Reviving Accounts: The Push to Reactivate the PMJDY

Over 54 crore accounts were opened under PMJDY, with 11.3 crore inactive. Inoperative accounts have Rs 14,750 crore. Efforts are ongoing to reduce inoperative accounts and simplify reactivation processes, following RBI guidelines.

On Tuesday, Parliament was briefed on the status of the Pradhan Mantri Jan Dhan Yojana (PMJDY), revealing that 54.03 crore accounts had been opened under the scheme, with 11.30 crore of these being inactive.

Minister of State for Finance Pankaj Chaudhary, in a written reply to the Rajya Sabha, stated that as of November 20, 2024, inoperative accounts held a balance totaling Rs 14,750 crore.

Notably, the percentage of inactive PMJDY accounts in public sector banks has dropped from 39.62% in March 2017 to 20.91% recently. Banks are urged to enhance customer convenience for reactivating accounts through mobile and internet banking, as well as other innovative processes.

(With inputs from agencies.)