Deposits in bank accounts opened under the Jan Dhan Yojana, launched by the government about seven and a half years ago, have crossed Rs 1.5 lakh crore. According to the latest Finance Ministry data, the total balance in over 44.23 crore Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts stood at Rs 1,50,939.36 crore at the end of December 2021.
PMJDY, the National Mission for Financial Inclusion, completed seven years of implementation in August last year. This was announced by Prime Minister Narendra Modi in his Independence Day address on 15 August 2014.
Jan Dhan Accounts position
According to finance ministry data, out of the total 44.23 crore accounts, 34.9 crore were with public sector banks, 8.05 crore with regional rural banks and the remaining 1.28 crore with private sector banks. Also, RuPay Debit Cards were issued to 31.28 crore PMJDY beneficiaries.
As per the data, there are 29.54 crore Jan Dhan accounts in rural and semi-urban bank branches. As of December 29, 2021, about 24.61 crore account holders were women.
During the first year of the scheme, 17.90 crore PMJDY accounts were opened.
Balance requirement in Jan Dhan Account
As per the Reserve Bank of India (RBI) guideline, there are no requirements to maintain a minimum balance in Basic Savings Bank Deposit (BSBD) accounts, including Jan Dhan accounts.
Depending on the transactions carried out by the Jan Dhan account holder, the balance in any Jan Dhan account may vary on a day-to-day basis, and may even be zero on a particular day. As of December 8, 2021, the total number of zero balance accounts stood at 3.65 crore, which was about 8.3 per cent of the total Jan Dhan accounts.
Objective of Jan Dhan Accounts
The government’s flagship scheme objectives include ensuring access to financial products and services at affordable prices. Benefits such as scholarships, COVID relief funds, subsidies and pensions are credited to bank accounts, including Jan Dhan accounts, through Direct Benefit Transfer (DBT).