Over 70% of Accounts Opened Under India’s Jan Dhan Financial Inclusion Drive Are Now Active
More than seven out of every 10 bank accounts opened for the unbanked, mainly for direct transfer of benefits, are seeing transactions, data showed.
These accounts were opened under the government’s financial inclusion plan called Pradhan Mantri Jan Dhan Yojana (PMJDY) and launched by Prime Minister Narendra Modi on 15 August 2014.
Most of the account activity is due to higher government subsidies flowing in, said bankers who continue to conduct their monthly financial literacy and training programmes in rural areas.
While cooking gas subsidies, pensions, scholarships and wages for the rural jobs scheme are currently routed through these bank accounts, new customers are also making small deposits, besides availing loans and insurance facilities.