18th July, 2018

25 Crore Accounts Opened Under Jan Dhan Scheme, and Still Counting

25 Crore Accounts Opened Under Jan Dhan Scheme, and Still Counting

The central government has already managed to open 25 crore bank accounts under the Jan Dhan Scheme. Jan Dhan is supposed to help in linking each household with a bank account, as envisaged by Arun Jaitley, the union Finance Minister.

Except in some remote and inaccessible areas, people now have the opportunity to be connected with banks and even have their own net-banking facilities.

The provision for financing entrepreneurship and small traders among weaker sections of the society has been increased to around Rs. 1,80,000 crore in the current fiscal, from that of Rs. 1,20,000 crores, as seen in the last year’s budget.

80% of Jan Dhan Yojana Accounts have Cash Balance

80% of Jan Dhan Yojana Accounts have Cash Balance

Arun Jaitley, the Union Finance Minister, has stated that 80% of accounts under Jan Dhan Yojana are currently functioning with cash balance.

In the first instance, 80% of these accounts didn’t even have money. So, various government programs have helped by transferring payments into these accounts.

These payments were mainly procured from various schemes, under subsides on fuel, food, fertilizers and even under rural employment guarantee scheme.

The government undertook the Jan Dhan Yojana on a mission mode. Now the banking institutes have coordinated to make it a huge success.

Benefits of Pradhan Mantri Jan Dhan Yojana

Benefits of Pradhan Mantri Jan Dhan Yojana

The Pradhan Mantri Jan Dhan Yojana is said to be planning on a revolutionary change in the traditional mode of banking in India, especially for the poor sections of the society.

Prime Minister Narendra Modi took this initiative, in August, 2014. Through this scheme, the poor will be able to procure life insurance and even loan benefits.

Moreover, this plan is said to have fostered mobile banking facilities, all under one roof. Therefore, Jan Dhan Yojna can easily be stated as a prosperous venture, for giving rise to mass-economy benefits to people.

IT Detectives are Scrutinizing Jan Dhan Accounts After Note-ban

IT Detectives are Scrutinizing Jan Dhan Accounts After Note-ban

As per to the Pradhan Mantri Jan Dhan Yojana website, nearly one-fourth of the Jan Dhan accounts opened in Uttar Pradesh, the country’s largest state, had zero-balance. 86,47,162 out of the 3,77,11,410 accounts to be precise!. Three-fifths of these, (2,28,81,362 accounts) were opened in the rural parts of the state.

Since 2014, an estimated 25.5 crore Jan Dhan accounts have been opened across the country.

After the 1000and-500-rupee note ban by the Government on November 8, 2016, senior income tax (IT) officials have made their verification exercises a regular feature in UP. All PJDMY accounts with deposits of more than Rs. 50,000 will now come under heavy scrutiny, says the IT department of the state.

Jan Dhan Deposits Amount to Over 42,000 crore Rupees

Jan Dhan Deposits Amount to Over 42,000 crore Rupees

Deposits, summing up to Rs. 42,000 crore rupees have been received in various accounts, under the Pradhan Mantri Jan Dhan Yojana, which is the government’s flagship financial inclusion program.

According to Union Minister Jitendra Singh, within a span of 2 years, the government had turned out to be more citizen-centric than its predecessors. Its preliminary goal is of delivering minimum government and maximum governance.

As a significant part of PMJDY, over 25 crore bank accounts have already been opened, and nearly Rs. 42,000 crore deposited in these banks. This is clearly the sign of a more empowered citizenry.

Jan Dhan Deposits Went up 118% over 21 Months

Jan Dhan Deposits Went up 118% over 21 Months

The average deposited amount under the current Pradhan Mantri Jan Dhan Yojana (PMJDY) have hiked up to 118% from the Rs. 795 in September 2014 to that of Rs. 1735 in May 2016.

The PMJDY accounts had also quadrupled from Rs. 53 million in 2014 to Rs. 219 million in the 2016. Moreover, the proportion of zero-balance accounts had also declined from 76% to 25.7%, as of May, 2016.

It clearly shows that maximum number of Indians are currently included in this formal financial system and are said to keep adding earnings in their Jan Dhan accounts.

Over 7 lakh PMJDY Accounts have Come up in Just One District of India

Over 7 lakh PMJDY Accounts have Come up in Just One District of India

Over 7 lakh Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts were opened in the Kolhapur district by September, 2016.

A PMJDY account can be opened with zero-balance. According to the officials of the Ministry of Finance, more than 60% of the Jan Dhan accounts in the district have come up in the rural areas.

As many as nearly 7.7 lakh accounts had been created under PMJDY in Kolkhapur. In the rural areas itself, about 5.2 lakh people opened their accounts. The rest of the 2.5 lakh accounts were opened from among the urban population. More than 3.6 lakh people out of these had availed of the RuPay debit card.

Various workshops have been conducted in the district, like in the rest of the districts of the nation, to create banking awareness and financial literacy. Besides Jan Dhan, people are also being educated in the other kinds of banking activities. As a consequence, the number of financial literates and bankers is growing in the country, like never before.

SBI Offers Loans to 7 lakh People under Jan Dhan Yojana

SBI Offers Loans to 7 lakh People under Jan Dhan Yojana

The State Bank of India (SBI) has discovered a new move to impress aspiring new buyers who have already opened accounts under Jan Dhan Yojana.

Depending on the liquidity and transactions made, the SBI has recently identified a minimum of 700,000 people. They have been given small loan amounts to them.

With the help of mobile phones bank had communicated with these people in their native languages, to inform them that they are eligible to borrow loans from the bank.

People in need now have the opportunity to apply for various types of loans, depending on their requirements, under Jan Dhan accounts. Most of them are willing to look for consumer and personal loans.