Economy

Covid-19 relief: Jan Dhan accounts balance surges to ₹1.27 lakh crore

G Naga Sridhar Hyderabad | Updated on April 20, 2020 Published on April 20, 2020

People waiting in a queue to collect money under the Pradhan Mantri Jan Dhan Yojana, at a bank in Vijayawada.   -  K_V_S_GIRI

Beneficiaries preferring branch transactions

With release of Coronavirus (Covid19) relief package by the Government, the total balance in Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts has surged significantly.

As per the latest government data, total balance in PMJDY accounts increased to ₹1,27,748 crore as on April 8, 2020.

It may be noted that the Centre has announced special relief package to about 20 crore women account holders of PMJDY by way of depositing ₹500 per month for three months.

In addition, various state governments too announced their own relief packages to different categories of beneficiaries including pensioners.

All this led to increasing of over ₹8,000 crore in the total balance in one week. The total balance stood at ₹1,19,706 crore as on April 1, 2020 while the same was at ₹1,18,434 crore as on March 25, according to government data. For many weeks prior to March 25, total balance in these accounts grew only by about ₹100 to ₹200 crore.

Withdrawal

The withdrawals from PMJDY accounts, however, are yet to gain pace, mainly because many beneficiaries are preferring to come to bank branches for cash withdrawal, according to a senior official of Union Bank of India.

``As most of the customers are rural people, they prefer to come to branch, withdraw cash and update their passbooks,’’ V Arvind, Chairman, Telangana Grameena Bank said.

The Bank Mitras and banking correspondents are also disbursing cash in villages which is expected to pick up further momentum in the days to come, say bankers.

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Published on April 20, 2020
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