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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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79% Smartphone Users in India Using Over-the-Top (OTT) Apps

The OTT platforms installed on the devices are in addition to the casual entertainment apps such as YouTube and UGC

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Hotstar is the most-penetrated OTT entertainment app with 49 per cent of smartphone users having it installed on their devices. Pixabay

Seventy-nine per cent smartphone users in India are using over-the-top (OTT) apps for entertainment and as many as four out of five users have at least one OTT entertainment platform on their device, a new report said on Thursday.

Hotstar is the most-penetrated OTT entertainment app with 49 per cent of smartphone users having it installed on their devices.

The OTT platforms installed on the devices are in addition to the casual entertainment apps such as YouTube and UGC (User Generated Content) platforms like TikTok and with such as penetration, OTT entertainment apps have become the ‘most-penetrated’ app category for smartphone users in India after social networking, chatting and e-commerce Apps, revealed the report by market research firm techARC.

“Over the past three years, we have seen a lot of enablement both from the smartphone OEMs as well as operators’ sides. This has facilitated the growth of OTT entertainment services as well as consumption.

Smartphone, Users, India
Seventy-nine per cent smartphone users in India are using over-the-top (OTT) apps for entertainment and as many as four out of five users have at least one OTT entertainment platform on their device. Pixabay

“While 4G has undoubtedly created this category, it has been complemented by the smartphone industry that has innovated to save every micron on the screen for full-screen viewing, backed by a powerful battery and stereophonic sound,” said Faisal Kawoosa, Founder and Chief Analyst, techARC.

One of the main factors for Hotstar’s growth has been its sports content, especially cricket.

Meanwhile, Amazon Prime Video has slightly better penetration than Netflix in India. Prime Video penetration is 15 per cent as compared to 13 per cent of Netflix.

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This is a result of Amazon’s close relationship with some smartphone OEMs where Amazon apps like Amazon Shopping and Amazon Prime Video come pre-loaded in the device. (IANS)