Jan Dhan has 21 cr A/cs, mobilised Rs 32,000 cr deposits: Prez

New Delhi : Terming the Pradhan Mantri Jan Dhan Yojana (PMJDY) as “the world’s most successful” financial inclusion programme, President Pranab Mukherjee today said Rs 32,000 crore worth of deposits have been mobilised from over 21 crore account holders under the scheme.

In his address to the joint sitting of Parliament, Mukherjee highlighted various social security schemes of the government and the steps taken by it to improve functioning of state-owned banks.

He also said the “concerted efforts” to tackle the menace of black money stashed abroad have started yielding results.

The government, the President said, has placed great emphasis on food security, Housing for All and subsidies so that they reach those who need them the most.

“My government has pledged to make this goal (removing poverty) possible through financial inclusion and social security, the two wings on which human aspiration takes flight,” Mukherjee said.

He said PMJDY has gone beyond mere opening of bank accounts to becoming a platform for poverty eradication by offering basic financial services and security to the poor.

“Today, I am proud to say it is the world’s most successful financial inclusion programme. Under the programme, out of over 21 crore accounts opened, 15 crore accounts are operational with an aggregate deposit of over Rs 32,000 crore,” he said.

On the black money front, the President said the government has enacted a law to deal with non-disclosure of foreign income and assets and thus has put in place a “stringent legislative framework” to combat the problem.

Mukherjee said over Rs 1 lakh crore have been disbursed to more than 2.6 crore borrowers under the PM Mudra Yojana, of which 2.07 crore are women entrepreneurs.

On revitalising public sector banks, Mukherjee said the ‘Indradhanush’ programme to infuse Rs 70,000 crore into state run lenders will ensure credit flow in the economy.

1 Comment

  1. Jan Dhan has 21 cr A/cs, mobilised Rs 32,000 cr deposits – headline

    Does that work out to be Rs.1500 per account? At that rate banking system is a net loser. Even though the project helps the poorer section of the society, hence a noble cause, the amount of book keeping, staff salaries, IT systems, running branches etc. to manage them does not justify the amount the scheme has managed to collect. At the end of the day banking is also a business and they have to compete in the real world. The government may be partly funding it but I think the public sector banks are going to shoulder the heavy end. The private sector banks such as ICICI, Citi bank deduct monthly amount if you do not maintain 30k-40k balance even for a basic account. So I will be surprised where this scheme will stand in a few years from now.

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