 "Union Finance Minister Nirmala Sitharaman is likely to take stock of public sector lenders' deposit growth, credit-to-deposit ratio, and asset quality")
Union Finance Minister Nirmala Sitharaman
On the eve of the tenth anniversary of Pradhan Mantri Jan-Dhan Yojana (PMJDY), Union Finance Minister Nirmala Sitharaman introduced that the federal government goals to open over 30 million new PMJDY accounts throughout 2024-25.
Briefing reporters, Sitharaman revealed that as of August 14, 2024, a complete of 531.3 million Jan-Dhan accounts have been opened for the reason that scheme’s launch a decade in the past, with a cumulative deposit stability of Rs 2.3 trillion.
The typical stability per account has elevated from Rs 1,065 in March 2015 to Rs 4,352 as of August 16, 2024. Roughly 80 per cent of those accounts are at the moment lively.
“PMJDY has performed a vital function in the course of the pandemic, particularly for ladies,” mentioned Sitharaman.
Regardless of the allowance for zero stability and the absence of a minimal stability requirement, solely 8.4 per cent of the accounts keep a zero stability. The scheme has been notably efficient in rural and semi-urban areas, the place 66.6 per cent of the accounts are positioned.
Presently, 99.95 per cent of all inhabited villages have banking services accessible inside a 5-kilometre radius by means of numerous touchpoints, together with financial institution branches, automated teller machines, banking correspondents, and India Put up Funds Financial institution.
As of August 14, 2024, there are over 1.73 billion operative CASA (present account financial savings account) accounts within the nation, together with greater than 530 million operative PMJDY accounts.
Concerning social safety schemes, Sitharaman highlighted that over 200 million cumulative enrolments have supplied life insurance coverage protection of Rs 2 lakh beneath the Pradhan Mantri Jeevan Jyoti Bima Yojana, with an annual premium of Rs 436.
Moreover, over 450 million cumulative enrolments have provided one-year unintentional cowl of Rs 2 lakh (for demise or everlasting complete incapacity) and Rs 1 lakh (for everlasting partial incapacity) beneath the Pradhan Mantri Suraksha Bima Yojana, with a premium of Rs 20 per yr.
The Atal Pension Yojana has registered over 68 million subscribers.
When it comes to credit-linked schemes, Sitharaman reported that beneath the Pradhan Mantri Mudra Yojana, 489.2 million cumulative loans amounting to Rs 29.93 trillion (as of July 12, 2024) have been sanctioned to supply collateral-free institutional finance to micro and small enterprise models as much as Rs 10 lakh for income-generating actions.
Beneath the Stand Up India Scheme, 236,000 cumulative loans totalling Rs 53,609 crore (as of July 15, 2024) have been sanctioned to Scheduled Caste, Scheduled Tribe, and girls entrepreneurs for establishing greenfield initiatives.
Moreover, the Pradhan Mantri SVANidhi scheme has sanctioned loans price Rs 12,630 crore to six.52 million road distributors as of August 27, 2024.
· Pradhan Mantri Jan-Dhan Yojana (PMJDY) launched on August 28, 2014
· PMJDY cumulative deposit stability of Rs 2.3 trillion
· There are over 1.73 billion operative CASA accounts
· Girls account holders comprise 55.6% of complete accounts
First Revealed: Aug 27 2024 | 9:37 PM IST
