Rs 5000 Crore Withdrawn From Jan Dhan Accounts Post Note Ban

Jan Dhan accounts have witnessed net withdrawal of Rs 5,582.83 crore since December 7, the day deposits in these accounts soared to the all-time high in the backdrop of demonetization. Total deposits had increased to a record high of Rs 74,610 crore on December 7 and thereafter, it started gradual decline to close at Rs 69,027.17 crore on January 11, according to the latest Finance Ministry data. What is the Pradhan Mantri Jan Dhan Yojana?

During the period (December 7 to January 11) the total deposit has come down to Rs 5,582.83 crore, reports PTI. There are about 26.68 crore Jan Dhan accounts. The monthly upper withdrawal limit for Jan Dhan account has been fixed at Rs 10,000 per month from November 30 to check misuse of these accounts.

The upper limit for deposits in Jan Dhan account is Rs 50,000. As of November 9, the day demonetization of Rs 500/1,000 notes became effective, there was 25.5 crore such accounts with a deposit of Rs 45,636.61 crore. Indian Currency Demonetization: Advantages and Disadvantages

Total deposits in Jan Dhan accounts surged by around Rs 28,973 crore in about a month after the announcement of the ban on old high denomination notes. Meanwhile, the number of Aadhaar seeded Jan Dhan accounts have increased to 15.36 crore in the week ended January 11 from about 13.68 crores on the demonetization day.

The Pradhan Mantri Jan Dhan Yojana was launched in August 2014 to increase banking penetration and promote financial inclusion in the country.

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