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Prepare to cross Rs 90,000 crore in public funds accounts

  • Written by News Age Business Desk
  • Published in National Biz
Featured Prepare to cross Rs 90,000 crore in public funds accounts Prepare to cross Rs 90,000 crore in public funds accounts

The total deposits in the Prime Minister's Jan Dhan accounts in New Delhi can soon exceed the level of Rs 90,000 crore. Under the scheme of financial inclusion, the government doubled the accident insurance cover to Rs 2 lakh, making the scheme more attractive. According to the Finance Ministry data, deposits in public money accounts have increased since March 2017. In these accounts, the total deposits increased to Rs 89,257.57 crore till January 30, 2019. Deposit continues to rise.

Earlier, on January 23, the total deposits were Rs 88,566.92 crore. The Center had launched the Prime Minister Jan Dhan Yojana (PMJDY) on August 28, 2014 with the objective of connecting all the families with banking services. Encouraged by the success of the scheme, the accident insurance cover has been increased from Rs 1 lakh to two lakh rupees for the new accounts opened after August 28, 2018. The overdraft limit has been doubled to Rs. 10,000. 

According to new data, 34.14 crore accounts have been opened under the Prime Minister Jan Dhan Yojana. Average deposits in these accounts increased to Rs 2,615, which was on March 25, 2015 at Rs 1,065. In these accounts, 53 percent accounts are from women, out of which 59 percent accounts belong to rural and semi-urban areas. According to statistics, Rupee Debit Cards have been issued with 27.26 crore account holders with accident insurance cover. 

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