Deposits in accounts opened under the government’s ambitious financial inclusion scheme Pradhan Mantri Jan Dhan Yojana (PMJDY) have exceeded Rs 25,000 crore, the finance minsitry has said.
“It has been noticed that good amount of deposit has been made in these accounts, which has come to the banks as low cost deposits,” the ministry said in its statement.
Accounts opened under PMJDY are basic savings bank deposit accounts (BSBDA) which can be opened with zero balance as per Reserve Bank of India (RBI) guidelines.
The ministry in its statement noted that zero balance accounts under PMJDY have reduced to less than 40 per cent and as of October 7 while, deposits collected stood at Rs 25,146.97 crore.
Country’s largest bank, State Bank of India leads the list with around Rs 3,000 crore collected in deposits, followed by United Bank of IndiaBSE 0.00 % (Rs 2,644.77 crore), Oriental Bank of Commerce ( Rs 2,104.70 crore), Bank of Baroda (Rs 1,771.42 crore), and UCO Bank at Rs 1,178.17 crore.
The finance ministry had earlier said that the focus of PMJDY has moved from account opening to the provision of cash-out facilities at an approachable distance to reap the real benefits of the financial inclusion scheme.