Tuesday
February 12
2019

Average deposits in Indian PM Modi’s Jan Dhan accounts jump by over 145%

By Krishnanand Tripathi

Prime Minister Narendra Modi’s ambitious financial inclusion programme – Jan Dhan scheme, which was once criticised for zero balance or no deposits in a large number of accounts, has been gradually changing the saving behaviour of poor and rural people in the country. Average deposit in these Jan Dhan accounts have been steadily rising in last four years, crossing the mark of average Rs 2,500 per Jan Dhan account in January this year.

According to the latest data given by the ministry of finance in Parliament, the average deposit size in more than 34 crore Jan Dhan Accounts was Rs 2,603 on January 23 this year. The average deposit size was Rs 1,065 on March 03, 2015 and in nearly last four years it has jumped by 145% to over Rs 2,600.

As per the latest official data, the cumulative deposit in more than 34 crore Jan Dhan accounts at the end of January this year was more than Rs 88,566 crore.

Photo courtesy of Peter Haden.

Source: Financial Express (link opens in a new window)

Categories
Finance
Tags
emerging markets, financial access, financial inclusion, rural development