Janata likes Jan Dhan: The past year has seen a rapid growth of active PMJDY accounts across all geographies

Abstract

It has now been just more than a year since the Pradhan Mantri Jan Dhan Yojana was launched, with the idea of providing banking facilities to the poorest of the poor. In this year PMJDY has created a huge base of bank accounts for much of the unbanked population, upon which will take shape all future developments in the financial inclusion space.

Its effectivity in rural areas is emphatically proved by a large random sample study of Jan Dhan accounts opened by State Bank of India between August 2014 and May 2015.

We find rapid growth in active accounts across all geographies, where an active account is one where at least one transaction takes place in a month. The average of the number of active accounts has grown 25 times between August 2014 and May 2015. Dormant accounts have multiplied by 10 times. Read more at: https://timesofindia.indiatimes.com/blogs/toi-editorials/janata-likes-jan-dhan-the-past-year-has-seen-a-rapid-growth-of-active-pmjdy-accounts-across-all-geographies/