Till now, more than 53.14 crore beneficiaries banked under PMJDY since inception, the data showed.
PMJDY accounts grow 3.6 -fold from 15.67 crore in March 2015 to 53.14 crore as on 14-08-2024
Around 55.6% Jan-Dhan account holders are women and around 66.6% Jan Dhan accounts in rural and semi-urban areas, per the data.
Amid challenges in mobilizing deposits and their higher cost, SFBs are likely to explore alternative, non-deposit avenues to fund credit growth. That said, capital buffers to support growth remain healthy for SFBs.
Continued moderation in core inflation was unanimously recognized, but the possibility of higher food prices spilling over to core remains a key concern. Real rate concerns raised their head again, but have not yet become the prevalent view among most committee members. Going forward, the RBI is likely to continue stressing on being ‘actively disinflationary’ and maintain a wait-and-watch mode to assess multiple macro forces, both domestic and global.
The round was led by 8i Ventures, the early-stage India-focused VC fund known for its notable successes in the fintech space, including M2P, Slice, Easebuzz, among others. The round was co-led by Accion Venture Lab, a global impact investor backing early-stage fintech startups that expand financial access worldwide. The round also saw contributions from GMO Venture Partners, Ratio Ventures, Force Ventures along with a prominent group of family offices, institutions, and angel investors.
Even if money is moving from bank deposits to mutual funds, ultimately the money should remain in banks albeit under a different ownership. How would this cause a dip in bank deposits?
Governance and compliance issues can greatly diminish customer and market confidence, potentially undermining funding and business activities. Severe non-compliance may result in stringent regulatory sanctions, which can negatively affect the issuer’s franchise strength and heighten the risk of default, especially if liquidity buffers are thin.
