Jan Dhan deposits rise to ₹2.63 lakh crore

Avg balance per account at ₹4,760

- FE BUREAU

DEPOSITS IN NO-FRILLS bank accounts under the Pradhan Mantri Jan Dhan Yojana (PMJDY) surged to a record high of ₹2.63 lakh crore as of April 9. The average deposit per account also hit a new peak at ₹4,760, according to official data.

The total number of PMJDY accounts stood at 552.8 million, with 379.8 million RuPay debit cards issued to beneficiaries. The total balance in these accounts stood at ₹2,63,145 crore compared with ₹2,34,997 crore a year ago.

Even though it was anticipated that the accounts were largely opened to get government benefits, the accounts have been a source of a large pool of low-cost funds for public sector banks.