As per RBI Report on Trend and Progress of Banking in India 2017-18, the proportion of persons joining the Formal Financial System in terms of an account at Financial Institutions has more than doubled since 2011 and by 2017, it had reached 80 per cent of the Indian population https://www.taxtmi.com/news?id=21103 Pradhan Mantri Jan Dhan Yojana (PMJDY) expanded formal financial access by driving mass account ownership and linked services (RuPay cards, overdraft facility, loan eligibility), with scheme amendments increasing overdraft limits, widening age eligibility, removing conditions for small overdrafts, and enhancing insurance for new cardholders; concurrent branch rationalisation increased reliance on the business correspondent model and ICT channels, leading to growth in basic savings accounts, deposits, and direct benefit transfer usage. en-us Tue, 12 Feb 2019 17:59:25 +0530 Tue, 12 Feb 2019 17:59:25 +0530 TaxTMI RSS Generator As per RBI Report on Trend and Progress of Banking in India 2017-18, the proportion of persons joining the Formal Financial System in terms of an account at Financial Institutions has more than doubled since 2011 and by 2017, it had reached 80 per cent of the Indian population https://www.taxtmi.com/news?id=21103 Pradhan Mantri Jan Dhan Yojana (PMJDY) expanded formal financial access by driving mass account ownership and linked services (RuPay cards, overdraft facility, loan eligibility), with scheme amendments increasing overdraft limits, widening age eligibility, removing conditions for small overdrafts, and enhancing insurance for new cardholders; concurrent branch rationalisation increased reliance on the business correspondent model and ICT channels, leading to growth in basic savings accounts, deposits, and direct benefit transfer usage. News - Tue, 12 Feb 2019 17:59:25 +0530 https://www.taxtmi.com/news?id=21103