Pradhan Mantri Jan Dhan Yojana (PMJDY)
Pradhan Mantri Jan Dhan Yojana
(PMJDY),Launched by the Prime Minister Shri Narendra Modi on 28th August, 2014,
Celebrates its First Anniversary;
On the Occasion, the Finance Minister said
that with Close to 18 Crore (180 Million) Bank Accounts Opened Under the PMJDY
and Nearly Every Household having a Bank Account, Wage Payments and Subsidies
being Directly Routed to Bank Accounts, we indeed have come a long way;
FM: As a Next Step, the Aim is to Utilize these Accounts for Extending
Insurance, Pension and Credit Facilities to those who are Currently Excluded
from these Benefits;
Sure that together we will Succeed in
Empowering the Poor of the Country in having a Financial Footprint and
Remarkably Improving their Standard of living
Pradhan Mantri Jan Dhan Yojana (PMJDY) the
biggest financial inclusion initiative in the world, completed its First
Anniversary today. It was announced by the Prime Minister Shri Narendra Modi on
15th August 2014 and Mega launch was done by him on 28th August 2014 across the
country. Simultaneous launch functions were held in State Capitals and
Districts through 79 Mega Camps in the presence of Union Ministers, State Chief
Ministers, MPs/MLAs and other dignitaries. More than 70000 account opening
camps were held all over the country.
The target of opening one
account per household was achieved by 26th January 2015 barring
few areas in J & K and left wing extremism affected districts. The success of the Pradhan Mantri Jan
Dhan Yojana had shown the potential of the enormous role that the financial
inclusion program can play in the rise of the economy. At present more than 17.5
crore bank accounts have been opened under Pradhan Mantri Jan Dhan Yojana
(PMJDY) and the people have deposited more than Rs.22,000 crore in
these accounts.
Empowering the poor and the
small by offering them choice and opportunity
The scheme has been started
with a target to provide 'universal access to banking facilities' starting with
"Basic Saving Bank Account" with an overdraft upto Rs.5000 subject to
satisfactory operation in the account for six months andRuPay Debit card with inbuilt
accident insurance cover of Rs. 1 lakh and providing social security schemes
i.e., Pradhan Mantri Suraksha Bima Yojana (PMSBY), Pradhan Mantri Jeevan
Jyoti Bima Yojana (PMJJBY) & Atal Pension Yojana (APY .
Milestones achieved under PMJDY
· Banks have opened 17.74 Crore
accounts under PMJDY with deposit of more than 22000 crores.
· Aadhaar has been seeded in 41.82% of
account opened under PMJDY.
· To ensure universal banking access more than 1.26 lakhs
Bank Mitras have been deployed with on- line devices capable of e-KYC based
account opening and interoperable payment facility.
· 131012 Mega Financial Literacy camps were
organized by banks under PMJDY ‘in coordination with various agencies
and 89876 Financial Literacy counters, to spread
awareness on PMJDY, use of RuPay cards etc.147418 students in 2567 schools/collage
were imparted training on Financial literacy from September 2014 to April
2015(Source: Banks).
· More than 10 lakhs accounts
have been found eligible for Overdraft facility. Out of these overdraft
facility has been availed by 164962 account holders.
· 847 Claims of Life cover of Rs.30000 and 389 Claims
of accident insurance cover of Rs. 1 lakh have been successfully paid.
· As on 22nd August, 2015, 8.17 crore
beneficiaries have been enrolled under the Pradhan Mantri Suraksha Bima Yojana
and 2.76 crore have been enrolled under Pradhan Mantri Jeevan
Jyoti Bima Yojana. 6.83 lakh account holders have been
enrolled under Atal Pension Yojana.
· Zero balance accounts in PMJDY have declined
from 76% to 45.74% from September 2014 to 19th August
2015
Mission Mode Monitoring of
PMJDY
Weekly Video conference (VC) is held under
the Chairmanship of Mission Director, PMJDY. The meeting is attended by Addl.
Mission Director, PMJDY, Executive Directors of Public and Private sector
Banks, representative of IBA, Oil companies, LIC and NPCI to review the
progress in PMJDY. In such review meetings several steps are taken for sorting
out any problems in successful implementation of PMJDY and these have yielded
good results.
