As many as four out of five Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts are operative now as against three out of four, five years ago. Deposit per account has increased by more than 71 per cent during the same period, reported Business Line. Also, around 56 per cent of the account holders are women.
PMJDY on Sunday completed eight years of its implementation. Also known as the National Mission for Financial Inclusion, the scheme aims at providing a basic savings bank account to the unbanked population with various services, including a RuPay card.
“The underlying pillars of PMJDY — banking the unbanked, securing the unsecured and funding the unfunded — have made it possible to adopt multi-stakeholders collaborative approach while leveraging technology for serving the unserved and underserved areas,” said Finance Minister Nirmala Sitharaman in a statement.
There are over 46 crore bank accounts with a deposit balance of ₹1.74-lakh crore with its expanded coverage to 67 per cent rural or semi-urban areas.
In August 2022, of the total of 46.25 crore PMJDY accounts, about 37.57 crore or 81.2 per cent are operative against 23.15 crore accounts or 76 per cent in August 2017.
As per extant RBI guidelines, a PMJDY account becomes inoperative if there are no customer-induced transactions for over two years. As on date, merely 8.2 per cent of PMJDY accounts are zero balance accounts.
Deposits have increased 7.60 times with an increase in accounts by 2.58 times between August 2015 and August 2022. The average deposit per account is ₹3,761.
“Increase in the average deposit is another indication of increased usage of accounts and inculcation of savings habit among account holders,” said the statement.
A special app Jan Dhan Darshak app shows there are just 143 villages not having banking touchpoints within 5 km, while the number was over 11,000 in October 2019. Over eight lakh banking touchpoints have been mapped on the geographic information system (GIS) app.