Another Milestone achieved under Pradhan Mantri Jan Dhan Yojana (PMJDY) - Deposits in accounts now exceed ₹ 25,000 crore; accounts having balances in them now exceed 60%

Deposits in accounts opened under the Pradhan Mantri Jan Dhan Yojana (PMJDY) have now exceeded ₹ 25,000 crore which has come to the banks as low cost deposits. The accounts that can be opened under PMJDY are Basic Savings Bank Deposit Accounts (BSBDA) which can be with zero balance as per Reserve Bank of India guidelines. However, it has been noticed that good amount of deposit has been made in these accounts.

As on 07.10.2015, the deposits collected stood at ₹ 25146.97 crore. The PMJDY accounts having balances in them also now exceed 60% and the zero balance accounts have reduced to less than 40%.

The progress in deposits in these accounts is as follows:-

Major banks who have contributed to this achievement are State Bank of India  (Rs. 2989.18 crore), United Bank of India  (Rs.2644.77 crore), Oriental Bank of Commerce ( 2104.70 crore), Bank of Baroda (Rs.1771.42 crore), and UCO Bank  ( ₹ 1178.17 crore).

PMJDY– a National Mission on Financial Inclusion was announced by the Prime Minister Shri Narendra Modi in his Independence Day Speech 2014 and formally launched by him on 28th August, 2014 with the main objective of covering all households with at least one bank account per household across the country.