Accomplishments
· Jan Dhan Yojana features in Guinness Book of World
Records: Guinness World Records recognised the achievements made under PMJDY for
opening 18,096,130 accounts by Banks in a week (from 23 to 29
August, 2014) as a part of Financial Inclusion Campaign.
· Launch of dedicated website for Pradhan
Mantri Jan Dhan Yojana by Secretary (FS) ON 27.10.2014: website for PMJDY (www.pmjdy.gov.in) which is
available in both English & Hindi versions. The website consists of
Information on administrative structure with contact details of
Central/State/District level mission directors/nodal officers monitoring
implementation of PMJDY, information of latest events & latest circulars
issued under the Scheme.
· Tableaux on PMJDY – A tableaux of Ministry of Finance (Department
of Financial Services) was displayed on Republic day depicting clear
picture of the Scheme with the help of larger than life structures, 3D pictures
and Mime show. It showed people from low income groups who have been
benefitted under the Scheme.
1
· Payment of wages under
MNREGA:
More than Rs 4273 crore have been routed through these
accounts till June 2015 towards payment of wages under MNREGA. (Source:
MNREGA, Ministry of Rural Development).
· DBTL transactions: Transfer of subsidy of more
than Rs 17446 crore through Jan Dhan accounts from November
2014 to 31st July 2015. (Source: Ministry of Petroleum
& Natural Gas).
Touching lives
· Smt. Nabisha Begam works as a maid servant. Her Husband is
a contract labour and she has two school going children. Her earnings were
wasted due to unwanted spending habits in her family before opening a bank
account. The PMJDY Account is her First Bank Account opened through Financial
Literacy Camp conducted in that area by IDBI Bank. After opening of PMJDY
account, she has improved her banking habits by making regular transactions and
savings. She is now a part time Flower seller too in that same area because of
the amount saved through this bank account. Her family is much benefited by
this account as she has increased her earnings in dual way- working as servant
maid in forenoon and as a flower seller in evening. She has also planned to
increase her business by availing OD facility through this account.
· Shri M. Marivel s/o Mariappa Thevar got his account opened with Central
bank of India on 19.09.2014 .Very next day, he collected his passbook and also
deposited Rs.100/- in his account. Thereafter he did not turn up to branch. He
died due to massive heart attack on 03.01.2015 at the age of 42 years. He was
the sole bread earner of his family. Shocked with sudden grief, his family
members along with neighbors visited branch and conveyed the death. Branch
Manager collected the necessary papers and processed the claim. Within 48 hours
information was received by branch that Saving Account of the spouse of the
deceased got the credit of Rs.30, 000/- i.e. the life insurance claim amount
under PMJDY. Wife of the deceased thanked profusely to the branch staff and
PMJDY Scheme for helping in nick of the time.
There are many such success stories where the
Pradhan Mantri Jan Dhan Yojana has touched the lives of the poor and low income
group (Details available on website pmjdy.gov.in).
The scheme is a game
changer for the Indian economy. It has created a platform for inculcating the habit
of saving money, providing formal credit facilities, plugging leakages in
public subsidies and welfare programs. This is indeed a credible achievement of
the Government for changing the economic condition of the people.
Following is the text of the Message of the Union Finance Minister Shri
Arun Jaitley on the First Anniversary of Pradhan Mantri Jan Dhan Yojana
(PMJDY)
“PMJDY has been one of the most vital initiatives towards financial
inclusion in India till date. Our scale of ambition in undertaking this project
in a Mission Mode was much higher than any other initiatives taken in the past.
PMJDY has been instrumental in bringing almost all families of the country into
the formal financial system and enabling citizens at grassroots level to
perform financial transactions and keep their hard earned money safe.
Owing to dedicated efforts of Government and banking institutions, substantial
results have been achieved. With close to 18 crore (180 million) bank
accounts opened and nearly every household having a bank account, wage payments
and and subsidies being directly routed to bank accounts, we indeed have come a
long way. We have been recognized by Guinness World Records for
opening over 1.8 crore (18 million) bank accounts in a single week. It has been
an extraordinary journey as the Mission Head. I am extremely proud of all my
team members and compliment them for their unrelenting efforts. As
a next step, the aim is to utilize these accounts for extending insurance,
pension and credit facilities to those who are currently excluded from these
benefits. I am sure that together we will succeed in empowering the poor of the
country in having a financial footprint and remarkably improving their standard
of living.”
