7.7 Crore Women Have Opened Bank Accounts In Last 1 Year, Thanks To PM Modi’s Initiative

The Logical Indian

August 23rd, 2016 / 10:06 AM

Source: indiaspend | Image Courtesy: odisha360 rediff

Financial inclusion is an integral part of inclusive development. The first and the important step in financial inclusion is getting citizens into the formal banking system and enabling access to financial servcies. On this front the government has done a fantastic job in enabling a huge number of women to avail banking services. According to Intermedia, a global consultancy, as many as 358 million Indian women (61%) have bank accounts, up from 281 million (48%) in 2014, the biggest jump among eight South Asian and African countries surveyed. That would translate to addition of 77 million women added to Banking sector in 1 year.


Among the other important findings of the survey are

1. More women in India are financially included than ever before.

2. India and Tanzania have successfully reduced the gender gap over a year (2014 to 2015)–from 12% to 8% in India and 11% to 9% in Tanzania.

3. In 2013, before PMJDY, only 39% of women had bank accounts, compared to 55% of men.

3. Inclusion amongst women in Bangladesh grew in absolute terms, but the gap between men and women grew from 3% to 10% over this period.

All the above statistics were largely by the boost given by Pradhan Mantri Jan Dhan Yojana. However, the challenge is the fact that opening of bank accounts do not guarantee availing formal financial services. Informal forms of lending and borrowing with huge interest burden continues to haunt rural India in a large way. The policy challenge is to make people with accounts to use it effectively and efficiently for their own benefits.


The Logical Indian appreciates the government for their efforts towards financial inclusion. We request the government to undertake the last mile efforts to ensure Jan Dhan Yogana and other financial inclusion schemes benefits the people by enabling them to avail formal financial services.


Contributors

Edited by :

Share your thoughts..

Related Stories

Double Salary Punjab

Punjab: Govt Employees Mistake ‘Double’ Salary As Diwali Bonus, Govt Blocks Bank Accounts

Supreme Court Refuses to Disqualify Netas With Criminal Cases

Aadhaar Not Needed For Opening Bank Accounts, SIM But Mandatory For PAN Card: SC Verdict

Another Case Of Bank Fraud: Chennai Based Jeweller Cheats Bank Of Rs. 824 Crore

Another Bank Scam: Three Directors Of A Mumbai Company Held For Duping Axis Bank Of Rs 4000 Crore

Demonetisation

Fake Shell Company With 2,000 Bank Accounts Transacted Rs 4,000 Crore; Reveals Demonetisation

RBI Clarifies It Is Mandatory For Bank Accounts To Be Linked With Aadhaar Under Money Laundering Act

Latest on The Logical Indian

News

“He Is A Brother Of Mine”: Disabled Man Forgives Christchurch Gunman Who Killed His Wife

News

Anil Ambani’s RCom Finally Pays Rs 459 Crore To Ericsson

Get Inspired

Till Date, This Security Guard Has Sent 4,500 Letters To Families Of Martyred Soldiers

Environment

40 Kg Of Plastic Found In Stomach Of Dead Whale In The Philippines

Awareness

Increase In MSP – How Well Does It Address Farmers’ Distress?

Get Inspired

Tribal Agricultural Activist & “Preserver Of Paddy Seeds” From Odisha Awarded Padma Shri

x

Stories that deserve attention, delivered to your inbox!

Handpicked, newsworthy stories which deserve the attention of a rational generation.