SBI spends Rs 775 crore to maintain Jan Dhan accounts!

While the success of Jan Dhan Yojana is well-known to the larger audience, very few people know the cost of operation of such huge number of accounts.

Minister of State for Finance Santosh Kumar Gangwar informed Rajya Sabha that the total cost of operation of Jan Dhan accounts for the State Bank of India is Rs 774.86 crore. There were a total of 6.32 crore zero balance Jan Dhan accounts as on December 28, 2016.

The total balance in PMJDY stood at Rs 71,036 crore as on December 28, 2016. Divulging further details, the MoS informed that public sector banks, regional banks and 13 private banks have reported that nearly 95,52,609 accounts were frozen under the PMJDY. 

These accounts were frozen as there were no transactions in these accounts since last one year.

There are almost 28.02 crore Jan Dhan accounts and 1.8 crore operational accounts that have deposits of more than Rs 5,000 based on the data received from 13 private banks, public sector banks and RRBs.