PM Jan Dhan Yojana: Jan Dhan account has become big support for the poor during Covid 19 epidemic. According to research by SBI, during the coronavirus epidemic, the rate of opening of Jan Dhan account has increased by 60 percent. Since April 1, around 3 crore new accounts have been opened and deposits in them have been around Rs 11600 crore. During the pandemic, many labourers have shifted from cities to villages and as the income has decreased, the tendency to save in them has increased. In this, Jan Dhan Yojana has emerged as a big support for them.
Over 41 crore open accounts
According to SBI EcoRap research report, till October 14, the total number of Jan Dhan accounts in the country has increased to 41.05 crores. There is a total of Rs 1.31 lakh crore in these accounts. 3 crore of these accounts are opened during the corona epidemic. The average balance in these accounts was Rs 3400 in April, which was Rs 3168 in September and now again increased to Rs 3185 with a slight increase in October. Initially, due to the epidemic, people returned to the villages from the cities and became more cautious about spending, which increased the money in the accounts as savings. Now returning to the city, this can change.
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Labour remittance also increased
SBI’s report also said that in September this year, labor remittance has also increased. This means that the workers who had gone from the cities to the villages have now started going back to the cities. Labour remittance is the money that a person who earns from outside the house sends his savings home. It is also indicating that now people are getting work again. Another conclusion is coming from this, that more money should come in the hands of the poor, for this the central government should work on another relief package.
Need another package
The report also emphasizes that the government should try to invest more money in such accounts as a third fiscal stimulus. For example, the NREGA scheme should be increased or a new scheme should be introduced for the urban poor. However, it is a matter of satisfaction that the use of PM Jan Dhan accounts in the present time has definitely helped in maintaining social harmony.
2.5 million new EPF subscribers
Additionally, during April-August, 2.5 million new EPF subscribers joined, of which 12.4 lakh were first-time payroll entrants. It is a matter of concern that the degree of formalization has fallen by 6 per cent in FY 2021, which was 11 per cent on average in previous years.
Source: www.financialexpress.com
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