The big surge in deposits into Jan Dhan accounts after demonetisation seems to be stabilising now, with Rs 1,487 crore being parked in them over 7 days leading up to November 30, as against Rs 8,283 crore in the previous week. Deposits in the 25.85 crore such accounts totalled Rs 74,321.55 crore at the end of November 30, as per Finance Ministry data.
After Prime Minister Narendra Modi surprised the nation with the demonetisation of Rs 500 and Rs 1,000 notes on November 8, deposits in Jan Dhan accounts have increased by Rs 28,685 crore. As of November 9, the balance in about 25.5 crore such accounts was Rs 45,636.61 crore.
Interestingly, the percentage of zero-balance accounts still remains flat at about 22.85 percent despite the surge in deposits.
The Pradhan Mantri Jan Dhan Yojna was launched in August 2014 to increase banking penetration and promote financial inclusion in the country. Such accounts have a deposit limit of Rs 50,000. In order to check the misuse of Jan Dhan accounts by black money hoarders following demonetisation, the Reserve Bank of India has restricted the withdrawal from such accounts to Rs 10,000 per month.
According to the RBI, fully KYC-compliant Jan Dhan account holders will be allowed to withdraw Rs 10,000 per month from their account, while limited or non-KYC compliant account holders can withdraw Rs 5,000 per month.
However, it said that branch managers may allow further withdrawals beyond Rs 10,000 a month within the current applicable limits only after ascertaining the genuineness of such withdrawals and duly documenting the same in the bank's records.
The government suspects that black money hoarders are using farmers' and other people's Jan Dhan accounts to deposit their ill-gotten funds so that they can safely convert that money into white.
A day earlier, Prime Minister Narendra Modi said he is working on a formula on how to jail those who deposited their money in the Jan Dhan accounts of the poor after demonetisation and also ensure that this money goes to the poor households.
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