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Is Prime Minister Narendra Modi’s pet scheme Jan Dhan Yojna a flop show? World Bank numbers suggest so

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By NewsGram Staff Writer

There might be an increase in the number of bank accounts being opened in India under Prime Minister Narendra Modi’s pet scheme Jan Dhan Yojna, but the country suffers high dormancy rates, said a World Bank report.

The number of account holders in India has gone up to 12 crore but only 57 per cent of these accounts have been found to be active in real sense, according to the World Bank report.

“The dormancy rate in India is quite high at 43 per cent and accounts for about 195 million of the 460 million adults with a dormant account around the world,” the report said.

In August 2014, India launched Pradhan Mantri Jan Dhan Yojana scheme for financial inclusion with the goal of helping unbanked with a bank account. The scheme now looks good only on papers with most families not making a use of it.

According to the report, opening of new accounts was only an initiative by the government to push its financial inclusion. Now we need to think again if this Jan Dhan Yojna is only an attempt by the government to prove its sincerity towards its promises.

Moreover, only 39 per cent of all account holders in India own a debit or an ATM card, it said.

The World Bank said: “18 per cent of adults in south Asia own a debit card, compared to 31 percent in developing countries on average.”

  • Kes

    The fact that most accounts are empty is a VERY good thing.

    1) It means that most accounts belong to poor people.

    2) It means these are new accounts.

    It will be easy to divert subsidies into these accounts, but it is heartening to know that these are genuine accounts of poor people.

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Samsung Mobile Tops the List of the Most Desired Brand in India: TRA

The most desired brand in India is now Smasung Mobile

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Samsung
Samsung Mobile is the most desired brand in India followed by Apple iPhone, according to a report released by TRA Research. Lifetime Stock

Samsung Mobile is the most desired brand in India followed by Apple iPhone, according to a report released by TRA Research on Wednesday.

This is the fourth time Samsung Mobile has been crowed the most desired brand after it topped the list in 2013, 2015 and 2018.

Further, the diversified brand of Samsung features at third rank in the consumer electronics category. Sony TV, the general entertainment channel, has entered the top 10 brands for the first time and is placed fourth.

Samsung
This is the fourth time Samsung Mobile has been crowed the most desired brand after it topped the list in 2013, 2015 and 2018. Pixabay

Automobile major Maruti Suzuki took the fifth spot followed by technology major Dell in the sixth rank.

“Indian brands dominate the top 100 of India’s Most Desired list featuring 42 brands, followed by 15 American, 12 Japanese and 11 South Korean brands. 6 German brands also feature of which three luxury car brands dominate the list. 4 UK brands make it to top 100, and and the three Chinese brands which are included in the list are from the mobile phone category,” the report said.

Also Read- “Microsoft CEO Satya Nadella Discussed on Data Sovereignty, Digital India”, Says Union IT Minister Ravi Shankar Prasad

N. Chandramouli, CEO, TRA Research, said: “Desire is a longing for a brand irrespective of its need, and the success of a brand is highly dependent on the desire quotient it emanates. The brands which feature in this list have been able to exude a deep magnetic pull that impacts the consumer at a subliminal level.”

The Most Desired Brand 2020 lists 1,000 brands across 326 categories and 39 super categories. (IANS)