The total number of accounts under the Pradhan Mantri Jan Dhan Yojana (PMJDY) have crossed the 50 crore mark. This comes almost nine years after the national mission on financial inclusion - popularly known as Jan Dhan Yojana - was launched on August 28, 2014.

Out of these accounts, 56% belong to women and 67% accounts have been opened in rural or semi-urban areas, the Ministry of Finance says citing the latest reports submitted by banks.

The deposits in these accounts were above ₹2.03 lakh crore as on August 9, 2023, the ministry says. About 34 crore RuPay cards have been issued in these accounts free of cost.

The average balance in PMJDY accounts is ₹4,076 and more than 5.5 crore PMJDY accounts are receiving Direct Benefit Transfer (DBT) benefits.

"PMJDY scheme has been successful in changing the financial landscape of the country and has brought near saturation in bank accounts for adults. The success of PMJDY lies in the comprehensive nature of the scheme with an attempt to connect the last mile with the formal banking system through technology, collaboration and innovation," says the finance ministry.

PMJDY offers multiple advantages to account holders such as a bank account without the requirement of minimum balance, free-of-cost RuPay debit cards with inbuilt accident insurance of ₹2 lakh and an overdraft facility of up to ₹10,000.

This comes a day after RBI governor Shaktikanta Das launched a centralised web portal UDGAM (Unclaimed Deposits – Gateway to Access Information) for use by members of the public to facilitate and make it easier for them to search their unclaimed deposits across multiple banks at one place.

Given the increasing trend in the amount of unclaimed deposits, RBI has been undertaking public awareness campaigns from time to time to sensitise the public on this matter. Further, through these initiatives, the RBI has been encouraging members of the public to identify and approach their respective banks for claiming unclaimed deposits.

The total amount of unclaimed deposits transferred to the Reserve Bank of India (RBI) by public sector banks (PSBs) in respect of deposits, which have not been operated for 10 years or more, stood at ₹35,012 crore. State Bank of India (SBI) had the highest amount of unclaimed deposits at ₹8,086 crore, followed by Punjab National Bank (PNB) at ₹5,340 crore and Bank of Baroda at ₹3,904 crore.

In April, minister of state in the ministry of finance Bhagwat Karad said banks are required to make an annual review of accounts in which there are no operations for more than one year and may approach the customers and inform them in writing that there has been no operation in their accounts and ascertain the reasons for the same.

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