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Financial Inclusion in Rising India

News and Press Release - Dated:- 1-9-2017 - Following is the full Text of the Article written by the Minister of State for Finance and Corporate Affairs, Shri Arjun Ram Meghwal on I dream of a digital India where mobile & e-banking ensures Financial Inclusion Prime Minister Shri Narendra Modi Financial Inclusion is the way the Governments strive to take the common man along by bringing them into the formal channel of economy thereby ensuring that even the person standing in the last is not l .....

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smaller. Because the informal banking structure is outside any legislative framework, any dispute between lenders and borrowers cannot be settled legally. As far as the social benefits are concerned, financial inclusion increases the amount of available savings, increases efficiency of financial intermediation, and allows for tapping new business opportunities. State sponsored universal banking has therefore contributed to greater economic diversification in rural areas than is the case in more .....

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ion is not just about opening a simple bank account with a branch in an unbanked area. Adding the common man into the mainstream economy has other advantages as well as on the one hand it helps inculcate the vulnerable section of the society to save money for its future and the rainy days, take benefits of the economic activities of the country by participating in various financial products like, banking services, insurance & pension products etc., on the other hand, it helps the country to .....

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sed sector, urban or rural sector. Micro Finance Institutions (MFIs) are the classic examples for providing easy & affordable credit to poor people and have got written innumerable success stories. This phenomenon of financial inclusion also helps government plug gaps & leakages in public subsidies & welfare programmes as government can directly transfer the subsidy amount into the account of the beneficiary rather than to subsidise the product. In fact, the Government has even saved .....

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ncrease the penetration of banking services and to ensure that all households have at least one bank account, a National Mission on Financial Inclusion named as Pradhan Mantri Jan Dhan Yojna was announced by Prime Minister Sh. Narendra Modi in his independence speech on 15th August, 2014 & the scheme was formally launched on 28th August, 2014. Within a fortnight of its launch, the scheme entered into the Guinness Book of records for opening a record number of bank accounts. Large scale achie .....

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,000/- has also been granted to customers for opening the accounts up to a certain time period. The scheme has been a great success and the 99.99% households out of the 21.22 crores households surveyed have been covered under this scheme by December, 2016. More than 44 lakh accounts have been sanctioned OD facility of which more than 23 lakh account holders have availed the facility involving an amount around 300 crores. Insurance & Pension schemes - In order to provide social security syste .....

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Mantri Suraksha BimaYojana (PMSBY).The later scheme, i.e., Pradhan Mantri Jeevan Jyoti Bima Yojna covers the persons within an age slab of 18 to 50 years having a bank account. The life cover of ₹ 2 lakhs is provided to the insured payable in case of death of the insured due to any reason. As on 12th April 2017 3.10 cr person were enrolled under PMJJBY. Atal Pension Yojna - A scheme launched in 2015 is open to all bank account holders in the age group of 18 to 40 years and they can choose .....

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th of ₹ 1713.214cr. Varishita Pension Bima Yojana: All those who subscribe to the VPBY from 15th August 2014 to 14th August 2015 will receive an assured guaranteed return of 9% under the Policy. Pradhan Mantri Mudra Yojna - Scheme launched in April, 2015 to provide formal access of financial facilities to Non Corporate Small Business Sector. The basic objective of the scheme is to promote & ensure bank finance to unfunded segment of the Indian economy. In the Mudra Scheme since beginni .....

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anya Samriddhi Yojana: Kisan Credit Cards (KCC) and General Credit Cards (GCC), BHIM App. Liberalized policy towards ATMs and White label ATMs. To expand the network of ATMs, the RBI has allowed non-bank entities to start ATMs (called White Label ATMs ). The RuPay Cards have significantly increased its market share to 38 per cent (250 mn) of the total 645 million debit cards in the country so far. The card has been provided to the account holders of PMJDY (170 million). Financial Literacy Center .....

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