Total Balance in PM Jan Dhan Accounts Crosses ₹1.75-Lakh Crore Mark

The total balance in the basic bank accounts under the Pradhan Mantri Jan Dhan Yojana (PMJDY) has crossed the ₹1.75 lakh crore mark.

The total balance in the basic bank accounts under the Pradhan Mantri Jan Dhan Yojana (PMJDY) has crossed the ₹1.75 lakh crore mark. As per the latest Government data, the total balance stood at ₹1,75,225 crore as on October 5, 2022, as the total number of beneficiaries touched 47 crore.

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Completion of 8 Year: A Big Milestone:

National Mission for Financial Inclusion, completes eight years of successful implementation. More than 46.25 crore beneficiaries banked under PMJDY since its inception, amounting to Rs. 1,73,954 crore. FM Smt. Nirmala Sitharaman Said: Financial inclusion is a major step towards inclusive growth which ensures overall economic development of marginalised sections of society. PMJDY has become the foundation stone for the government’s people-centric economic initiatives: MoS Finance, Dr. Bhagwat Karad. PMJDY Accounts grow 3-fold from 14.72 crore in Mar’15 to 46.25 crore as on 10-08-2022.

56% Jan-Dhan account holders are women and 67% Jan Dhan accounts in rural and semi-urban areas. 31.94 crore RuPay cards issued to PMJDY accountholders About 5.4 crore PMJDY account holders received direct benefit transfer (DBT) from the Government under various schemes in June, 2022.

More About The Scheme:

Women beneficiaries own a larger chunk in the scheme at 26.16 crore account of which the bulk (31.42 cror accounts) are in rural and semi-urban areas. “Public sector banks (PSBs) have made significant contribution. Of the total ₹1.75 lakh crore balance, PSB’s account for ₹1.35 lakh crore, followed by Regional Rural Banks with ₹34,573 crore,’‘ a senior official of State Bank of India said.
Read More: Pradhan Mantri Jan Dhan Yojana

It’s Overall Impact:

According to bankers, implementation of some benefits under Pradhan Mantri Garib Kalyan Yojana (PMGKY) during the Covid-19 pandemic had established PMJDY as the preferred channel to access govt schemes in view of direct benefit transfer and drove people especially in rural areas to open accounts.

The Other Side Of It:

However, the fear about Jan Dhan being white elephants for banks lingers. The average balance in an account hovers around ₹3,000, and the average cost of maintaining these accounts for a bank is almost the same. When balances grow, banks tend to benefit from PMJDY. So the Centre needs to make the scheme more attractive or the pace of growth in the number of accounts will be slow,’‘ said a senior executive with a public sector bank. There is also a need to weed out dormant or inoperative accounts, he added. As per government data, about 18 percent of total accounts are either dormant or inoperative.