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    Hetvi Madia Tiss Diploma of Banking and Finance: Module - 7 PM Jandhan Yojna Small Finance Banks

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    Hetvi Madia
    1. The document discusses PM Jan Dhan Yojana, a financial inclusion program by the Government of India that aims to provide affordable access to financial services like bank accounts and loans. 2. It provides details about the benefits of PMJDY accounts such as no minimum balance requirement, accident insurance, and eligibility for direct benefit transfers. 3. Small finance banks are also discussed as a segment created by RBI to further financial inclusion by providing basic banking services to unserved sections. Their objectives and eligibility criteria for promoters are outlined.

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    Hetvi Madia Tiss Diploma of Banking and Finance: Module - 7 PM Jandhan Yojna Small Finance Banks

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    Hetvi Madia
    28 views7 pages
    1. The document discusses PM Jan Dhan Yojana, a financial inclusion program by the Government of India that aims to provide affordable access to financial services like bank accounts and loans. 2. It provides details about the benefits of PMJDY accounts such as no minimum balance requirement, accident insurance, and eligibility for direct benefit transfers. 3. Small finance banks are also discussed as a segment created by RBI to further financial inclusion by providing basic banking services to unserved sections. Their objectives and eligibility criteria for promoters are outlined.

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    MODULE 7

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    1. The document discusses PM Jan Dhan Yojana, a financial inclusion program by the Government of India that aims to provide affordable access to financial services like bank accounts and loans. 2. It provides details about the benefits of PMJDY accounts such as no minimum balance requirement, accident insurance, and eligibility for direct benefit transfers. 3. Small finance banks are also discussed as a segment created by RBI to further financial inclusion by providing basic banking services to unserved sections. Their objectives and eligibility criteria for promoters are outlined.

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    Download as pptx, pdf, or txt
    28 views7 pages

    Hetvi Madia Tiss Diploma of Banking and Finance: Module - 7 PM Jandhan Yojna Small Finance Banks

    Uploaded by

    Hetvi Madia
    1. The document discusses PM Jan Dhan Yojana, a financial inclusion program by the Government of India that aims to provide affordable access to financial services like bank accounts and loans. 2. It provides details about the benefits of PMJDY accounts such as no minimum balance requirement, accident insurance, and eligibility for direct benefit transfers. 3. Small finance banks are also discussed as a segment created by RBI to further financial inclusion by providing basic banking services to unserved sections. Their objectives and eligibility criteria for promoters are outlined.

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    HETVI MADIA

    TISS DIPLOMA OF
    BANKING AND FINANCE
    MODULE -7 PM JANDHAN YOJNA
    SMALL FINANCE BANKS
    PM JANDHAN YOJNA -
    • Pradhan Mantri Jan Dhan Yojana is a financial inclusion program of the
    Government of India open to Indian citizens, that aims to expand affordable
    access to financial services such as bank accounts, remittances, credit,
    insurance and pensions.
    • Pradhan Mantri Jan-Dhan Yojana (PMJDY) is National Mission for Financial
    Inclusion to ensure access to financial services, namely, a basic savings &
    deposit accounts, remittance, credit, insurance, pension in an affordable
    manner. Under the scheme, a basic savings bank deposit (BSBD) account
    can be opened in any bank branch or Business Correspondent (Bank Mitra)
    outlet, by persons not having any other account.
    BENEFITS UNDER PMJDY -
    Benefits under PMJDY
    • One basic savings bank account is opened for unbanked person.
    • There is no requirement to maintain any minimum balance in PMJDY accounts.
    • Interest is earned on the deposit in PMJDY accounts.
    • Rupay Debit card is provided to PMJDY account holder.
    • Accident Insurance Cover of Rs.1 lakh (enhanced to Rs. 2 lakh to new PMJDY
    accounts opened after 28.8.2018) is available with RuPay card issued to the
    PMJDY account holders.
    • An overdraft (OD) facility up to Rs. 10,000 to eligible account holders is
    available.
    • PMJDY accounts are eligible for Direct Benefit Transfer (DBT), Pradhan Mantri
    Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana
    (PMSBY), Atal Pension Yojana (APY), Micro Units Development & Refinance
    Agency Bank (MUDRA) scheme.
    ELIGIBILITY -
    • How to open a Jan Dhan Yojana Account?
    • To open a Jan Dhan Yojana Account, you need to get the application form,
    that is available in both English and Hindi and is available on the official
    website of PMJDY (https://www.pmjdy.gov.in/scheme) . Fill it up and
    submit it along with the necessary documents. The application form is called
    the financial inclusion account opening form. It consists of three sections
    where in you need to provide details of yourself, nominee and the bank where
    the account is being opened.
    • PMJDY Eligibility
    • In order for individuals to open a PMJDY account, the below given criteria
    must be met:
    • You must be citizen of India
    • You should be at least 10 years of age
    • You should not have a bank account
    SMALL FINANCE BANKS–
    • Small Finance Banks is a specific segment of banking created by RBI
    under the guidance of Government of India with an objective of furthering 
    financial inclusion by primarily undertaking basic banking activities to un-
    served and underserved sections including small business units, small and
    marginal farmers, micro and small industries and unorganized
    entities. Like other commercial banks, these banks can undertake all basic
    banking activities including lending and taking deposits.
    • DIFFERENT BETWEEN SMALL FINANCE BANK AND
    BANK – The main difference between Commercial Bank and Small
    Finance Bank is there is no limit for the capital acquired by a
    Commercial Bank whereas Small Finance Bank should pay up a minimum
    capital of hundred crores.
    • OBJECTIVES - The objectives of setting up of small finance banks will be for furthering financial
    inclusion by (i) provision of savings vehicles primarily to unserved and underserved sections of the
    population, and (ii) supply of credit to small business units; small and marginal farmers; micro and small
    industries; and other unorganised sector entities, through high technology-low cost operations.
    • ELIGIBILITY - Resident individuals/professionals with 10 years of experience in banking and finance; and
    Companies and Societies owned and controlled by residents will be eligible as promoters to set up small
    finance banks. Existing Non-Banking Finance Companies (NBFCs), Micro Finance Institutions (MFIs), and
    Local Area Banks (LABs) that are owned and controlled by residents can also opt for conversion into small
    finance banks after complying with all legal and regulatory requirements of various authorities and if they
    conform to these guidelines. However, joint ventures by different promoter groups for the purpose of setting
    up small finance banks would not be permitted. As local focus and the ability to serve smaller customers will
    be the key criteria in licensing such banks, this may be a more appropriate vehicle for local players or players
    who are focused on lending to unserved / underserved sections of the society. Accordingly, proposals from
    large public sector entities and industrial and business houses, including from NBFCs promoted by them, will
    not be entertained.
    • As defined in the SEBI (Issue of Capital & Disclosure Requirements) Regulations, 2009 should be ‘fit and
    proper’ in order to be eligible to promote small finance banks. RBI would assess the ‘fit and proper’ status of
    the applicants on the basis of their past record of sound credentials and integrity; financial soundness and
    successful track record of professional experience or of running their businesses, etc. for at least a period of
    five years.
    TOP 10 SMALL FINANCE BANKS -
    • Here are the top 10 small finance banks in India that offer competitive
    interest rates for fixed deposits:
    • Ujjivan Small Finance Bank.
    • Jana Small Finance Bank.
    • Equitas Small Finance Bank.
    • AU Small Finance Bank.
    • Capital Small Finance Bank.
    • Fincare Small Finance Bank.
    • ESAF Small Finance Bank.
    • North East Small Finance Bank.

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