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Business News/ Industry / Banking/  More than 50% Jan Dhan Yojana bank accounts remain empty
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More than 50% Jan Dhan Yojana bank accounts remain empty

Among the accounts opened, over 85 million accounts, or 58%, were tagged zero balance

Banks, though, have issued Rupay debit cards for over 130 million accountholders under the scheme. Photo: BloombergPremium
Banks, though, have issued Rupay debit cards for over 130 million accountholders under the scheme. Photo: Bloomberg

Mumbai: Nearly nine months after the Prime Minister’s Jan Dhan Yojana (PMJDY) was launched, more than half the accounts do not have any balance.

According to data available on the PMJDY website, till 31 March, 2015, banks had opened 147.1 million accounts under the financial inclusion scheme. State-owned banks opened 115 million accounts, rural regional banks, 25 million, and private sector banks, the rest.

Among the accounts opened, over 85 million accounts, or 58%, were tagged zero balance, or those where there are no deposits. The share of zero balance accounts to total accounts has come down from 67% as on 31 January, 2015.

The data on the website showed that 15,670 crore worth of deposits were collected under the PMJDY. This would mean that the average balance in each account that is not classified as zero balance is 2,523.

Banks, though, have issued Rupay debit cards for over 130 million accountholders under the scheme.

On 15 August 2014, prime minister Narendra Modi announced the financial inclusion mission.

In a presentation he made in September 2014, Reserve Bank of India governor Raghuram Rajan said the target for financial inclusion should be universality and not just the speed with which accounts were opened. He said the financial inclusion mission would be a waste if there are duplicate accounts, coverage is not fully achieved, or if the accounts are not used.

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Published: 04 May 2015, 07:17 PM IST
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