- The government’s mission to provide a bank account for every household and social security schemes for the poor is slowly taking root, with more people signing up for them, improving the prospects of achieving financial inclusion.
- the share of bank accounts with a zero balance has fallen to about half of the total under this initiative compared with as much as 76% in October last year.
- This will enable the government to implement direct transfers of subvention outlays, thereby reducing the extent of leakages. All of this should increase systemic efficiency adding to the country’s growth prospects.
- As of July 14, about 2.7 crore people have registered for the Pradhan Mantri Jeevan Jyoti Bima Yojana, which provides life cover of Rs 2 lakh at an annual premium of Rs 330.
- The general insurance policy, or Pradhan Mantri Suraksha Bima Yojana, which insures accidental death and disability at Rs 12 a year for a cover of Rs 2 lakh, has attracted 7.8 crore people.