India’s journey toward financial inclusion has witnessed various innovations in policy over the last decade. The government’s JAM, which is the bedrock of the digitalisation drive to formalise the economy, has been the biggest game changer for the BFSI industry. JAM stands for ‘Jan Dhan Account – Aadhaar – Mobile’ and has revolutionised financial inclusion … Read more
Crime rate and consumption of intoxicants such as alcohol and tobacco products have declined in states where more Jan Dhan accounts have been opened, the country’s largest bank has said in a research report. “This could be because of Jan Dhan-Aadhaar-mobile (JAM) trinity, which has helped in better channelising of government subsidies and helped in … Read more
(This story originally appeared in on Jun 29, 2021) In large-scale discrepancies unearthed in the distribution of benefits under the Pradhan Mantri Kisan Samman Nidhi in UP, close to 7.8 lakh ‘ineligible’ Jan Dhan accounts were found to be receiving Rs 6,000 each in the state. Of these, 2.3 lakh were found to be businessmen, … Read more
From 12% of the GDP in FY16, currency usage slumped to 8% in FY17 following demonetisation, and has been gradually rising since. Synopsis Experts attributed higher cash storage to various factors: Withdrawal of benefit payouts and subsidies from Jan Dhan accounts, better agriculture output and farm-gate receipts, and even a statistical base effect. To be … Read more