India’s Poorest Now Have Access to Basic Bank Accounts, and Many Already Received their First Cash Stimulus Payment By Last Saturday; Meanwhile the IRS May Get You Your $1200 Check in Five Months

By Jerri-Lynn Scofield, who has worked as a securities lawyer and a derivatives trader. She is currently writing a book about textile artisans.

So, while I was drinking my morning coffee yesterday and reflecting on the logistical troubles the United States is having in getting stimulus funds to people who need them, the following account in the Times of India caught my eye, Covid-19 lockdown: Cash reaches 40% of 20 cr women beneficiaries:

The largest-ever cash transfer scheme launched on Friday to put Rs 30,000 crore in Jan Dhan accounts of women has validated the evangelical push for implementation of the Jan Dhan scheme which saw the government exhorting crores of people to open bank accounts.

By Saturday, the accounts of around 40% of the 20-crore women beneficiaries had seen cash deposits of Rs 500 each [about $US 7). Similarly, around 8 crore beneficiaries of the Ujjwala scheme will get close to Rs 5,000 crore in their bank accounts to purchase cooking gas cylinders for three months.

Let me translate this into terms that non-Indians will understand, 1 crore is 10,000,00. So 20 crore is 200 million women beneficiaries. According to the Hindu, Women beneficiaries can withdraw ₹500 from Jan Dhan accounts from April 3:

The Indian Banks’ Association (IBA) has said that women beneficiaries of the Jan Dhan account can start withdrawing ₹500 from April 3, in the first of the three instalments of a sum of ₹1,500 relief announced by the Centre as part of the fight against COVID-19.

The government has announced ₹1,500

Keep reading this article on Naked Capitalism (Yves Smith) - Blog.

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