Deposits in Jan Dhan accounts in Odisha rise to Rs 2,000 crore

There has been a growth of over 562 per cent in the deposits as compared to the first year.

BHUBANESWAR: Three years after the Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched, the financial inclusion programme for unbanked rural people has witnessed remarkable growth in terms of deposits in the newly opened bank accounts in Odisha.

While the latest report of the State Level Bankers’ Committee (SLBC) claimed to have achieved 100 per cent saturation (each household having minimum one savings bank deposit account) in all 30 districts of the State by opening 1,17,85,715 accounts, total deposits in these accounts was Rs 2,936.67 crore as on August 16, 2017.

There has been a growth of over 562 per cent in the deposits as compared to the first year. Banks operating in the State reported mobilisation of Rs 522 crore under the scheme by end of August 2015.
Prime Minister Narendra Modi had launched the scheme on August 28, 2014 across the country which aimed at providing financial services to the poor.

Though deposits in PMJDY accounts was Rs 1,744.68 crore as on September 30, 2016, it swelled to Rs 2,474.57 crore as on December 30, 2016 following demonetisation of two high value notes of Rs 500 and Rs 1000. In a surprised move, the Prime Minister withdrew the legal tender value of the two currency notes on November 8.

The share of zero balance accounts to the total accounts opened have dropped from 25 per cent in 2016 to 20 per cent in the current financial year. The national average of zero balance accounts is 21.41 per cent.
Of the 1.17 crore accounts opened in the State as on August 16, 2017, 86,23,903 were in rural areas while the balance 31,61,812 in urban areas.

Banks have issued RuPay cards to 91,65,664 new accounts holders.

The data listed in the PMJDY website said 99.85 per cent of households of the State are covered under the financial inclusion programme. Maintaining the total households in the State at 74,32,140, the website said 74,20,665 households have at least one bank account each.

In addition to financial inclusion, PMJDY accounts also target to transfer the direct benefits under various Government programmes such as LPG subsidy. Details of the transaction under DBT (direct benefit transfer) in Jan Dhan accounts were not available.

The Jan Dhan accounts holders are covered under social security like life insurance under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and accident insurance under Pradhan Mantri Suraksha Bima Yojana (PMSBY). 

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