Jan Dhan account deposits swell to Rs 2,400 cr in Odisha post note ban

Total no. of accounts stood at 1,16,74,553 out of which 81,54,053 are opened in rural areas

Deposits in Prime Minister Narendra Modi's pet scheme 'Pradhan Mantri Jan-Dhan Yojana (PMJDY)' in Odisha has swelled to Rs 2,474.57 crore as on December 3, 2016 aided by demonetisation.

The data collated by State Level Bankers Committee (SLBC) showed that the deposits in accounts under PMJDY was Rs 1,744.68 crore as on September 30, 2016.

On November 8, Prime Minister Narendra Modi in a surprise move announced demonetisation of 500- and 1,000-rupee notes and since then, long queues before banks and post offices are seen to deposit or exchange these currencies.

"The surge in deposits in PMJDY accounts is mainly because of withdrawal of legal tender status of the Rs 1000 and Rs 500 notes on November 8.There is spurt in deposits in the accounts opened in rural areas under the scheme," said a bank official.

Out of the total deposits of Rs 2,474 crore recorded, the balance in PMJDY accounts in rural area stood at Rs 1,722.41 crores, while in urban areas the figure is calculated at Rs 752.16 crore as on December 3. The total number of accounts stood at 1,16,74,553 out of which 81,54,053 are opened in rural areas.

After setting a cash deposit limit of Rs 50,000 in Jan Dhan accounts, the government had on 18 November cautioned account holders that they will be prosecuted under the I-T Act for allowing misuse of their bank accounts through deposit of black money in Rs 500, Rs 1,000 notes during the 50-day window till December 30.

The directive came against the backdrop of reports that some are misusing other persons' bank accounts to convert their black money into new denomination notes.

As per latest reports, Rs 12.10 lakh crore in form of old Rs 500 and Rs 1,000 notes have returned into the banking system till December 12, 2016 in the country. It was estimated that now defunct notes constituted 86 per cent or Rs 15.45 lakh crore in circulation.