PMJDY accounts hit 462.5 mn in eight years, deposits reach Rs. 1.73 trillion

Total accounts opened under the PM Jan Dhan Yojana (PMJDY) have reached 462.5 million in the eight years after the initiative's inception, bringing the total deposits in these accounts to Rs. 1.73 trillion (US$ 21.62 billion) as of August 10, 2022. The total number of PMJDY accounts opened through August 2021 was 430.4 million. The initiative began on August 28, 2014, with the goal of "banking the unbanked," and 179 million accounts were opened in its first year. The scheme has increased its coverage to 67% rural or semi-urban areas and has 56% female accountholders.

However, the proportion of operative accounts in the overall number of Jan Dhan accounts fell in August 2022. In August 2022, 375.7 million or 81.2% of the 462.5 million PMJDY accounts were operational. In August 2021, there will be 368.6 million active accounts, accounting for 85.6% of all Jan Dhan accounts.

The average deposit per Jan Dhan account increased to Rs. 3,761 (US$ 47) in August 2022, up from Rs. 3,398 (US$ 42.47) the previous year. The average deposit per account increased by more than 2.9 times since August 2015, when it was Rs. 1,279 (US$ 15.98).

With 319.4 million RuPay debit cards issued under PMJDY, the installation of point of sale (PoS) machines, and the introduction of UPI, total digital transactions increased to 71.95 billion in FY22 from 9.78 billion in FY17, according to the ministry.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.