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Tag: deposits

Deposits in Jan Dhan accounts cross Rs 80,000 crore

Deposits in Jan Dhan accounts cross Rs 80,000 crore

Finance
NEW DELHI: Total deposits in Jan Dhan accounts crossed Rs 80,000 crore mark with more people joining the flagship financial inclusion programme, according to official data. The deposits, which have been steadily rising since March 2017, were at Rs 80,545.70 crore on April 11, 2018, said a finance ministry data. Pradhan Mantri Jan-Dhan Yojana (PMJDY) accounts had come into focus during the demonetisation period when the deposits witnessed a meteoric rise. The latest report of the World Bank titled Global Findex Report, 2017 released last week cited the success of the Jan Dhan Yojana. India's financial inclusion efforts have won recognition from the World Bank as their data indicate that 55 per cent of new bank accounts opened are from India, Financial Services Secretary Rajiv Kumar had said...
Transfer unclaimed deposits to welfare fund by March 1: Irda to insurers

Transfer unclaimed deposits to welfare fund by March 1: Irda to insurers

Finance
Insurance regulator Irda has asked all insurers to transfer the deposits of policyholders that have been laying unclaimed for over 10 years to the welfare fund by March 1. "All insurers having unclaimed amounts of policyholders for a period of more than 10 years as on September 30, 2017 shall transfer the same to Senior Citizens' Welfare Fund (SCWF) on or before March 1, 2018," the Insurance Regulatory and Development Authority of India has said in a circular. The directive comes under the Department of Economic Affairs accounting procedure for transfer of funds to SCWF. Life, non-life and health insurance service providers will have to comply to the SCWF Rules, 2016 every year. "The insurers shall make transfers to the consolidated fund of India on or before the 1st March, eac...
Want your bank deposits safe? Be ready to pay for it

Want your bank deposits safe? Be ready to pay for it

Finance
Though there is little clarity on the controversial "bail-in" clause in the Financial Resolution and Deposit Insurance (FRDI) Bill, many people are worried about their bank deposits. Under the current Deposit Insurance and Credit Guarantee Corporation Act, 1961, any amount of more than Rs 1 lakh in a deposit account could be forfeited in the event of a bank failure. However, the FRDI Bill proposes a resolution corporation would be set up and it in consultation with the Reserve Bank of India would fix the threshold for deposit insurance. This suggests that the government is considering increasing the insured amount in deposits since the compensation was last fixed almost 25 years ago. The limit of Rs 1 lakh covered most of the bank accounts 25 years ago when only a small part of the...
Aadhaar now a must for post office deposits, PPF, KVP

Aadhaar now a must for post office deposits, PPF, KVP

Finance
NEW DELHI: The government has made biometric identification Aadhaar mandatory for all post office deposits, PPF, the National Savings Certificate scheme and Kisan Vikas Patra. Existing depositors have been given time till December 31, 2017 to provide the 12-digit unique identification number. Ministry of Finance has issued four separate Gazette notifications making Aadhaar mandatory for opening all post office deposit accounts, Public Provident Fund (PPF), National Savings Certificate scheme and Kisan Vikas Patra deposits. "Provided that where Aadhaar number has not been assigned, the depositor shall submit proof of application of enrolment for Aadhaar," the notification dated September 29 said. Existing depositors who have not provided Aadhaar number at the time of application for s...