60% of money deposited in Jan-Dhan accounts after note ban under lens

According to the official data, depositors started withdrawing money from their Jan-Dhan accounts from the first week of December 2016

The government has found “suspicious” over 60 per cent of the money deposited in 37 million Jan-Dhan accounts in the weeks following the note ban announcement in 2016.

Documents reviewed by Business Standard showed that cash totalling Rs 422 billion was deposited in 37.4 million of such accounts between November 8, 2016, and December 30, 2016. The deposits in Jan-Dhan accounts stood at over Rs 700 billion by January 4, 2017, implying that about 60 per cent of the money was part of suspicious transactions.

Aimed at curbing the flow of black money, Prime Minister Narendra Modi had announced the