Big Data team to weed fake Jan Dhan accounts

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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.

The number of accounts has increased considerably after demonetisation was announced
The number of accounts has increased considerably after demonetisation was announced

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.

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