Total balance in Jan Dhan accounts nears ₹1-lakh cr

News
Total balance in Jan Dhan accounts nears ₹1-lakh cr

Five years after its launch, the Pradhan Mantri Jan Dhan Yojana (PMJDY) scheme has almost achieved a total balance of 1-lakh crore.

According to the latest data, the total balance in these basic bank accounts stood at 99,752 crore with 35.50 crore beneficiaries.

Public sector banks have the lion’s share in total balance at 79,177 crore, followed by regional rural banks and private sector banks maintaining 17,648 crore and 2,926 crore, respectively.

The scheme focusses on rural areas with primacy given to women. Of the 35.50-crore account holders, those from rural and semi-urban regions were 21 crore. Female beneficiaries were 18.88 crore.

Total balance under the scheme, launched on August 15, 2014, grew faster in the last there years, which was boosted by demonetisation in November 2016. It gathered momentum last year and gained rapid pace in the last six months, leading to scepticism on the possible link between elections and spurt in balances.

For instance, in January 2018, the total balance was about 73,000 crore with 30.93 crore beneficiaries. In January, it reached 88,000 crore. By March, it touched 96,000 crore and now stands at 99,752 crore.

Apart from the election impact, which needs to be investigated, the advantages of the scheme, such as insurance cover and overdraft facility, must be drawing some to maintain a balance. The average balance in PMJDY accounts has also been going up.

Last year, the government had also launched Jan Dhan 2.0 to reach out to 10-12 crore unbanked individuals to bring them under the formal banking system.

There have been renewed campaigns by public sector banks during the last one year, which has led to the increase in total number of beneficiaries as well as balance maintained.

Source:- thehindubusinessline

Share:
News
Tiktok chooses different road for Indian audience; to launch music service
Tiktok chooses different road for Indian audience; to launch music service

Los Angeles: ByteDance Ltd., owner of the popular video app TikTok, is developing a paid music service that will challenge industry leaders Spotify and Apple Music in emerging markets, according to people familiar with the matter. ByteDance expects to introduce the new app as early as this fall in a …

News
Soon, easy online police verification for passport, hiring of driver, domestic help
Soon, easy online police verification for passport, hiring of driver, domestic help

Pan-India database on crime and criminals CCTNS has started facilitating online services such as police verification for issuance of passport, hiring of driver, tenant and domestic help besides registration of complaints of car theft and others. Deputy Director in the National Crime Records Bureau (NCRB) Prashun Gupta said the Crime …

News
WhatsApp says one million users testing payment feature; will launch after RBI approval
WhatsApp says one million users testing payment feature; will launch after RBI approval

Messaging platform WhatsApp has told the Supreme Court that it will comply with all guidelines of the Reserve Bank of India (RBI) before the much-awaited launch of WhatsApp Pay later this year in India. The Facebook-owned company further said the system is currently being tested and the entire process will be completed by July. …