Demonetisation effect – 1 crore new accounts opened under PMJDY

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Prime Minister Narendra Modi’s move to scrap the use of high currency notes might’ve been done to rid the country of black money, but the move has yielded other positive results as well. According to sources, the number of people who have opened a bank account under the Pradhan Mantri Jan Dhan Yojana has gone up by over 1 crore since November 8. With demonetisation restricting access to physical money, most of us had to rely on banks to meet our daily requirement. A majority of these accounts were opened in rural areas, which were the worse hit by the move.

A total of 26.68 crore accounts have so far been opened under the scheme (as of January 11, 2017), of which 16.22 crore accounts were opened in rural areas and 10.46 crore accounts in urban areas. 15.36 crore accounts have been linked with Aadhar, ensuring seamless interaction between the two. The total balance in these accounts stands at a whopping 69,000 crore, with this expected to increase in the coming months. In addition to this, 21 crore RuPay cards have also been distributed, aiming to promote cashless transactions.

About Pradhan Mantri Jan Dhan Yojana

The Pradhan Mantri Jan Dhan Yojana is a financial scheme which aims to bring the population under the banking umbrella. Designed primarily for individuals from low income groups and those belonging to the weaker sections of society, it is designed to provide universal banking solutions to millions, increasing the financial literacy rate of the country. A zero balance account can be opened under the scheme, with all government benefits transferred into this account. In addition to banking, the scheme also provides an insurance cover of Rs.1 lakh through RuPay Debit Cards.

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