BUSINESS

Demonetisation: Jan Dhan Deposits Soar By Over ₹27,000 Crore Post Currency Ban

Total deposits in 25.68 crore Jan Dhan accounts crossed ₹70,000 crore mark and were at ₹72,834.72 crore on 23 November.

27/11/2016 7:16 AM IST | Updated 27/11/2016 7:24 AM IST
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NEW DELHI -- Deposits in Jan Dhan accounts soared sharply by around ₹27,200 crore in just 14 days after the announcement of ban on old ₹500 and ₹1000 currency notes.

Total deposits in 25.68 crore Jan Dhan accounts crossed ₹70,000 crore mark and were at ₹72,834.72 crore on 23 November.

As of 9 November, total deposits in these accounts were ₹45,636.61 crore.

After the surprise demonetisation of 500 and 1,000 rupee notes announced by Prime Minister Narendra Modi on 8 November, deposits in Jan Dhan accounts have increased sharply to 27,198 crore.

However, 22.94% of 25.68 crore accounts still have zero balance.

As on 16 November, 25.58 crore accounts with aggregate deposits of ₹64,252.15 crore were opened under Pradhan Mantri Jan Dhan Yojana (PMJDY) across the country.

With a view to increasing banking penetration and promoting financial inclusion and with the main objective of covering all households with at least one bank account per household, the Pradhan Mantri Jan Dhan Yojna was launched in August 2014.

Such accounts have a deposit limit of ₹50,000.

Earlier, both Prime Minister Narendra Modi and Finance Minister Arun Jaitley had cautioned people against mis-use of Jan Dhan accounts for conversion of black into white.

"We are getting some complaints that suddenly monies have popped up in the Jan Dhan accounts, so there is a misuse and that is why the rationing in initial days takes place," Jaitley had said.

He had cautioned that the departments concerned will act if anything improper is found in the deposits.

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