The proportion of people joining the formal financial system has more than doubled since 2011 with a total of more than 34 crore bank accounts opened under the Pradhan Mantri Jan Dhan Yojana (PMJDY), Parliament was informed on Tuesday.
Shiv Pratap Shukla, Minister of State for Finance, said in written reply to a question in Rajya Sabha that 80 per cent of the population was under the formal financial system by 2017. He was quoting the Reserve Bank of India’s (RBI) Report on 'Trend and Progress of Banking in India 2017-18.'
Within a span of four years, the total number of accounts opened under the Pradhan Mantri Jan Dhan Yojana (PMJDY) expanded to 32.8 crore with Rs 85,100 crore deposits as on September 28, 2018. Of these accounts, 59.1 per cent were opened at branches located in rural and semi-urban centres, the minister said.
Till January 23 this year, a total of 34.03 crore accounts were opened under PMJDY with deposit balance of Rs 88,566.92 crore. While 53 per cent of the Jan Dhan account holders are women, 59 per cent accounts are in rural and semi-urban areas.
To facilitate banking transactions, 27.17 crore RuPay Debit cards with an in-built accident insurance coverage have been issued to beneficiaries under PMJDY.
With scheduled commercial banks taken together, 23 per cent of these accounts received direct benefit transfers. PMJDY account holders are also eligible for loans under Pradhan Mantri Mudra Yojana (PMMY) and other loan products offered by different banks, said the minister.