Deposits in Jan Dhan accounts have exceeded Rs 1.5 lakh crores since inception
New Delhi:
Deposits in Jan Dhan bank accounts, which were opened in mid-2014 after the launch of the government’s flagship program of the same name, have exceeded Rs 1.5 lakh crore until December 2021, according to official data.
According to the latest data from the Ministry of Finance, the total balance in over 44.23 crore Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts was Rs 1,50939.36 crore as of December 31, 2021.
PMJDY, the National Mission for Financial Inclusion, had completed seven years of implementation by August last year. It was announced by Prime Minister Narendra Modi in his Independence Day speech on August 15, 2014.
According to the Ministry of Finance, out of a total of 44.23 crore accounts, 34.9 crore were in public sector banks, 8.05 crore in regional rural banks and the rest 1.28 crore in private sector banks.
Also, 31.28 crore PMJDY beneficiaries were given RuPay debit cards. It can be noted that the number of RuPay cards and their use has increased over time.
According to the data, 29.54 crore Jan Dhan accounts were held in rural and semi-urban bank branches. Nearly 24.61 crore account holders were female on December 29, 2021.
During the first year of the scheme, 17.90 crore PMJDY accounts were opened.
RBI guidelines say there is no requirement to maintain a minimum balance in Basic Savings Bank Deposit (BSBD) accounts, including Jan Dhan accounts.
Depending on transactions carried out by a Jan Dhan account holder, the balance in a Jan Dhan account can vary from day to day, reaching zero on any given day.
On December 8, 2021, the total number of zero balance accounts was 3.65 crore, which made up about 8.3 percent of the total Jan Dhan accounts, the government had informed parliament last month.
Objectives of the government’s flagship scheme include ensuring access to financial products and services at an affordable price.
Benefits such as scholarships, grants, pensions and emergency funds for the coronavirus are credited to the bank accounts, including Jan Dhan accounts, through direct transfer of benefits (DBT).
