scholarly journals SECTORAL ANALYSIS OF BANKS ON TRENDS OF OPENING ACCOUNTS FOR PRADHAN MANTRI JAN DHAN YOJNA PHASE I (PMJDY)

2017 ◽  
Vol 5 (1) ◽  
pp. 183-197
Author(s):  
Trilok Nath Shukla
Keyword(s):  
Phase I ◽  
Financial Services ◽  
Prime Minister ◽  
Financial Inclusion ◽  
Bank Account ◽  
Direct Supervision ◽  
Debit Card ◽  
Sectoral Analysis ◽  
Ministry Of Finance ◽  
Bank Accounts

Most recently a national mission on financial inclusion called “PRADHAN MANTRI JAN - DHAN YOJANA” was launched on the 28th of August 2014. Under the direct supervision of the Indian Prime Minister and the Department of Financial Services, Ministry of Finance, the objective of this mission is to enroll over 70 million households and open their bank accounts along with providing them as a first step a RuPay debit card with a Rs. 1,00,000/- accident cover. In the due course of time the plan is to also cover these account holders with insurance and pension products. About 60% of the population in India does not have access to a bank account. PMJDY aims at providing bank account to single household above the age of 10 years who do not have bank account and will be opened with zero balance. The household opening the account will be benefited with one lakh accidental cover and Thirty Thousand life cover without premium. People opening account under this scheme will also avail overdraft facility up to five thousand from the bank after satisfactory conduct of the account for 6 months.

scholarly journals PERCEPTION ON PRADHAN MANTRI JANDHAN YOJANA - A STUDY WITH REFERENCE TO THALLAREVU MANDAL

2017 ◽  
Vol 5 (6) ◽  
pp. 129-146
Author(s):  
Mohana Krishna Irrinki ◽  
Kuberudu Burlakanti
Keyword(s):  
Life Insurance ◽  
Low Income ◽  
Financial Services ◽  
Financial Inclusion ◽  
Bank Account ◽  
Debit Card ◽  
The People ◽  
Insurance Cover ◽  
Innovative Concept

Financial inclusion aims at delivering the financial services at an affordable cost to sections of disadvantaged and low-income segments of society. Financial inclusion is an innovative concept which promotes the banking habits among the financially excluded people and enables to reduce poverty and the launch of Pradhan Mantri Jan Dhan Yojana (PMJDY) by Government of India is in that direction. This scheme is not confined to opening of bank account but has other advantages blended with it such as Zero Balance bank account with RuPay debit card, Accidental Insurance cover of Rs 1 lakh, Life Insurance cover of Rs 30,000, etc. This paper is an attempt to identify the perception of the people of Thallarevu Mandal about the newly launched scheme Pradhan Mantri Jan Dhan Yojana.

scholarly journals Fintech as a Mean for Digital and Financial Inclusion

2020 ◽  
Author(s):  
Heike Bähre ◽  
◽  
Giovanni Buono ◽  
Valerie Isabel Elss ◽  
◽  
...  
Keyword(s):  
Social Structure ◽  
Financial Literacy ◽  
Financial Services ◽  
Business Models ◽  
Financial Inclusion ◽  
Social Progress ◽  
Financial Industry ◽  
Bank Account ◽  
Economic Point ◽  
Debit Card

Finance is shaping human relationship from an economic point of view as well as having influences on social structure and politics. In this relation, Fintech, a combination of the words “Finance” and “Technology”, is defined as “a new financial industry that applies technology to improve financial activities" [11] or as those “applications, processes, products, or business models in the financial services industry, composed of one or more complementary financial services and provided as an end-to-end process via the Internet” [10] or as “any innovative ideas that improve financial service processes by proposing technology solutions according to different business situations, while the ideas could also lead to new business models or even new businesses” [8]. As Bill Gates said “Banking is necessary; banks are not” describing what is happening throughout the financial industry: massive disappearing of traditional jobs, consolidation in the banking industries, robots that advice how to manage and save money. These changes have an impact on the social structure, but also have the potential to systematically promote financial literacy and inclusion. For example Grohmann, Klühs and Menkhoff [7] showed across four indicators of financial inclusion (having a bank account, having a debit card, saving in form of a bank account and the use of the debit card within the last year) that financial literacy is a significant precondition for financial inclusion. To what extent can Fintech applications be used to promote financial literacy and thereby inclusion? And what role do FinTech organizations play in supporting social progress? The aim of the article is to provide a systematic overview of Fintech's potential to promote digital and financial inclusion on diverse levels.

