The Pradhan Mantri Jan Dhan Yojana (PMJDY) which got off to boost financial inclusion among weaker section of the society has proved to be profitable for the bankers. There has been reported a steady surge in the average balance in such accounts across lenders.
As per a senior official from PNB who is quoted in a leading business dailies report, financial inclusion under the scheme "has now become a profitable proposition", with a surge in the average balances in PMJDY accounts and their regular use.
Average balance in such accounts has also been inching higher from Rs. 1937 in June 2018 to Rs. 2463 in June 2019.
It is suggested that business correspondents' regular mobilization of deposits is a prime reason for the general surge in average balances in these accounts.