Finance ministry sees banks adding Rs 5,000 to CASA deposits via the new accounts by next year; govt plans household survey
Banks have garnered deposits of Rs 1,500 crore in zero balance accounts opened under the Pradhan Mantri Jan Dhan Yojana (PMJDY) scheme within two weeks of the launch of the scheme.
Finance ministry feels at this rate the total current and savings accounts (CASA) deposits of the banks may cross Rs 5,000 crore by January 26 next year.
The government is planning a house to house survey by October 15 to ensure that no household is left untouched by the scheme. A total of 3,02,48,406 accounts have been opened under the scheme.
A senior finance ministry official said, "Banks have got total deposits of Rs 1,500 crore. We hope that the amount of the deposit will surpass Rs 5,000 crore by January 26. The amount accounts for 20% of the accounts opened till date. Almost 80% of the account are still zero balance. We are encouraging people to deposit money in the account and use the RuPay debit card."
To encourage the use of the debit card and the account, the government plans to increase the number of the rural ATMs, and use kirana and public distribution system counters as point of sales. The Reserve Bank of India has also created a fund for the expanding rural ATM network.
Meanwhile, the maximum number of accounts at about 40 lakh under the scheme has been opened in Uttar Pradesh. Trailing UP is West Bengal (22 lakh), Madhya Pradesh (17 lakh), Maharashtra (16.5 lakh), Tamil Nadu (16.4 lakh).
Lured by the announced incentives, many existing account holders have also opened a new account under PMJDY. Publicity is being given that the benefits announced under PMJDY can be extended to the existing account holders in their previous accounts as well and new account need not be opened for this.
Under the scheme, those who are poor and do not have a bank account will be able to open a zero-balance bank account, which will be kept alive even if it is not operated. Along with the account, the holder will get a debit card, mediclaim worth Rs 30,000 and accidental insurance coverage of Rs 1 lakh. A good customer will also become eligible for an overdraft facility of up to Rs 5,000 after six months.
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