Jan Dhan account balances cross Rs 1 Lakh crore

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Published: July 11, 2019 1:52:24 AM

As on 3 July 2019, 53% of Jan Dhan account holders were women, while 59% accounts were in rural and semi-urban areas.

This puts the average account balance of a Jan Dhan account at Rs 2,787.This puts the average account balance of a Jan Dhan account at Rs 2,787.

The value of balances in bank accounts opened under the Pradhan Mantri Jan Dhan Yojana (PMJDY) has crossed the Rs 1 lakh crore mark, as per updated data on the scheme’s website. A total of 36.06 crore beneficiaries held balances worth Rs 1,00,496 crore as on July 3, 2019. This puts the average account balance of a Jan Dhan account at Rs 2,787.

Public-sector banks (PSBs) held a 79% share of Jan Dhan accounts in both volume and value terms. They were followed by regional rural banks (RRBs), who held 17% of the beneficiaries and 18% of the value of deposits. Private banks brought in a meagre 3.5% of Jan Dhan beneficiaries and 3% of account balances.

As on 3 July 2019, 53% of Jan Dhan account holders were women, while 59% accounts were in rural and semi-urban areas.

Earlier this year, the government had told Rajya Sabha that an overdraft (OD) facility of Rs 10,000 is available to provide hassle-free credit to beneficiaries under PMJDY for meeting their exigencies, without insistence on security and end-use.

“As reported by banks, as on 25.01.2019, 66.80 lakh PMJDY account holders have been sanctioned OD facility, of which 31.74 lakh account holders have availed this facility with an outstanding amount of Rs 360.23 crore,” the government had said in a written response to a question.

PMJDY account holders are also eligible for loans under the Pradhan Mantri Mudra Yojana (PMMY) and other loan products offered by different banks. As per Reserve Bank of India (RBI) guidelines, account holders need not maintain any minimum balance in basic savings bank deposit (BSBD) accounts, including Jan Dhan accounts.

As such, no charge is applicable for non-maintenance of minimum balance in these accounts.

The government had also said as on January 23, 2019, out of the total 34.03 crore PMJDY accounts, nearly 15% were zero-balance accounts. “However, depending upon transaction carried out by a Jan Dhan account holder, the balance in any Jan Dhan accounts can vary on day-to-day basis, and may even become zero on a particular day. In this regard, banks have further apprised that the percentage of zero balance accounts under PMJDY has declined from 58% as on 25.03.2015 to 15% as on January 23, 2019,” the government had explained.

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