The no-frills Pradhan Mantri Jan Dhan Yojana (PMJDY) bank accounts, with an accumulated Rs 2.03 trillion cash balance, continues to rise steadily nine years after its launch. As many as 35.9 million new PMJDY accounts were opened in FY23 compared with 28.6 million in FY22 and 38.7 million in FY21. With nearly 10 million new accounts opened in the first four months of FY24, the cumulative PMJDY accounts stood at 496.3 million by end-July.
In terms of cash deposits, however, the incremental deposits were just around Rs 4,000 crore so far in the current fiscal, taking the total to Rs 2.03 trillion as on August 2, 2023, from Rs 1.99 trillion on March 31, 2023. In FY23, fresh accretion in PMJDY accounts was a record Rs 50,000 crore.