MONTHLY ARCHIVES: DECEMBER, 2015
Posted on December 30, 2015 by Sumita Kale
The Pradhan Mantri Jan Dhan Yojana has made notable strides since it was launched in August 2014By 16th December 2015, 19.6 crore bank accounts had been opened with RuPay Cards given to 16.73 crore accountsThe total balance in these accounts has crossed Rs28,000 crores and the share of zero balance accounts has steadily declined to less than 34% now.
Pradhan Mantri Jan - Dhan Yojana
(All Figures in Crores)
Bank Name | RURAL | URBAN | TOTAL | NO OF RUPAY CARDS | AADHAAR SEEDED | BALANCE IN ACCOUNTS | % OF ZERO-BALANCE-ACCOUNTS |
---|---|---|---|---|---|---|---|
Public Sector Bank | 8.48 | 6.86 | 15.34 | 13.54 | 7.10 | 22016.41 | 33.40 |
Regional Rural Bank | 3.02 | 0.50 | 3.53 | 2.55 | 0.99 | 4847.58 | 30.83 |
Private Banks | 0.44 | 0.29 | 0.73 | 0.65 | 0.23 | 1148.39 | 40.83 |
Total | 11.95 | 7.66 | 19.60 | 16.73 | 8.32 | 28012.38 | 33.21 |
Position of BankMitra Infrastructure
ALL BANKS |
GRAND TOTAL |
No.Of SSA allotted Rural | 159920 |
Total NoOf Bank Mitra Required | 126833 |
SSA Covered through fixed location Bank Mitra | 126039 |
SSA Covered through Branches | 33087 |
Uncovered | 794 |
Noof location Uncovered due to connectivity | 794 |
Noof Active Bank Mitra doing Transactions | 110843 |
Noof Device Capable under EKYC Transaction | 95563 |
Noof Device Capable under Rupay Card Based Transaction | 32127 |
Noof Device Capable under AEPS Transaction | 104975 |
Posted in Uncategorized
Posted on December 29, 2015 by Sumita Kale
The RBI Committee on Medium-term Path on Financial Inclusion, set up in July 2015, has delivered its report on 28th December. Comments can be emailed or sent by post to the Principal Chief General Manager, Reserve Bank of India, Financial Inclusion and Development Department, 10th Floor, Central Office Building, Shahid Bhagat Singh Marg, Mumbai-400001 by January 29, 2016.
The recommendations are comprehensive, looking to provide a full basket of financial services to the financially excluded and highlights the issues faced by farmers, MSMEs and women.
Banks have been asked to integrate the Business Correspondents in their business models, train and monitor their activity more closely and give greater responsibilities to those agents who are performing well.
The role of PrePaid Payment Issuers (PPIs) in expanding the payments network has been acknowledged, recommending a low value cash-out to be allowed with adequate KYC safeguards, and more critically interoperability to build a larger payments ecosystem.
The use of Aadhaar has been recommended as a unique identifier to build up credit history, share information etc - however, there is no mention in the Report of the urgency to give Aadhaar a stronger legal backing.
The Committee also recommends changing the focus of policy discussions in SLBCs from the credit-deposit (CD) ratio to the development aspects for which the CD ratio could be a by-productThese can include livelihood models, social cash transfer issues, gender inclusion, inclusion of different groups, Aadhaar seeding and universal account openingOther region-specific issues should also be the target of the SLBCs, apart from focus on areas such as policy towards fraudulent deposit/ investment schemes, physical/network infrastructure and recovery management.
The full report can be read at this link https://rbidocs.rbi.org.in/rdocs/PublicationReport/Pdfs/FFIRA27F4530706A41A0BC394D01CB4892CC.PDF
The Main Recommendations as summarised in the RBI Press Release are as follows:
Posted in Uncategorized
Posted on December 29, 2015 by Sumita Kale
While the PMJDY website gives detailed information on the aggregate status of the mission, there is often sceptism over its real impact on the groundTwo surveys conducted in 2015 prove that the PMJDY is making a significant difference, though there is lots more to be done.
1Analysis of large sample data for PMJDY accounts in State Bank of India (SBI) by Soumya Kanti Ghosh (Chief Economic Adviser, SBI) and Pulak Ghosh (IIM,Bangalore) shows interesting positive trends of account usage (TOI, October 30,2015):
2MicroSave's PMJDY Assessment Round 2: Well Begun is Job Half Done took place during April-May 2015 and showed the following results for Bank Mitras (BMs):
Posted in Uncategorized