Boosting financial inclusion through social assistance reform: evidence-based approach in selecting a payment system

2020 ◽  
Vol 31 (4) ◽  
pp. 284-299
Author(s):  
Hilman Palaon ◽  
Sudarso Kaderi Wiryono ◽  
Taufik Faturohman
Keyword(s):  
Financial Services ◽  
Near Field ◽  
Social Assistance ◽  
Pilot Project ◽  
Financial Inclusion ◽  
Evidence Based ◽  
Debit Card ◽  
Food Purchases ◽  
The Poor ◽  
The Government

Digitizing social assistance for the poor has been proven to increase financial inclusion. The Indonesian Government initiated reform for non-cash social assistance disbursement in 2016. Evidence-based policy approach is an effective technique for informing the government on appropriate new regulations. A pilot project involving 4,295 participants was conducted to evaluate the following payment systems: debit card, mobile money, QR code (quick response), and NFC (near field communication). Beneficiaries utilized the funds for cash withdrawals and food purchases at bank agents. Quantitative and qualitative methods were employed in the analysis. The government decided to use debit card with multiple wallet features. A new regulation was made to support the implementation in 2017, and by the end of 2019, the government provided more than 12 million new savings accounts to the poor. Potential future improvements are proposed for the sustainability of the solution, which include a disbursement providers’ revenue model, broader financial services involvement, bank agents’ inventory system, and optimizing the latest innovations.

Financial inclusion, financial stress and debt

2017 ◽  
Author(s):  
Glen Bramley ◽  
Kirsten Besemer
Keyword(s):  
Social Capital ◽  
Financial Services ◽  
Consumer Credit ◽  
Financial Stress ◽  
Financial Inclusion ◽  
Local Taxes ◽  
Bank Accounts ◽  
Payday Lenders

Exclusion from financial services in the form of bank accounts has fallen and appears less significant than informal borrowing and problem debt, which have increased dramatically and are strongly associated with poverty. The most common arrears problems are with housing, local taxes and utility bills, not consumer credit. About a fifth of households are not poor but exhibit similar signs of financial stress. Family remains more important than ‘payday lenders’ as a source of informal lendng,underlining the importance of social capital

scholarly journals PROGRESS OF FINANCIAL INCLUSION THROUGH FIPs OF SCHEDULED COMMERCIAL BANKS

2017 ◽  
Vol 5 (8) ◽  
pp. 146-157
Author(s):  
Mohana Krishna Irrinki ◽  
Kuberudu Burlakanti
Keyword(s):  
Low Income ◽  
Financial Services ◽  
Banking Sector ◽  
Credit Cards ◽  
Vital Role ◽  
Financial Inclusion ◽  
Inclusive Growth ◽  
Continuous Growth ◽  
Low Income Groups ◽  
Bank Accounts

All the stakeholders of the economy had identified the need and importance of financial inclusion in the overall development of any country. Banking sector plays a very vital role in the success of financial inclusion. Government and RBI had formulated various programs, schemes and financial services for the financial betterment of the low income groups. Various initiations were taken in implementing financial inclusion and banks were asked to set self-regulated targets through financial inclusion plans through which the unbanked villages across the country were assigned to various banks and these banks were asked to bring all the unbanked segments into the banking fold. The paper aims at the evaluation of financial inclusion through the various parameters considered for the growth of financial inclusion. The banks through the efforts of their branches and Business Correspondents have seen the continuous growth in opening the bank accounts, issue of Kisan Credit Cards & General Credit Cards and the volume and value of transactions in the bank accounts. Financial Inclusion Plans of the banks are helping a lot in moving towards inclusive growth.

scholarly journals FINANCIAL INCLUSION AND WOMEN EMPOWERMENT: A GENDER PERSPECTIVE

2018 ◽  
Vol 6 (5) ◽  
pp. 229-237
Author(s):  
Bincy George ◽  
K.T. Thomachan
Keyword(s):  
Low Income ◽  
Financial Services ◽  
Financial Inclusion ◽  
Women Empowerment ◽  
Bank Account ◽  
Banking Services ◽  
Income Groups ◽  
The Social ◽  
Social And Economic Development ◽  
Low Income Groups

This paper examines women empowerment associated with financial inclusion. Financial inclusion is delivery of banking services at an affordable cost to the vast sections of disadvantaged and the low-income groups. The various financial services include access to saving, credit, insurance, bank account etc. The access to financial services helps women in their social and economic development. It is noted that access to financial service through financial inclusion do have impact upon the social and financial empowerment of women leading to their overall empowerment.

