Deposits in Jan Dhan account cross Rs 80000 crore

According to Union Finance Ministry data, total deposits in Jan Dhan accounts crossed Rs. 80000 crore mark as on April 11, 2018.

Surge in deposits in Jan Dhan Accounts:

Deposits in Pradhan Mantri Jan-Dhan Yojana (PMJDY) accounts shot up during the demonetisation period starting from November 8, 2016.

• The impact was so phenomenal that deposits in PMJDY accounts touched Rs. 74000 crore mark in the later part of November 2016 from Rs 45300 in the beginning of November 2016.
• Although the deposits dipped for a brief period after that, it started picking up again in a steady manner from March 2017 and crossed Rs 75000 crore mark in February 2018 and Rs 78000 crore mark in March 2018.
• Even the Global Findex Report, 2017 released by the World Bank has acknowledged that rapid increase in financial inclusion has taken place in India in recent years due to Indian Government’s Jan Dhan Yojana.
• The increase in Jan Dhan deposits was fuelled by increase in number of Jan Dhan account holders, which stood at 31.45 crore as on April 11, 2018 as compared to 26.5 crore at the beginning of 2017.
• Interestingly, 51.4 crore accounts were opened globally from 2014 to 2017. During this period 28.17 crore Jan Dhan Accounts were opened in India, constituting almost 55 percent of the accounts opened globally.

According to Financial Services Secretary:

• India’s financial inclusion efforts have won recognition from the World Bank as their data indicate that 55 per cent of new bank accounts opened are from India, Financial Services Secretary Rajiv Kumar had said.
• As per the Global Findex Report, adult bank account holders in India increased to 80 per cent in 2017 as compared to 53 per cent in 2014 and 35 per cent in 2011, Kumar had said.
• Women at the forefront, he said, highlights a sharp fall in gender gap from 20 per cent in 2014 to 6 per cent in 2017 in bank accounts due to government’s efforts.
• The report acknowledges impact of government policy in reducing gaps in bank account ownership between rich and poor to 5 per cent in 2017,down from 15 per cent in 2014, he added.
• The report noted the rapid increase in financial inclusion that has taken place in India and how the number of account holders in the country has risen from 35 per cent of the adults in 2011 and 53 per cent in 2014 to 80 per cent in 2017.

About Pradhan Mantri Jan Dhan Yojana (PMJDY):

Pradhan Mantri Jan Dhan Yojana (PMJDY) is a scheme for comprehensive financial inclusion launched by the Prime Minister of India, Narendra Modi on August 28, 2014.

• Its Objective is to ensure access to financial services, namely, Banking/ Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension in an affordable manner.
• The Slogan of Pradhan Mantri Jan Dhan Yojana is “Mera Khata – Bhagya Vidhaata.”

PMJDY is operated by Department of Financial Services under Union Finance Ministry