Demonetisation: PMJDY witnesses massive jump in deposits

New Delhi [India], Nov. 23 : Ever since Prime Minister Narendra Modi announced that Rs. 1,000 and Rs. 500 currency notes would no longer be legal tender, the bank accounts opened under the Pradhan Mantri Jan-Dhan Yojana (PMJDY) witnessed a massive jump in their deposits.

According to government sources, these accounts have witnessed deposits worth over Rs 21,000 crore. Most of these deposits have been made in Mamata Banerjee's West Bengal followed by Karnataka, which is currently under the Congress administration.

The government has "not ordered any enquiry against any bank" in cases of banks depositing Re 1 in large number of Jan-Dhan accounts without knowledge of the account holder in order to minimise zero balance accounts.

"No enquiry has been ordered against any bank," Minister of State for Finance Santosh Kumar Gangwar said earlier in reply to a question in Rajya Sabha, asking whether an enquiry has been ordered against four public sector banks with regard to depositing Rs 1 each in Jan-Dhan accounts.

The Pradhan Mantri Jan-Dhan Yojana is national mission for financial inclusion to ensure access to financial services namely banking/ savings and deposit accounts, remittance, credit, insurance, pension in an affordable manner.

Account can be opened in any bank branch or Business Correspondent (Bank Mitr) outlet. PMJDY accounts are being opened with Zero balance. However, if the account-holder wishes to get cheque book, he/she will have to fulfill minimum balance criteria.

Source: ANI