Daily Archive: April 19, 2018
Washington: India has 19 crore adults without a bank account despite the success of the ambitious Jan Dhan Yojana, making it the world’s second largest unbanked population after that of China, the World Bank said on Thursday.
Besides, almost half of the bank accounts remained inactive in the past year, the multilateral financial institution said in a report, even as it lauded the Indian government’s financial inclusion scheme, the Jan Dhan Yojana, for bringing in additional 31 crore Indians into formal banking system by March 2018. It also said the country’s adult population with a bank account has more than doubled to 80% since 2011.
The Jan Dhan Yojana was launched by the Modi government in 2014. According to the latest Global Findex Database released by the World Bank on the sidelines of the annual Spring meeting of the International Monetary Fund (IMF) and the World Bank, 11% of the world’s unbanked adults are in India.
Currency crunch seen in many parts of the country in past few days showed signs of easing today with 86 per cent of ATMs coming online, cash being transported to deficit areas and government presses working overtime to print new notes, officials said.
India’s largest bank SBI chairman Rajnish Kumar said the problem will be resolved by Friday.
“It is not a uniform cash crunch problem. It is there in geographies like Telangana and Bihar. We are hoping that the problem will be resolved by tomorrow because cash is in transition and it is reaching these states by today evening,” SBI’s Kumar told reporters here.
Meanwhile, government officials said that with special arrangements being made to transport cash to areas that during the last three days faced an “unusual spurt in demand”, 86 per cent of the 2.2 lakh ATMs were operational, dispensing cash. This was higher than 80 per cent operational ATMs on Wednesday and just 60 per cent working ATMs on Tuesday.
The shortage has been blamed on the inadequate availability of Rs 2,000 currency notes, which sources in the government said could be because of hoarding ahead of elections. Also, ATM cassettes had not been configured to dispense smaller sized Rs 200 notes.
An official said the government has ramped up printing of currency notes and is operating all the four presses 24×7. The presses this week have been minting Rs 500 and Rs 200 notes without a break to meet an estimated Rs 70,000 crore of currency shortfall in the country.
#UnnaoRapeCase: Shashi Singh, one of the accused in the case, sent back to jail after the duration of her police remand concluded. CBI did not file a second remand application for her in the Court.