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Consistent Increase in New Accounts under Jan Dhan Yojana

Consistent Increase in New Accounts under Jan Dhan Yojana

The Pradhan Mantri Jan Dhan Yojana (PMJDY) started a long time ago and it’s still going strong. These special bank accounts, called PMJDY accounts, have a lot of money in them – around Rs 2.03 trillion!

This is more than the 28.6 million in the year before and less than the 38.7 million in the year before that. In the first four months of this year, almost 10 million new accounts are open. All together, there are 496.3 million PMJDY accounts now.

Talking about putting money in these accounts, not much new money was add this year. Only about Rs 4,000 crore  add until now, making the total Rs 2.03 trillion by August 2, 2023. Before that, on March 31, 2023, it was Rs 1.99 trillion. Last year, in FY23, a huge amount of Rs 50,000 crore add to PMJDY accounts.

Most of the PMJDY accounts are with government banks that are working hard to include more people in banking. The number of Pradhan Mantri JDY accounts in these government banks went from 332.62 million in March 2021 to 385.89 million in May 2023, which is a big increase of 16 percent.

There are also government-controlled banks called Regional Rural Banks (RRBs).Which increased their PMJDY accounts by 21 percent, going from 71 million in March 2021 to around 91 million in May 2023.

But private sector banks only had 14.07 million PMJDY accounts.Which is 12 percent more than what they had between March 2021 and May 2023.

PMJDY started on August 28, 2014, to make sure everyone can have a bank account, even if they don’t have money to start with. It’s been working to include all the families who didn’t have a bank account before.

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