Deposits in bank accounts opened under the Modi government’s Jan Dhan initiative, which was introduced roughly seven and a half years ago, have surpassed Rs 1.5 lakh crore. The total balance in approximately 44.23 million Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts was Rs 1,50,939.36 crore at the end of December 2021, according to the latest finance ministry statistics.
In August of last year, PMJDY, the National Mission for Financial Inclusion, had completed seven years of implementation. Prime Minister Narendra Modi announced it in his Independence Day address on August 15, 2014.
Deposits in bank accounts opened under the scheme had crossed the ₹1 trillion mark in August 2019.
According to statistics from the finance ministry, 34.9 crore accounts were with public sector banks, 8.05 crore with regional rural banks, and the remaining 1.28 crore with private sector banks. In addition, RuPay debit cards were provided to 31.28 crores PMJDY beneficiaries. It’s worth noting that the number of RuPay cards available and their use has grown over time.
According to the data, rural and semi-urban bank branches maintained 29.54 crore Jan Dhan accounts. Women made up around 24.61 crore account holders as of December 29, 2021. During the scheme’s first year, 17.90 crore PMJDY accounts were created.
There is no necessity to maintain a minimum amount in Basic Savings Bank Deposit (BSBD) accounts, including Jan Dhan accounts, according to RBI guidelines. The amount in any Jan Dhan account might fluctuate from day to day, and may even become zero on a given day, depending on the activities carried out by the account user.
The government notified Parliament last month that the overall number of zero balance accounts as of December 8, 2021, was 3.65 crore, accounting for nearly 8.3% of all Jan Dhan accounts.
The government’s flagship scheme’s goals include offering affordable access to financial goods and services. Through Direct Benefit Transfer, benefits like scholarships, subsidies, pensions, and COVID relief monies are credited to bank accounts, including Jan Dhan Accounts (DBT).
