Money & Banking

Deposits in Jan Dhan accounts surge in first week of April

PTI New Delhi | Updated on April 22, 2020

The deposits in Jan Dhan accounts saw a sudden surge in the first week of April, mainly due to the central government transferring money into such accounts to help beneficiaries deal with the difficulties during the lockdown. According to official data, the total deposits into the accounts opened under the Pradhan Mantri Jan Dhan Yojana (PMJDY) increased to Rs 1.28 lakh crore during the week ended April 8, 2020 as compared to Rs 1.20 lakh crore at the end of April 1, 2020.

This is probably the biggest weekly increase in deposits of Jan Dhan accounts witnessed in the recent past.

As per the latest data, the deposits in about 38.12 crore accounts stood at Rs 1,27,748.43 crore on April 8, up from Rs 1,19,680.86 crore on April 1.

The deposits stood at about Rs 1.18 lakh crore on March 25 and Rs 1.17 lakh crore on March 4.

Under the Pradhan Mantri Garib Kalyan package announced by the government last month, Rs 9,930 crore was disbursed to 19.86 crore women Jan Dhan account holders as on April 13, 2020.

The cash benefits were transferred by using DBT Digital Payment Infrastructure.

Long queues were witnessed at several branches of banks across the country following cash deposit in the accounts. Amid large number of people flocking banks, the finance ministry as well lenders like SBI had asked beneficiaries not to believe in rumours that the money will be taken away by the government if not withdrawn.

The government will also disburse Rs 500 to women Jan Dhan account holders for the month of May and an equal amount for June.

PMJDY was launched on August 28, 2014, with an aim to provide universal access to banking facilities to the people in the country.

Accounts opened under PMJDY are Basic Savings Bank Deposit (BSBD) accounts with additional feature of RuPay debit card and overdraft.

Of the total 38.12 crore PMJDY accounts as on April 8, 22.58 crore were held by beneficiaries in the rural and semi-urban areas. Over 29 crore account holders have been issued RuPay debit cards.

On March 26, Finance Minister Nirmala Sitharaman had announced a Rs 1.70 lakh crore relief package under Pradhan Mantri Garib Kalyan Yojana for the poor to help them fight the battle against coronavirus.

The country is under a lockdown till May 3 to curb the coronavirus infections.

Published on April 22, 2020

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