Banks Fraudulently Converted Jan Dhan Accounts into Regular Saving Accounts to Extract Bank Charges

Banks Fraudulently Converted Jan Dhan Accounts into Regular Saving Accounts to Extract Bank Charges

Pradhan Mantri Jan Dhan Yojna (PMJDY) was launched in August 2014 by the Prime Minister Narendra Modi with the aim of providing banking facilities to the poor and to increase financial inclusion in the country. It aimed to open at least one basic banking account for every household and provide…

Complete ‘negligence’ by RBI led to Yes Bank debacle: Financial advocacy group

Complete ‘negligence’ by RBI led to Yes Bank debacle: Financial advocacy group

In a “public statement”, the advocacy group Financial Accountability Network India, New Delhi, has said that the Yes Bank debacle exposes the Reserve Bank of India (RBI) “failure”, insisting on the need to hold those responsible for the debacle “accountable” and move towards “nationalising” private banks. Endorsed by 30 academics…