I have amazing news to share with you all !

[Judge]

99.74 per cent of all households in the country now have atleast one bank account in the family.

Jan Dhan Yojna makes it to Guinness World Records, 11.5 cr Jan Dhan accounts opened - Economic Times

---------------------------

Congratulations to all!

India's rate of achieving banking penetration in the last 8 months was more than in the last 8 years. We opened more bank accounts in the last 8 months than we could in the last 5 year plan period!

I really see no other way other than to give the credit to Narendra Modi. What an achievement!
His scheme under which all this was accomplished is called
Pradhan Mantri Jan Dhan Yojana - Wikipedia, the free encyclopedia

This scheme was launched to bring the poor segment of society in the banking network.

We have finally hit 99% household banking penetration. Please note: This is not individual banking penetration, but household.

We have also hit a Guiness record in financial inclusion drive:
Jan Dhan Yojna makes it to Guinness World Records, 11.5 cr Jan Dhan accounts opened - Economic Times

For those who do not understand the momentous significance of this let me add a few points to help make you understanding clearer. This is huge enabler of growth and drive in India in more spheres than I can count.

- A country cannot develop fast unless it achieves financial literacy and banking services to be able to channel the money they save however little including 100 rupees a month!
- This is a massive blow against the hawala and hundi system in which hundreds of millions of poor people were forced to use these services to remit money back to their families in their home states from whichever state they were working in because they had no other reliable method. This collectively was worth billions of dollars.
- The collective savings of the nation can be brought in the formal economy and channeled for investments - again worth billions of additional dollars. The incentive for investing in saradha type of chit funds for poor people will be greatly diminished.
- Tens of billions of dollars of money will be saved with subsidies now being targeted and transferred directly to the beneficiaries account.
- This is a big blow against corruption at the lower levels like pension, insurance, etc!

@third eye @Bang Galore @sandy_3126 @Abingdonboy @SarthakGanguly @sreekumar @nair@ranjeet @gslv mk3

I invite some of our neighbours, to share in this happy moment and add by giving their critical insight. Poverty and illiteracy is a common enemy for all of us.


@Irfan Baloch @Oscar @niaz @waz @Horus @Pakistani Exile @Jungibaaz .
@Gibbs @BDforever @farhan_9909 @Armstrong @RescueRanger

I urge members to note one important thing - including our neighbours- RBI a couple of months back issued banking licences after over a decade !

The new banks are yet to start including what will become the biggest bank of India - the Postal Department is being converted to a bank because of its utterly massive reach in rural India. All this was done using the existing banking network.

With all this, we are sure to reach 100% Individual banking penetration in a few years. That means every single Indian will have his/her own bank account.

Now the Government has set up a target to ensure that in 2015, every single Indian will have a UID(Unique Identification), currently it is around 50% mark after 4-5 years of its introduction.
All Jan Dhan bank accounts be linked to Aadhaar: PM Narendra Modi - The Economic Times

The scale, speed and single minded focus with which the Government is working is boggling.

 

[Cortana]

You people will catch local news and post here ............................what is the matter with you people .... any thing related to other countries defense should be posted here ............who cares about your bank

 

[utraash]

Title little sensational buddy n request you to make appropriate with subject .....
Good achievement though fruits of this scheme yet to reap.....

 

[13 komaun]

Modi did it in one year What congress couldn't since 1969

 

[Judge]

Modi did it in one year What congress couldn't since 1969

Indeed. But let us give credit where it is due. The base was laid by Congress over the decades, the mission mode urgency and leveraging the base was done by Modi.

The last Congress government was the incompetent one.

 

[pursuit of happiness]

Indeed. But let us give credit where it is due. The base was laid by Congress over the decades, the mission mode urgency and leveraging the base was done by Modi.

The last Congress government was the incompetent one.

--
is congress did good work tll now yes
did congress also responsible to keep india backward yes
congress is good org with used to ahve g8 leaders..
OLD congress made real india .. psu.. iit ... social infra.. physcial infra.. later congress degraded to one family system where nation took hit by that ..

 

[Judge]

--
is congress did good work tll now yes
did congress also responsible to keep india backward yes
congress is good org with used to ahve g8 leaders..
OLD congress made real india .. psu.. iit ... social infra.. physcial infra.. later congress degraded to one family system where nation took hit by that ..

I agree.
Which is why I lay the blame of utter incompetence in the Congress of the last two decades.