Following is the text of the Message of the Secretary, Department of
Financial Services Dr. Hasmukh Adhia onthe First Anniversary of Pradhan Mantri
Jan Dhan Yojana (PMJDY)
“Pradhan Mantri Jan DhanYojana, PMJDY was announced by the Hon’ble Prime
Minister in his Independence Day address on 15th August, 2014 and launched
across the country on 28th August, 2014.
Process simplification and customer’s convenience have been at the core
of design of PMJDY. First, the account opening form was made one pager,
simplified and universal. Use of e-KYC reduced paper work and documentation.
Second, the citizen had option of opening account even during extended working
hours and with customer service points (Business correspondents) in branchless
banking. Third, multiple services were bundled in single product i.e. bank
account, RuPay Card, mobile banking, insurance and credit (over draft) .
Fourth, entire account opening process was completed in quick time and accounts
were instantly activated. Fifth, multiple channels were made available to the
citizen for grievance management like email, toll free number, portal, physical
letters. The grievances were immediately attended to within 2 days and resolved
within 5-7 days. Finally the whole task was done in a Mission mode with very
strict timelines.
Technology has been a key enabler of PMJDY.
Technology was efficiently leveraged to address some of the challenges faced in
previous financial inclusion initiatives. Use of USSD based mobile banking,
e-KYC, RuPay Debit Cards ensured simplification of processes and time saving
for the citizens. We also used technology for very effective monitoring
of PMJDY from the Mission Office.
All these initiatives led to very encouraging
response from our citizens. As per our initial the demand for bank accounts was
around 7.5 crores (75 million). However so far close to 18 crore (180 Million)
accounts have been opened. The number of citizen service points (Business
Correspondents) in branchless banking has increased from 1.02 lakhs (102
thousand) to 1.26 lakhs (126 thousand). There has been mobilization of more
than Rs 22,000 crores (Rs 220 Billion) in these bank accounts.
Now the focus of PMJDY has moved from account
opening to the realms of social security benefits like accident insurance, life
insurance, credit to low income groups and provision of pensions. PMJDY
has been a game changer in the financial inclusion efforts in the country. It
has demonstrated that when we converge the efforts of all stake holders, and
work in unision with clearly defined goals, unprecedented results follow.”
*******
India’s External Debt at End-March 2015
stood at US$ 475.8 Billion, Reflecting an Increase of US$ 29.5 Billion (6.6 Per
Cent) over the level at End-March 2014; Rise In External Debt was due to the
Rise in Long-Term Debt Particularly Commercial Borrowings and NRI Deposits
States Twenty First Issue of ‘India’s External Debt: A Status Report 2014-15’
Released Today;
The Report Presents a
Detailed Analysis of India’s External Debt Position at End-March 2015; Apart
from Analysing Trend, Composition and Debt Service of India’s External Debt,
The Report provides a Comparative Picture of India’s External Debt vis-a-vis
other Developing Countries
The Department of
Economic Affairs, Ministry of Finance, Government of India has brought-out the
Twenty First issue of its Annual Publication ‘India’s External Debt: A Status
Report 2014-15’. The Report presents a detailed analysis of India’s external
debt position at end-March 2015, based on the data released by the Reserve Bank
of India on June 30, 2015. Apart from analysing trend, composition and debt
service of India’s external debt, the Report provides a comparative picture of
India’s external debt vis-a-vis other developing countries.
The salient features of
the Report are:
India’s external debt
stock stood at US$ 475.8 billion at end-March 2015, increasing by US$ 29.5
billion (6.6 per cent) over the level at end-March 2014. The rise in external
debt was due to the rise in long-term debt
particularly commercial borrowings and NRI deposits.
At end-March 2015, long-term
external debt was US$ 391.1 billion, showing an increase of 10.3 per cent over
the level at end-March 2014. At this level, long-term external debt accounted
for 82.2 per cent of total external debt at end-March 2015 vis-à-vis 79.5 per
cent at end-March 2014.
