Add three crore to the number of Jandhan accounts

Mumbai, Ta. 27 October 2020, Tuesday

The impact of the coronavirus has led to a sharp increase in PM Jan Dhan Yojana accounts since the beginning of the current financial year. The total number of accounts has increased to Rs 21.08 crore, of which Rs 1.31 lakh crore has been deposited. According to a SBI report, 20 million new accounts have been opened since April 1.

Between April 1 and October 15 last year, 1.50 crore new accounts were opened. Thus, 30 per cent more accounts have been opened as compared to the same period last year.

The number of new accounts is likely to have increased due to fears of infection in cash transactions, the report said.

From April 1 to October 15 last year, deposits increased by Rs 5 crore, while deposits in Jan Dhan account increased by Rs 110,050 crore during the same period this year.

The increase in the number of accounts must have been due to the increased trend towards digital payments. Digital payments require a bank account.

The government had announced to deposit Rs 500 per month in the women's Pradhan Mantri Jandhan Yojana account.

The average balance in the Jandhan account was Rs 300 in April, which fell to Rs 215 in September, the report said. That may be the reason behind the increase in balance in April as workers return home, the report said.

The increase in the number of accounts and balances in them has also led to a reduction in some areas where theft and robbery are more prevalent.