Monday, October 7

Pradhan Mantri Jan Dhan Yojana Achieves Milestone: 3.3 Crore Bank Accounts Opened, Cash Level Surges by Rs 36K Crore in FY24

In a remarkable achievement, the Pradhan Mantri Jan Dhan Yojana (PMJDY) has witnessed tremendous growth in the financial year 2024, with the opening of 3.3 crore new bank accounts. This surge in account openings has propelled the cumulative tally to a staggering 519.5 million accounts. Furthermore, the cash level in these accounts has risen by an impressive Rs 36,000 crore, indicating a substantial increase in financial activity and savings among the unbanked population.

Pradhan Mantri Jan Dhan Yojana (PMJDY)

The total balance across the Jan Dhan accounts has reached a significant milestone of Rs 2,34,997 crore, reflecting the growing confidence of individuals in the banking system. Comparing the figures to the previous year, the total balance has shown a robust growth from Rs 1,98,844 crore, representing an 18% increase in FY24. Although slightly lower than the 19% growth witnessed in FY23, this growth remains commendable.

One of the key highlights of this surge is the average cash deposits per account, which has reached an all-time high of Rs 4,524. This remarkable increase signifies the growing financial awareness and inclusion among the masses. The deposits per Jan Dhan account have observed a substantial acceleration of 22% year-on-year in FY24, compared to the 7% growth experienced in FY23.

Despite the significant growth in the number of new account openings, there still remains a notable challenge in the distribution of debit cards. The latest data reveals that out of the 519.5 million Jan Dhan account holders, only 353.7 million, or 68%, possess debit cards. This highlights the need for further efforts to ensure that each account holder receives a debit card, especially among public sector banks.

The State Bank of India leads the PMJDY balance with an impressive Rs 59,203 crore, followed by Bank of Baroda at Rs 32,032 crore and Punjab National Bank at Rs 22,594 crore. Public sector banks, along with regional rural banks sponsored by them, collectively account for 97% of the total PMJDY balance of Rs 2.35 trillion. This demonstrates their crucial role in providing low-cost funds and financial services to the unbanked population.

Also Read: Aditya Birla’s Financial Businesses Set to Soar: Expects 19%-21% Growth in 3-5 Years

Launched on August 28, 2014, the Pradhan Mantri Jan Dhan Yojana has been instrumental in facilitating universal banking services by opening zero-balance bank accounts for unbanked households. It continues to serve as a significant avenue for promoting financial inclusion and empowering millions of individuals with access to formal banking services.

The surge in account openings and the substantial rise in cash levels signify the success and impact of the Pradhan Mantri Jan Dhan Yojana in fostering financial literacy, savings, and economic empowerment across India. As the program progresses, it is crucial to address the challenges in debit card distribution and ensure that every account holder can fully benefit from the advantages of formal banking.

Through the continued implementation of such initiatives, India is poised to further strengthen its financial ecosystem, uplift the underprivileged sections of society, and drive inclusive economic growth.

Read More On: Jan Dhan Yojana: 3.3 crore bank accounts opened in FY24, cash level rises

Disclaimer: This news article is based on the information available at the time of writing. For the latest updates and official announcements, please refer to the official sources and websites.


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