Jan Dhan accounts' deposits reached Rs. 80,545.70cr on April 11
Total deposits in Jan Dhan accounts, which have been steadily rising since March 2017, were at Rs. 80,545.70cr on April 11, according to Finance Ministry data. Citing the success of Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts, World Bank's latest survey titled Global Findex Report 2017 stated that 55% of new bank accounts opened are from India. Here are more details.
The number of account holders increased to 31.45cr on April 11, 2018, from 26.5cr at the beginning of 2017. As per the data, the number of such account holders was 25.51cr on November 9, 2016, the day demonetization came into effect.
The deposits increased in later part of November 2016 to over Rs. 74,000cr from about Rs. 45,300 in the beginning of the month as people rushed to deposit the scrapped currency notes of Rs. 500 and Rs. 1,000, as per the government data. It increased to Rs. 73,878.73cr in December 2017 to Rs. 75,572cr in February 2018 and further to Rs. 78,494cr last month.
Director (Business Services) of AISECT Abhishek Pandit said the impact of note ban on Jan Dhan accounts can be gauged from the fact that "the average deposits in such accounts operating through our banking kiosks stood at Rs. 480/account before demonetization, which increased to Rs. 1,095/account after that." AISECT set up over 1,400 banking kiosks across rural and semi-urban India to promote financial inclusion.
Launched in August 2014, Pradhan Mantri Jan Dhan Yojna (PMJDY) is a national mission for financial inclusion to ensure access to financial services - banking, savings & deposit accounts, remittance, credit, insurance, and pension.
As per the Global Findex Report, adult bank account holders in India increased to 80% in 2017 as compared to 53% in 2014 and 35% in 2011, Kumar had said. Women at the forefront, he said, highlights a sharp fall in gender gap from 20% in 2014 to 6% in 2017 in bank accounts due to the government's efforts.
The report acknowledges the impact of government policy in reducing gaps in bank account ownership between rich and poor to 5% in 2017, down from 15% in 2014. A rapid increase in financial inclusion that has taken place in India; the number of account-holders in the country has risen from 35% of the adults in 2011 and 53% in 2014 to 80% in 2017.