Business

Jan Dhan Scheme Witnesses Record Growth in Total Balance During FY23

In the financial year that ended on March 31, 2023, there was a significant increase in the total balance of basic bank accounts that are part of the Pradhan Mantri Jan Dhan Yojana (PMJDY), reaching a record surge of ₹50,000 crore. This brought the total balance to ₹1.99 lakh crore at the end of FY23, compared to the previous financial year where it was ₹1.49 lakh crore. Additionally, 5 crore new accounts were added to the scheme.

Also Read: Delhi Set to Say Goodbye to Petrol and Diesel Cabs with New Aggregator Policy

By the end of the last fiscal year, the total number of beneficiaries had reached 48.65 crore, which is an increase from 45 crore beneficiaries in the previous financial year. Out of the total beneficiaries, over 27 crore were women. A senior official from SBI stated that this is the highest year-on-year increase in the total balances of these accounts, which suggests that the government and beneficiaries are using them for various purposes. The official also mentioned that SBI is prioritizing the expansion of the scheme’s scope.

The main force behind the scheme are the public sector banks, which hold ₹1.55-lakh crore in deposits, followed by Regional Rural Banks (RRBs) with ₹38,832 crore, while the remaining deposits are with private sector banks. Examining the data from the last five years, it is evident that almost a quarter of the current total balance was accumulated in the year 2022-23.

A senior analyst from a private ratings agency stated that this is a significant development, and the growth in the total balance must have been fueled by a robust rural economy that gained momentum in the last fiscal year.

Also Read: India and China Emerging as Bright Spots in Global Economic Recovery, Says IMF Chief

The Jan Dhan scheme provides a RuPay card that includes an accident insurance cover of ₹1 lakh, which is valid for up to 90 days after the cardholder successfully conducts a financial or non-financial transaction at a merchant establishment, ATM, or e-commerce platform.

Although the pace of issuing RuPay cards has slowed down, with only 33 crore cards issued out of approximately 49 crore account holders, the RBI reports that only about 8% of PMJDY accounts have a zero balance. On average, the balance in these accounts is more than ₹2,400.

Shruti Rag

Recent Posts

Maha Kumbh 2025: Yogi Government’s Strategic Coordination Ensures Timely Preparations

For Maha Kumbh 2025, preparations are in full swing as authorities work to ensure all…

9 hours ago

In Special Gesture, Kuwait’s Prime Minister Sees-Off PM Modi At Airport After Conclusion Of Historic Visit

Prime Minister Narendra Modi wrapped up his two-day visit to Kuwait on Sunday evening. In…

10 hours ago

Maha Kumbh 2025: Shri Panchdashnam Aawahan Akhara Makes Grand Entry Into Maha Kumbh City

Maha Kumbh 2025 with preparations for the Maha Sammelan are in full swing as 13…

11 hours ago

India’s Unifying Initiative: MRM Declares Bhagwat’s Message As The Foundation Of National Unity

The MRM strongly endorsed Rashtriya Swayamsevak Sangh (RSS) chief Mohan Bhagwat’s statement on temple-mosque disputes.…

11 hours ago

Maha Kumbh-2025: Prayagraj Mela Authority Deploys Advanced Sanitation Technology

For Maha Kumbh-2025, the Prayagraj Mela Authority has made extensive preparations to provide a clean…

12 hours ago

PM Narendra Modi To Attend Christmas Celebrations At CBCI In New Delhi

Prime Minister Narendra Modi is all set to attend the Christmas celebrations at CBCI Centre…

12 hours ago