In India, More Than 50% of Jan Dhan Yojana Bank Accounts Remain Empty
Tuesday, May 5, 2015
Nearly nine months after the Prime Minister’s Jan Dhan Yojana (PMJDY) was launched, more than half the accounts do not have any balance.
According to data available on the PMJDY website, till 31 March, 2015, banks had opened 147.1 million accounts under the financial inclusion scheme. State-owned banks opened 115 million accounts, rural regional banks, 25 million, and private sector banks, the rest.
Among the accounts opened, over 85 million accounts, or 58%, were tagged zero balance, or those where there are no deposits. The share of zero balance accounts to total accounts has come down from 67% as on 31 January, 2015.