In any case, every party has its period of glory and uselessness like a time cycle.

What is important is that the Nation keeps forging forward. And this milestone is an important part of that.

 

[pursuit of happiness]

I agree.
Which is why I lay the blame of utter incompetence in the Congress of the last two decades.

In any case, every party has its period of glory and uselessness like a time cycle.

What is important is that the Nation keeps forging forward. And this milestone is an important part of that.

--
yes...
Congress have huge benefit of legacy.. in tuen poliitcla knowledge and wisdom..
which they kill due to personality cult..
BJP also doing same.. but its bith is 1984 not 1885 like congress..
congress still can rock but with diffrent system of governace . leadrship , plocy and value strcture..

 

[13 komaun]

I agree and Indira Gandhi deserves some credit for that but look at the speed and quality of governance now that too for 1.25 billion people.

 

[hunter_hunted]

So you will do shit and will post it here also. HEY GUYS I HAVE AMAZING NEWS TO SHARE WITH YOU ALL

 

[waz]

99.74 per cent of all households in the country now have atleast one bank account in the family.

Jan Dhan Yojna makes it to Guinness World Records, 11.5 cr Jan Dhan accounts opened - Economic Times

---------------------------

Congratulations to all!

India's rate of achieving banking penetration in the last 8 months was more than in the last 8 years. We opened more bank accounts in the last 8 months than we could in the last 5 year plan period!

I really see no other way other than to give the credit to Narendra Modi. What an achievement!
His scheme under which all this was accomplished is called
Pradhan Mantri Jan Dhan Yojana - Wikipedia, the free encyclopedia

This scheme was launched to bring the poor segment of society in the banking network.

We have finally hit 99% household banking penetration. Please note: This is not individual banking penetration, but household.

We have also hit a Guiness record in financial inclusion drive:
Jan Dhan Yojna makes it to Guinness World Records, 11.5 cr Jan Dhan accounts opened - Economic Times

For those who do not understand the momentous significance of this let me add a few points to help make you understanding clearer. This is huge enabler of growth and drive in India in more spheres than I can count.

- A country cannot develop fast unless it achieves financial literacy and banking services to be able to channel the money they save however little including 100 rupees a month!
- This is a massive blow against the hawala and hundi system in which hundreds of millions of poor people were forced to use these services to remit money back to their families in their home states from whichever state they were working in because they had no other reliable method. This collectively was worth billions of dollars.
- The collective savings of the nation can be brought in the formal economy and channeled for investments - again worth billions of additional dollars. The incentive for investing in saradha type of chit funds for poor people will be greatly diminished.
- Tens of billions of dollars of money will be saved with subsidies now being targeted and transferred directly to the beneficiaries account.
- This is a big blow against corruption at the lower levels like pension, insurance, etc!

@third eye @Bang Galore @sandy_3126 @Abingdonboy @SarthakGanguly @sreekumar @nair@ranjeet @gslv mk3

I invite some of our neighbours, to share in this happy moment and add by giving their critical insight. Poverty and illiteracy is a common enemy for all of us.


@Irfan Baloch @Oscar @niaz @waz @Horus @Pakistani Exile @Jungibaaz .
@Gibbs @BDforever @farhan_9909 @Armstrong @RescueRanger

I urge members to note one important thing - including our neighbours- RBI a couple of months back issued banking licences after over a decade !

The new banks are yet to start including what will become the biggest bank of India - the Postal Department is being converted to a bank because of its utterly massive reach in rural India. All this was done using the existing banking network.

With all this, we are sure to reach 100% Individual banking penetration in a few years. That means every single Indian will have his/her own bank account.

Now the Government has set up a target to ensure that in 2015, every single Indian will have a UID(Unique Identification), currently it is around 50% mark after 4-5 years of its introduction.
All Jan Dhan bank accounts be linked to Aadhaar: PM Narendra Modi - The Economic Times

The scale, speed and single minded focus with which the Government is working is boggling.

Good news, and I hope it continues to bear fruit for India's poor.

 

[Not Sure]

It is indeed a very big achievement which will fast track the social security of the Indian public and make India stronger from within. It will also have a massive impact on Indian economy since all the transactions will be fully organized to lower the magnitude of bad debts (lost in transaction) to the minimum.

Above all, within 2-3 years almost all fees/payments to the government offices will be done directly through the individual's bank accounts, means, people will not have to face and pay the babus and chaprasis under the table.

