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Jan Dhan Data
Why is it in the news?
- Over the last three years, the number of Jan Dhan beneficiaries has risen from 22 crore to 35 crore, as of April 10, 2019.
- This represents a growth of nearly 60% over the three years.
More in the news
- Public sector banks stand to earn as much as ₹5,000 crore due to the increasing quantum of deposits placed in Jan Dhan accounts.
- It can vastly monetise this resource once the banks start implementing advanced analytics and begin lending to their customers.
- The growth in the number of accounts has been pretty steady over the last three years.
- With the demonetisation year of 2016-17 seeing the fastest growth of about 27%, it subsequently slowed to a nevertheless robust 10% in 2017-18 and 12% in 2018-19.
- Deposits, however, have seen a much stronger growth rate over this period.
- The total quantum of deposits in Jan Dhan accounts has grown from a little more than ₹36,000 crore in April 2016 to ₹98,400 crore in April 2019, a growth of more than 2.5 times.
- Demonetisation, as expected, resulted in a rapid increase in the quantum of deposits soon after the announcement.
- Deposits surged 66% from about ₹44,500 crore in mid-October 2016 to ₹74,000 crore by mid-December 2016.
- Jan Dhan Yojana:(1) Pradhan Mantri Jan Dhan Yojana is a National Mission on Financial Inclusion.(2) It has an integrated approach to bring about comprehensive financial inclusion and provide banking services to all households in the country.(3) The scheme ensures access to a range of financial services like availability of basic savings bank account, access to need based credit, remittances facility, insurance and pension.
Source
The Hindu.