Total deposits in Jan Dhan bank accounts to cross Rs.1 lakh crore soon

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The total deposits made into the Pradhan Mantri Jan Dhan Yojana (PMJDY) scheme launched by the government are likely to surpass Rs.1 lakh crore as per the latest government data. The scheme was originally launched by the ruling NDA government five years ago. The total balance in these accounts has been increasing steadily since the launch of this scheme. As of 3 April 2019, the total balance in these accounts stood at Rs.97,666 crore.

Jan Dhan

The number of savings accounts opened under this scheme has also been increasing steadily over the years. The latest data revealed that there are more than 35.39 crore Jan Dhan accounts in India at present. The data also revealed that the government has provided Rupay debit cards for more than 27.89 account holders in the country.

For the week ended March 27, total deposits under this scheme stood at Rs.96,107 crore. Total deposits were Rs.95,382 crore a week before that. This trend indicates that the overall deposits have been increasing steadily in recent times. Hence, it is estimated that these accounts are likely to cross Rs.1 lakh crore in total deposits very soon.

Jan Dhan scheme’s success has made the government shift its focus from ‘bank account for every family’ to ‘bank account for every unbanked adult’. The government has also made a few other changes to boost the enrollments even further. For savings accounts opened after 28 August 2018, the personal accident insurance coverage has been increased from Rs.1 lakh to Rs.2 lakh. Overdraft limit under this account has also been increased to Rs.10,000.

The scheme was officially introduced as Pradhan Mantri Jan Dhan Yojana (PMJDY) by the government on 28 August 2014. The main objective of this scheme is to provide financial services to various low-income groups and weaker sections of the society. It is estimated that about 59% of the account holders under this scheme are from rural and semi-urban areas. Also, women comprise over 50% of the beneficiaries under this scheme.

Source: Economic Times

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