In a notable departure from the trend observed five years ago, Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts exhibited remarkable stability during the recent state elections held in five states. Unlike the significant surge witnessed previously, which raised concerns of alleged money routing through PMJDY accounts to sway voters, the latest data reveals a balanced and controlled scenario.
As of November 29, 2023, the total balance in PMJDY accounts stood at Rs 2,08,855 crore, distributed among 51.04 crore beneficiaries. A comparative analysis with the November 1, 2023 figures, where the total balance was approximately Rs 2.06-lakh crore, indicates a reasonable and expected increase, according to reports. Typically, the monthly rise hovers between Rs 1,000 crore to Rs 1,500 crore.
Authorities assert that provisional data demonstrates no abnormal transactions during the election period. This outcome is attributed to the robust vigilance maintained by banks, working in tandem with the Election Commission (EC).
Stringent KYC norms
In a concerted effort to ensure transparency and integrity, banks laid special emphasis on adhering to Know Your Customer (KYC) norms during transactions, be it deposits or withdrawals. The reinforcement of back-end data tracing and monitoring mechanisms played a crucial role in scrutinizing bulk transactions, even if the amounts involved were relatively small.
The EC actively collaborated with financial institutions, facilitating seamless data sharing on suspicious transactions. The issuance of specific instructions and Standard Operating Procedures (SOPs) by the EC contributed to effective tracking and reporting of any anomalies. This combined approach aimed at maintaining the sanctity of the electoral process and safeguarding the integrity of PMJDY accounts has yielded positive results, reflecting the success of the stringent measures implemented by both financial institutions and election authorities.