In my view, this is the first major (and imperative) step in India's journey to become a fully organized developed state.

 

[acid rain]

You people will catch local news and post here ............................what is the matter with you people .... any thing related to other countries defense should be posted here ............who cares about your bank

Lol

See your thread history. You have been opening threads on local news all along - and that too India's.

 

[Irfan Baloch]

99.74 per cent of all households in the country now have atleast one bank account in the family.

Jan Dhan Yojna makes it to Guinness World Records, 11.5 cr Jan Dhan accounts opened - Economic Times

---------------------------

Congratulations to all!

India's rate of achieving banking penetration in the last 8 months was more than in the last 8 years. We opened more bank accounts in the last 8 months than we could in the last 5 year plan period!

I really see no other way other than to give the credit to Narendra Modi. What an achievement!
His scheme under which all this was accomplished is called
Pradhan Mantri Jan Dhan Yojana - Wikipedia, the free encyclopedia

This scheme was launched to bring the poor segment of society in the banking network.

We have finally hit 99% household banking penetration. Please note: This is not individual banking penetration, but household.

We have also hit a Guiness record in financial inclusion drive:
Jan Dhan Yojna makes it to Guinness World Records, 11.5 cr Jan Dhan accounts opened - Economic Times

For those who do not understand the momentous significance of this let me add a few points to help make you understanding clearer. This is huge enabler of growth and drive in India in more spheres than I can count.

- A country cannot develop fast unless it achieves financial literacy and banking services to be able to channel the money they save however little including 100 rupees a month!
- This is a massive blow against the hawala and hundi system in which hundreds of millions of poor people were forced to use these services to remit money back to their families in their home states from whichever state they were working in because they had no other reliable method. This collectively was worth billions of dollars.
- The collective savings of the nation can be brought in the formal economy and channeled for investments - again worth billions of additional dollars. The incentive for investing in saradha type of chit funds for poor people will be greatly diminished.
- Tens of billions of dollars of money will be saved with subsidies now being targeted and transferred directly to the beneficiaries account.
- This is a big blow against corruption at the lower levels like pension, insurance, etc!

@third eye @Bang Galore @sandy_3126 @Abingdonboy @SarthakGanguly @sreekumar @nair@ranjeet @gslv mk3

I invite some of our neighbours, to share in this happy moment and add by giving their critical insight. Poverty and illiteracy is a common enemy for all of us.


@Irfan Baloch @Oscar @niaz @waz @Horus @Pakistani Exile @Jungibaaz .
@Gibbs @BDforever @farhan_9909 @Armstrong @RescueRanger

I urge members to note one important thing - including our neighbours- RBI a couple of months back issued banking licences after over a decade !

The new banks are yet to start including what will become the biggest bank of India - the Postal Department is being converted to a bank because of its utterly massive reach in rural India. All this was done using the existing banking network.

With all this, we are sure to reach 100% Individual banking penetration in a few years. That means every single Indian will have his/her own bank account.

Now the Government has set up a target to ensure that in 2015, every single Indian will have a UID(Unique Identification), currently it is around 50% mark after 4-5 years of its introduction.
All Jan Dhan bank accounts be linked to Aadhaar: PM Narendra Modi - The Economic Times

The scale, speed and single minded focus with which the Government is working is boggling.

many terms spring into my mind
micro financing,
small business financing
household businesses
post office banking

I will share my views. with comments about regulations and tough controls and checks against exploitations and corruption.

 

[jamahir]

nonsense idea... who cares about the bank when one does not have money to put in it.

governments shoud have been giving each citizen welfare money to put into a single central bank, and remove income taxes and every other economic/social hardships.... there is no point of a government otherwise.

compare what was in libyan jamahiriya in 1979...

The Libyan not willing to work would receive the equivalent salary valued today of $ 7,000 USD per month.

Plus, doctors, hospitals and medicines were all for free. Nobody paid for education in a Libyan school and whoever wanted to continue their education outside the country would receive a substantially good scholarship.

It was a habit in the country that if someone did not like the car anymore, he only had to abandon the car with the key inside. This was the era of Libya.

Just to have an idea about Gaddafi's Libya, everything sold was about the same price, $3 USD. There were gigantic supermarkets, but nothing was sold at retail. Anyone wishing to buy rice, for example, would pay $ 3 for the 50 kilo bag. Everything was sold on that basis.

source - The Libya I Once Knew