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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.”

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Copyright 2015 NewsGram

  • 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.

Next Story

Panasonic Unveils Mobile Computing Devices in India

The energy efficient device is built on the Qualcomm Snapdragon mobile platform to ensure long-term Android support

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Panasonic launches mobile computing devices in India. Flickr

Japanese electronics major Panasonic on Thursday launched TOUGHBOOK FZ T1 and L1 mobile computing devices in India.

The TOUGHBOOK FZ T1 is durable, compact and comes with a 5-inch screen and runs Android 8.1 Oreo OS.

The device delivers fast, easy barcode scanning with an integrated barcode reader, the company said in a statement.

It is also designed with MIL-STD-810G standards and comes with IP66/68 rating.

panasonic
Panasonic. IANS

“Our newest offering under the product category further assists consumers with their enterprise based working environment by robustly assisting them to augment their efficiency levels through the TOUGHBOOK series,” said Vijay Wadhwan, Business Head System and Solution Business, Panasonic India.

Also Read- Microsoft Working to Introduce a Consumer Version of Microsoft 365 Bundle

The FZ-L1 offers professional-grade capabilities and reliability to workers who rely on accessing information on-the-go.

The energy efficient device is built on the Qualcomm Snapdragon mobile platform to ensure long-term Android support. (IANS)