Deposits in Jan Dhan accounts harmful Rs 1 lakh crore – Times of India

NEW DELHI: Deposits in bank accounts opened under Jan Dhan scheme, launched about five years ago by the Modi-government, have crossed the Rs 1 lakh crore mark. As per the latest finance ministry data, the total balance in over 36.06 crore Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts was at Rs 1,00,495.94 crore as on…

Deposits in Jan Dhan accounts harmful Rs 1 lakh crore – Times of India

NEW DELHI: Deposits in monetary institution accounts opened under Jan Dhan scheme, launched about 5 years within the past by the Modi-government, dangle crossed the Rs 1 lakh crore note. As per basically the most widespread finance ministry files, the total balance in over 36.06 crore Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts used to be at Rs 1,00,495.94 crore as on July 3.

The deposits within the yarn of the beneficiaries, which has been step by step rising, used to be Rs ninety 9,649.84 crore on June 6 and Rs ninety 9,232.71 crore within the week sooner than.

The PMJDY used to be launched on August 28, 2014, with an map to give universal get admission to to banking products and providers to the folk within the country.

Accounts opened under PMJDY are Standard Savings Bank Deposit (BSBD) accounts with extra map of RuPay debit card and overdraft.

The finance ministry had now now not too long within the past acknowledged within the Rajya Sabha that the selection of zero balance accounts under PMJDY declined from 5.10 crore (16.22 per cent of the total accounts) in March 2018 to 5.07 crore (14.37 per cent of the total accounts) in March 2019.

More than 28.44 crore yarn holders dangle been issued the Rupay debit playing cards.

There isn’t one of these thing as a requirement of asserting minimum balance in BSBD accounts.


Enthused by the success of the scheme, the government enhanced the accident insurance coverage quilt to Rs 2 lakh from Rs 1 lakh for recent accounts opened after August 28, 2018.


The overdraft limit has also been doubled to Rs 10,000. The government also shifted the focal level on accounts from ‘each and every household’ to ‘each and every unbanked adult’.


Over 50 per cent of the Jan Dhan yarn holders are females.


The map of PMJDY is to be sure that get admission to to quite so much of monetary products and providers care for availability of overall financial savings checking yarn, get admission to to want based mostly credit rating, remittances facility, insurance coverage and pension to weaker sections and low earnings groups.

The PMJDY also envisages channelling all government advantages to the beneficiary accounts and pushing the Notify Support Switch (DBT) scheme of the central government.

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