Pradhan Mantri Jan-Dhan Yojana crosses a huge milestone

The finance ministry has released data disclosing that deposits in bank accounts opened under the Pradhan Mantri Jan-Dhan Yojana (PMJDY) have crossed the Rs 1.5 lakh crore mark. As per the latest finance ministry data, the total balance in over 44.23 crore Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts was at Rs 1,50,939.36 crore at December end, 2021.

This national mission was launched to ensure people have access to financial services, namely, banking, remittance, credit, insurance, pension in an affordable manner. Benefits like scholarships, subsidies, pensions, and COVID relief funds are credited to the bank accounts, including Jan Dhan Accounts, through Direct Benefit Transfer (DBT).

As per the Reserve Bank of India (RBI) guidelines, there is no requirement of maintaining minimum balance in Basic Savings Bank Deposit (BSBD) accounts, including Jan Dhan accounts. Depending upon transactions carried out by a Jan Dhan account holder, the balance in any Jan Dhan accounts can vary on a day-to-day basis, and may even become zero on a particular day.

As of December 8, 2021, the total number of zero balance accounts was 3.65 crore, which constituted about 8.3 per cent of the total Jan Dhan accounts, the government had informed Parliament last month.

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