementation and all the
stakeholders are positively sensitized to rise to the occasion, then these schemes will not only
improve the living conditions of large segment of Indians but also lead to quantum jump in the
economic output. Removal of deficiencies related with the initiatives would go a long way in
ensuring their acceptability by all the stakeholders. It would be good for the Indian Economy
and Indian Public that these initiatives are taken as good foundation to start with, and further
work is done on those initiatives to bring in larger benefits.
10. From banking the unbanked, and funding the unfunded to securing the
unsecured - Sen’s and Bhagwati’s model in Modi’s Development plan
Dr. Kamakhya Nr. Singh [http://ng.linkedin.com/in/kamakhyasingh/] Page 9 of 9
Sources/References:
1. Speeches of Prime Minister of India, Shri Narendra Modi
c. http://pmindia.gov.in/
d. http://www.narendramodi.in
e. http://www.narendramodi.in/pm-launches-pradhan-mantri-jan-dhan-yojana
f. http://www.narendramodi.in/pm-launches-pradhan-mantri-mudra-yojana
g. http://pmindia.gov.in/en/news_updates/pms-remarks-at-launch-of-social-security-schemes/
h. http://www.narendramodi.in/the-pm-reviews-pahal-scheme-for-direct-benefit-transfer-for-
lpg-subsidy
2. Website for schemes:
a. http://jandhanyojana.net/
b. www.pmjdy.gov.in/
c. www.mudra.org.in/
d. http://financialservices.gov.in/PMSBY.asp
e. http://financialservices.gov.in/hindi/PMJJY.asp
f. http://financialservices.gov.in/jansuraksha/APY_Brochure.pdf
3. UN ESCAP Report
http://www.unescap.org/resources/economic-and-social-survey-asia-and-pacific-2015
4. Sen-Bhagwati Debate on the model of Economic Development for India:
a. http://www.nytimes.com/2013/08/22/world/asia/rival-economists-in-public-battle-
over-cure-for-indias-poverty.html?_r=0
b. http://www.quora.com/What-do-economists-think-of-Amartya-Sen-versus-Jagdish-
Bhagwati
5. Budget speech - http://indiabudget.nic.in/bspeecha.asp