Over 1 crore new accounts have been opened under the Pradhan Mantri Jan Dhan Yojana since Prime Minister Narendra Modi demonetised certain currency. While there were 25.44 crore accounts on November 2, 2016, the current number stands at 26.68 crore (as of January 11, 2017). Given this huge increase in numbers, officials at the Niti Aayog fear that fake accounts might’ve been created for money laundering purposes. In a bid to weed these accounts, the Niti Aayog has hired a team of Big Data experts, headed by Pulak Ghosh.
Jan Dhan accounts stats
Not only have the number of accounts under the scheme increased since November 8, there has been a sizeable increase in the amount linked to these accounts as well, as highlighted below.
|Date||Number of Jan Dhan accounts||Balance in Jan Dhan accounts (Rs.)|
|November 2, 2016||25,44,89,236 (25.44 crore)||45,302 crore|
|November 9, 2016||25,51,16,805 (25.51 crore)||45,636 crore|
|November 16, 2016||25,58,11,706 (25.58 crore)||64,252 crore|
|November 23, 2016||25,67,64,485 (25.67 crore)||72,834 crore|
|November 30, 2016||25,78,47,514 (25.78 crore)||74,321 crore|
|December 7, 2016||25,82,28,716 (25.82 crore)||74,609 crore|
|December 14, 2016||25,97,82,648 (25.97 crore)||74,123 crore|
|December 21, 2016||26,03,22,099 (26.03 crore)||71,557 crore|
|December 28, 2016||26,20,19,458 (26.20 crore)||71,036 crore|
|January 4, 2017||26,50,72,493 (26.50 crore)||70,070 crore|
|January 11, 2017||26,68,18,237 (26.68 crore)||65,646 crore|
In the week immediately following demonetisation, the balance in these accounts increased by almost 50%, jumping to Rs.64,252 crore. While the number of accounts increased steadily over the next month, the deposits jumped by around Rs.10,000 crore.
Drop in balance vis-à-vis reduction in withdrawal limit
The RBI reduced the withdrawal limit from these accounts sensing something amiss. While the withdrawal amount was reduced in December, a corresponding drop in the balance was observed, correlating the black money and these accounts.
The Big Data team will look into these numbers to scrutinise if there were any actual misdeeds surrounding these accounts.