Correct Answer : ₹1,75,225 crore
The total balance in the basic bank accounts under the Pradhan Mantri Jan Dhan Yojana (PMJDY) has crossed the ₹1.75 lakh crore mark.
As per the latest Government data, the total balance stood at ₹1,75,225 crore as on October 5, 2022, as the total number of beneficiaries touched 47 crore. Women beneficiaries own a larger chunk in the scheme at 26.16 crore account of which the bulk (31.42 cror accounts) are in rural and semi-urban areas.
"Public sector banks (PSBs) have made significant contribution. Of the total ₹1.75 lakh crore balance, PSB’s account for ₹1.35 lakh crore, followed by Regional Rural Banks with ₹34,573 crore."
According to bankers, implementation of some benefits under Pradhan Mantri Garib Kalyan Yojana (PMGKY) during the Covid-19 pandemic had established PMJDY as the preferred channel to access govt schemes in view of direct benefit transfer and drove people especially in rural areas to open accounts.
The average balance in an account hovers around ₹3,000, and the average cost of maintaining these accounts for a bank is almost the same.
When balances grow, banks tend to benefit from PMJDY. So the Centre needs to make the scheme more attractive or the pace of growth in the number of accounts will be slow, said a senior executive with a public sector bank.
There is also a need to weed out dormant or inoperative accounts, he added. As per government data, about 18 percent of total accounts are either dormant or inoperative (as on June 2022).
Launched in August 2014, PM JMDJY has recently completed eight years.
Yearly growth of the total balance in PMJDY
* April 2022: ₹1,67,812 cr
* April 2021: ₹1,46,084 cr
* April 2020: ₹1,19,680 cr
* April 2019: ₹97,665 cr
