Cash flows into Prime Minister Jan Dhan Yojana (PMJDY) bank accounts have accelerated in the past three months between July and October to Rs 2,554 crore from Rs 400 crore or so between mid-May and mid-July. The total balance in these accounts now stands at Rs 67,330 crore.
Of the Rs 2,554-crore inflows, the increase from July to August was Rs1,108 crore, whereas from August to September and September to October it was Rs722 crore and Rs724 crore, respectively.
A banker informed Indianmandarins that there has been an addition of about one crore beneficiaries in the PMJDY bank accounts in the past three months, which could have caused the cumulative balance to increase. The total number of accounts as on October 11 was 30.45 crore against 29.48 crores two months ago.
Another banker said the picture would become clear only after the second quarter numbers are analyzed.
The PMJDY scheme was launched on August 15, 2014, with a target to provide universal access to banking facilities. Most of the scheme's beneficiaries hold accounts in rural and semi-urban branches. These accounts witnessed a big spurt in deposits immediately after the demonetization of high-value currency notes in November 2016.
The increased focus on Aadhaar and digitization has accelerated the opening of new accounts in rural areas. The increased use of RuPay cards, which offer many advantages, is also incentivizing the rural population to keep balances in their accounts, say bankers.
The National Payment Corporation of India has so far issued about 23 crores RuPay Debit cards to PMJDY account holders.
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Cash flows into PMJDY accelerate
By IndianMandarins - 2017-10-24 11:53:21
Cash flows into Prime Minister Jan Dhan Yojana (PMJDY) bank accounts have accelerated in the past three months between July and October to Rs 2,554 crore from Rs 400 crore or so between mid-May and mid-July. The total balance in these accounts now stands at Rs 67,330 crore.
Of the Rs 2,554-crore inflows, the increase from July to August was Rs1,108 crore, whereas from August to September and September to October it was Rs722 crore and Rs724 crore, respectively.
A banker informed Indianmandarins that there has been an addition of about one crore beneficiaries in the PMJDY bank accounts in the past three months, which could have caused the cumulative balance to increase. The total number of accounts as on October 11 was 30.45 crore against 29.48 crores two months ago.
Another banker said the picture would become clear only after the second quarter numbers are analyzed.
The PMJDY scheme was launched on August 15, 2014, with a target to provide universal access to banking facilities. Most of the scheme's beneficiaries hold accounts in rural and semi-urban branches. These accounts witnessed a big spurt in deposits immediately after the demonetization of high-value currency notes in November 2016.
The increased focus on Aadhaar and digitization has accelerated the opening of new accounts in rural areas. The increased use of RuPay cards, which offer many advantages, is also incentivizing the rural population to keep balances in their accounts, say bankers.
The National Payment Corporation of India has so far issued about 23 crores RuPay Debit cards to PMJDY account holders.