Short-term external
debt stood at US$ 84.7 billion at end-March 2015, showing a decline of 7.6 per
cent over US$ 91.7 billion at the end-March 2014. This owed mainly to the
decline in FII investment in Government Treasury bills. Thus, the share of
short-term external debt in total external debt declined from 20.5 per cent at
end-March 2014 to 17.8 per cent at end-March 2015.
Government
(sovereign) external debt stood at US$ 89.7 billion at end-March 2015 vis-a-vis
US$ 83.7 billion at end-March 2014. The share of Government external debt in
total external debt was 18.9 per cent at end-March 2015 vis-à-vis 18.8 per cent
at end-March 2014.
India’s external debt
has remained within manageable limits as indicated by the external debt-GDP
ratio of 23.8 per cent during 2014-15. External debt of the country continues
to be dominated by the long-term borrowings. India’s external debt position in
recent years is given below:
|
Table: India’s Key External Debt Indicators
(Per cent)
|
|||||||
|
At end March
|
External Debt (US$ billion)
|
External Debt to GDP
|
Debt Service Ratio
|
Foreign Exchange
Reserves to Total Debt
|
Concessional Debt to
Total Debt
|
Short-Term to Foreign
Exchange Reserves
|
Short- Term Debt to
Total Debt
|
|
1
|
2
|
3
|
4
|
5
|
6
|
7
|
8
|
|
2012-13
|
409.5
|
22.3
|
5.9
|
71.3
|
11.1
|
33.1
|
23.6
|
|
2013-14 PR
|
446.3
|
23.6
|
5.9
|
68.2
|
10.4
|
30.1
|
20.5
|
|
2014-15 QE
|
475.8
|
23.8
|
7.5
|
71.8
|
8.8
|
24.8
|
17.8
|
|
PR:
Partially Revised; QE: Quick Estimates.
|
|||||||
A cross country comparison based on “International Debt
Statistics 2015” of the World Bank which presents the debt data for 2013, shows
that India continues to be
among the less vulnerable countries with its external debt indicators comparing
well with other indebted developing countries. India’s key debt indicators,
especially debt to GNI and debt service ratios continue to be comfortable.
The complete ‘India’s External Debt: A Status Report
2014-15’ is available at the website of the Ministry of Finance i.e.www.finmin.nic.in.
India and Germany to Continue to Exchange Tax Related Information Spontaneously on the Basis of the Existing Agreements;
Both Countries Agreed to Explore Other Possibilities of Enhancing Exchange of Information; They Agreed to Resume Negotiations on Partial Revision of the DTAA Between the two Countries with a View to Bring the Provisions Relating to Exchange of Information to International Standards
A High Level delegation led by the Revenue Secretary Shri Shaktikanta Das had a meeting with the State Secretary Mr. Johannes Geismann and other senior officers of the Federal Ministry of Finance, Germany in Berlin on 17th August, 2015. During the meeting issues relating to exchange of tax related information, BEPS Project, DTAA negotiations etc. were discussed.
Three important outcomes of the visit of the delegation as agreed between the two sides are as follows:
(i) It was agreed that India and Germany will continue to exchange tax related information spontaneously on the basis of the existing agreements. It was also agreed to explore other possibilities of enhancing exchange of information.
(ii) As signatories to the Multilateral Competent Authority Agreement regarding automatic exchange of information on financial accounts, Germany and India will begin negotiations as soon as possible towards a memorandum of understanding laying out the technical details of automatic information exchanges on financial accounts.
(iii) India and Germany agreed to resume negotiations on partial revision of the DTAA between the two countries with a view to bring the provisions relating to exchange of information to international standards. It was also agreed that both sides would meet in New Delhi in September, 2015 and strive to agree on a final version to ensure that it is signed soon. (It may be noted that an amending Protocol to the existing DTAA was last discussed by the Competent Authorities of the two countries in New Delhi in April, 2011, but further progress in the matter could not be made.)
This meeting between the Indian and German authorities was in furtherance of Government’s policy of proactive engagement with other countries for Exchange of Information to counter the menace of tax evasion and stashing of black money abroad. The outcome of the visit of this delegation represents an important landmark in enhancing cooperation and mutual assistance in tax matters between India and Germany.
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