PMJDY records highest-ever surge of ₹50,000 crores in account balance: In the fiscal year ending March 31, 2023, the Pradhan Mantri Jan Dhan Yojana (PMJDY) scheme reached a significant milestone. The basic bank accounts under the scheme have registered a record surge of ₹50,000 crores, with the total balance reaching ₹1.99 lakh crore, an increase from ₹1.49-lakh crore in the previous financial year. In addition, 5 crore new accounts have been opened under the scheme, bringing the total number of beneficiaries to 48.65 crores.
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Public sector banks lead as key drivers of the PMJDY scheme
According to a senior SBI official, the significant increase in the total balance on a year-on-year basis indicates the growing use of these accounts for various purposes by both the government and beneficiaries. The scheme is primarily driven by public sector banks, which hold 1.55 lakh crore in deposits, followed by Regional Rural Banks (RRBs) with 38,832 crores. The remaining deposits are held by private sector banks.
The growth of the Jan Dhan scheme over the last five years has been significant, with almost a quarter of the present total balance coming in the year 2022-23. This development is believed to be driven by a healthy rural economy, which gained traction in the last financial year, according to a senior analyst with a private rating agency.
Jan Dhan scheme’s inbuilt insurance cover offers ₹1 lakh accident cover
The RuPay card comes with an inbuilt accident insurance cover of 1 lakh under the Jan Dhan scheme, valid for up to 90 days after the cardholder completes a successful transaction at a merchant establishment, ATM, or e-commerce platform. However, the pace of issuing RuPay cards appears to have slowed down, with only 33 crore cards issued so far out of about 49 crore account holders. Additionally, about 8 percent of PMJDY accounts have zero balances, while the average balance is over ₹2,400, according to RBI data.