THEORISING THE TREASURY SINGLE ACCOUNT (TSA) IN NIGERIA

2019 ◽  
Vol 2 (2) ◽  
Author(s):  
Chinedu U. Okerekeoti ◽  
Emma I. Okoye
Keyword(s):  
Federal Republic ◽  
Financial Resources ◽  
Bank Account ◽  
Ministry Of Finance ◽  
Bank Accounts ◽  
The Government ◽  
Multiple Accounts ◽  
The Way

Successive governments in Nigeria have continued to operate multiple accounts for the collection and disbursing of government revenues in flagrant disregard to the provision of the constitution which requires that all government revenues be remitted into a single account. Treasury Single Account (TSA) came as a quick fix to regulating the level of accountability and transparency in the financial resources of the government of the country. Treasury Single Account (TSA) is a unified structure of government bank accounts enabling consolidation and optimal utilization of government cash resources. Through this bank account or set of linked bank accounts, the government transacts all its receipts and payments and gets a consolidated view of its cash position at any given time. However, this paper theoretically examined Treasury Single Account in Nigeria with a view to providing the way forward for the country. In this paper, we proposed that government should engage in massive public enlightenment about the importance of the policy at all levels. Also, government should adhere to the provisions of Section 162(1) of the Constitution of the Federal Republic of Nigeria (as amended) for the maintenance of Federation accounts and avoid using private contractors (SystemSpecs-Remita). Though Section 162(1) has made provisions for maintenance of Federation accounts, the legislature should look inwards and address the operational details. Furthermore, government should overhaul the capacity of the Federal Ministry of Finance and the CBN to cope with challenges associated with enforcement of the provisions of the TSA.

Banking or Under-banking: Spatial Role of Financial Inclusion and Exclusion

2021 ◽  
pp. 097300522110371
Author(s):  
Rajat Singh Yadav ◽  
Kalluru Siva Reddy
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Social Inclusion ◽  
Probit Model ◽  
Financial Inclusion ◽  
Spatial Density ◽  
Bank Account ◽  
Banking Services ◽  
Economic Agents

Access to bank account is only a part of the problem when we talk of financial inclusion because several people with a bank account are not necessarily using them to deposit their savings or carry out transactions. This article makes an attempt to examine the reasons for low utilisation of banking facilities. It employs financial inclusion insights (FII) data for Indian population to find out an outcome of financial inclusion (and thus social inclusion as well) based on the usage of banking services with covariates like financial literacy, the probability that any financial service is accessible to the respondent in terms distance, type of mobile phone and spatial density. We use truncated probit model to measure the incidence of under-banking. Our findings show that there is a negative association between supply-side constraints and usage of banking services, implying that low access to financial services in time and space stands as a hindrance to financial inclusion. Further, we find from the financial inclusion and exclusion map at the district level that even though economic agents intend to participate in the space in which he/she is living is not much inclusive.

Case study India’s First Women’s Bank - Bharatiya Mahila Bank

2014 ◽  
Vol 1 (1) ◽  
Author(s):  
Jitendra Ahirrao
Keyword(s):  
Public Sector ◽  
Rural Areas ◽  
Financial Services ◽  
Economic Empowerment ◽  
Women Empowerment ◽  
Bank Account ◽  
Safe Place ◽  
Job Opportunities ◽  
Bank Accounts

India launched the Bhartiya Mahila Bank (BMB), its first public sector bank for economically empowering millions of women across the country, in 2013. This bank is meant for those women who do not have access to basic financial services such as bank accounts or loans. Access to a bank account is essential for women's economic empowerment as it provides a safe place to save money and opens up a channel to credit which can be used for investing in education, property or in a business. BMB is a good beginning in the direction of women empowerment in India. Nevertheless, pro-active emphasis should be on rural areas and less-educated / illiterate women folk irrespective of their earnings. It will create more job opportunities for women and will pay special attention to the weaker and more neglected sections of women.

scholarly journals Does Access to Bank Accounts as a Minor Improve Financial Capability? Evidence from Minor Bank Account Laws

2021 ◽  
Vol 2021 (072) ◽  
pp. 1-33
Author(s):  
J. Michael Collins ◽  
◽  
Jeff Larrimore ◽  
Carly Urban ◽  
◽  
...  
Keyword(s):  
Financial Services ◽  
Negative Consequences ◽  
Policy Goal ◽  
Bank Account ◽  
State Laws ◽  
Alternative Financial Services ◽  
Short Run ◽  
Credit Scores ◽  
Bank Accounts ◽  
A Minor

Banking the unbanked is a common policy goal, but should this include access to bank accounts for minors? This study estimates how teenagers' access to bank accounts affects their financial development. Using variation in state laws, we show policies that permit access to independently-owned accounts increase account ownership at age 16 through age 19, although by age 24 those young adults are banked at similar rates to teens who grew up in states that do not allow minors to own accounts independently. Teens who had access to independently-owned accounts use fewer high-cost alternative financial services (like payday loans) through age 20—but are then more likely to use AFS, particularly check-cashing services, from age 21 through 24. Using credit records, we show that access to non-custodial accounts has no effects on credit scores in the short-run, but lower credit scores and more loan delinquencies at ages 21 through 24. While these state laws promote financial inclusion for teenagers, the young people who take on accounts may experience negative consequences in the longer run.

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