A remarkable 33 million new Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts were opened during FY24, pushing the cumulative tally to 519.5 million accounts. The total balance across these accounts surged to Rs 2,34,997 crore, compared to Rs 1,98,844 crore recorded in the preceding year.
Cash accretion in PMJDY bank accounts soared to a record high of Rs 36,153 crore, marking a substantial increase. This surge also saw the average cash deposits per account reaching a peak of Rs 4,524.
The overall balance in Jan Dhan accounts witnessed an 18% rise in FY24, a slight dip from the 19% growth seen in FY23. Notably, the deposits per Jan Dhan account surged by 22% year-on-year in FY24, a significant acceleration compared to the 7% growth witnessed in FY23. This boost was partly facilitated by a moderation in new account additions, attributed to the saturation level in account openings. Despite this, the number of new accounts opened in FY24 reached 33 million, slightly lower than the 35.9 million opened in FY23.
Debit cards a issue
However, a notable challenge persists in the distribution of debit cards to each account holder, particularly among public sector banks. Latest data indicates that out of the 519.5 million Jan Dhan account holders, only 353.7 million, or 68%, possess debit cards. This leaves around 12% of active account holders without RuPay cards.
As of the latest available data, the State Bank of India holds the highest PMJDY balance at Rs 59,203 crore, followed by Bank of Baroda at Rs 32,032 crore, and Punjab National Bank at Rs 22,594 crore. Public sector banks and regional rural banks, sponsored by them, collectively account for 97% of the total PMJDY balance of Rs 2.35 trillion.
The Pradhan Mantri Jan Dhan Yojana, launched on August 28, 2014, with the aim of providing universal banking services by opening zero-balance bank accounts for unbanked households, continues to serve as a significant avenue for low-cost funds for public sector banks.
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