Seven years after the initiative was launched, the average deposit per account is Rs 3,398, which has increased 2.7 times over August 2015
While public sector banks have opened 404.8 million accounts under PMJDY, only 12.7 million accounts were opened by 14 private sector banks
These include cash assistance of Rs 500 per month given to 200 million women with Pradhan Mantri Jan Dhan Yojana (PMJDY) bank accounts
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The Pradhan Mantri Jan Dhan Yojana (PMJDY), launched in August 2014, was a "watershed" in the financial inclusion movement in the country, the RBI said
This is despite their strong branch network and plans to expand retail banking operations; PSB lead race, accounting for 70% of such accounts opened in the state
While accounts have been opened, a major chunk of the customers have no clue what to do with it
The PMJDY was launched on August 28, 2014, with an aim to provide universal access to banking facilities to the people in the country.
Till December 12 last year, 335 million accounts were opened under the scheme, with an average deposit of Rs 2548 in each bank account
With India in the grip of a farm crisis, it may be unwise for the government to withdraw the Pradhan Mantri Jan Dhan Yojana, more so because there have been no elaborate studies on its impact
Rs 1,500 crore has been paid to the poor so far under Narendra Modi's pet insurance schemes
Of total claims, 1,767 were paid as on August 4 this year, 167 were under process