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The demonetisation of ₹500 and ₹1,000 currency notes on November 8 led to an inflow of deposits into the country’s banking system.
However, public sector banks (PSBs) led the race in deposit receipts under the Pradhan Mantri Jan Dhan Yojna (PMJDY).
The total balance in PMJDY accounts increased to ₹71,036.59 crore as on December 28 from ₹45,636.62 crore as on November 9, recording a growth of ₹25,399.98 crore.
Public sector banks contributed a major share of ₹18,842.68 crore in this deposit growth.
Nearly half of the total increase in PMJDY accounts across all banks (including regional rural banks and private banks) has been contributed by six PSBs. They were successful in garnering more than ₹1,000 crore each post-demonetisation.
State Bank of India witnessed an increase of around ₹3,988.33 crore in balance in its PMJDY accounts during the period.
Bank of Baroda saw a growth of ₹2,270.39 crore, United Bank of India ₹1,859.65 crore, Oriental Bank of Commerce ₹1,565.56 crore, Bank of India ₹1,460.47 crore, and Punjab National Bank saw an increase of ₹1,307.50 crore.
However, UCO Bank’s balance amount in PMJDY accounts came down from ₹1,827.93 crore as on November 9 to ₹1,479.37 crore as on December 28.
Regional rural banksThe balance in PMJDY accounts of regional rural banks (RRBs) (sponsored by various banks) saw an inflow of ₹5,537.51 crore during the period.
Pre-demonetisation, only the RRBs sponsored by State Bank of India and United Bank of India had more than ₹1,000 crore of balance in PMJDY accounts.
RRBs sponsored by Bank of Baroda, Central Bank of India, Punjab National Bank, Syndicate Bank and United Bank of India crossed the ₹1,000-crore mark in balance amount in PMJDY accounts during the period.
Though the balance in RRBs sponsored by State Bank of Mysore, UCO Bank, Union Bank of India, and Bank of Maharashtra remained below the ₹500-crore mark as on December 28, these banks saw manifold jump in their balance amounts during the period.
Private banksData available on the 13 private sector banks indicate that all put together they managed to get additional ₹1,019.79 crore into PMJDY accounts during the 49-day period.
Of this, HDFC Bank managed to get ₹386.78 crore. The amount in PMJDY accounts increased to ₹1,095.47 crore (December 28) from ₹708.69 crore (November 9). Jammu and Kashmir Bank saw the amount increase by ₹237.43 crore, and ICICI Bank by ₹107.34 crore during the period.
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