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<keyword id="2494045" type="UNKNOWN" weightage="20" keywordseo="jan-dhan">Jan Dhan</keyword> accounts have witnessed net withdrawal of Rs 5,582.83 crore since December 7, the day deposits in these accounts soared to all time high in the backdrop of demonetisation. 
 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 <keyword id="47209" type="ORGANIZATION" weightage="20" keywordseo="Finance-Ministry">Finance Ministry</keyword> data. 
 
During the period (December 7 to January 11) the total deposit have came down by Rs 5,582.83 crore. 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 demonetisation of Rs 500/1,000 notes became effective, there were 25.5 crore such accounts with a deposit of Rs 45,636.61 crore. 
 
Total deposits in Jan Dhan accounts surged by around Rs 28,973 crore in about a month after the announcement of 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 crore on the demonetisation day. 
 The Pradhan Mantri <keyword id="6392137" type="UNKNOWN" weightage="20" keywordseo="Jan-dhan-Yojana">Jan Dhan Yojana</keyword> was launched in August 2014 to increase banking penetration and promote financial inclusion in the country.

SHOCKING! Rs 74,610 crore
deposited in Jan Dhan accounts after note ban

When people queue up at banks to exchange their Rs 500 and Rs 1000 notes, the government is keeping a check on cash deposits in bank accounts opened under the <keyword id="2493676" type="UNKNOWN" weightage="20" keywordseo="Pradhan-Mantri-Jan-Dhan-Yojana">Pradhan Mantri Jan-Dhan Yojana</keyword>. 
 "If we find suddenly there are large deposits in <keyword id="4193108" type="UNKNOWN" weightage="20" keywordseo="Jan-dhan">Jan-Dhan</keyword> accounts in one area, we will find out where this money has come from,” a government official, who did not wish to be identified told the <keyword id="6474066" type="COMPANY" weightage="20" keywordseo="economic-times">Economic Times</keyword>. 
 The deposit limit in Jan-Dhan accounts is Rs 1 lakh and for a lighter version of account that does not adhere to full know-your-customer or KYC norms, the limit is Rs 50,000. The <keyword id="6354335" type="CITY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> has already asked banks to keep an eye out for possible misuse of Jan-Dhan accounts. 
 
As many as 25 crore Jan-Dhan accounts have been opened, making them susceptible to abuse wherein those holding these accounts are offered incentives to launder money. The government has said all deposits of over Rs 2.5 lakh in bank accounts would be under scrutiny to ensure that cash deposit is consistent with the declared earning of the depositor. 
 
(Image: India times)

Government is keeping a check on Jan-Dhan Yojana accounts while people exchange notes

Arresting the trend of withdrawals that began in December, the net balance in <keyword id="2494045" type="UNKNOWN" weightage="100" keywordseo="jan-dhan">Jan Dhan</keyword> accounts swelled by Rs 1,000 crore to Rs 63,971.38 crore during the week ended April 5, as per a <keyword id="6367495" type="COMPANY" weightage="20" keywordseo="PTI">PTI</keyword> news report. The net balance in the accounts opened under the <keyword id="2473706" type="UNKNOWN" weightage="20" keywordseo="Pradhan-Mantri-Jan-Dhan-Yojana">Pradhan Mantri Jan Dhan Yojana</keyword> (PMJDY) was Rs 62,972.42 crore on March 29, as per the <keyword id="47209" type="ORGANIZATION" weightage="20" keywordseo="Finance-Ministry">Finance Ministry</keyword>'s data. Total deposits in these accounts had increased to a record high of Rs 74,610 crore on December 7 and thereafter, started declining gradually. As per the PMJDY data for April 5, it is for the first time the net balance in the accounts has shown an increase on a weekly basis. PMJDY was launched in August 2014 to increase banking penetration and promote financial inclusion in the country. Meanwhile, the number of Jan Dhan accounts have increased to 28.23 crore of which 18.50 crore have been seeded with Aadhaar. The deposits in the accounts had surged following demonetisation of old Rs 500/1000 notes in November last year. After setting a cash deposit limit of Rs 50,000 in Jan Dhan accounts, the government had on November 18 cautioned account holders that they will be prosecuted under the I-T Act for allowing misuse of their bank accounts through deposit of black money in Rs 500/1,000 notes during the 50-day window till December 30. The directive came against the backdrop of reports that some persons were misusing other people' bank accounts to deposit demonetised notes.

The curse over Jan Dhan bank accounts seem to have ceased

India’s largest bank, the <keyword id="6354731" type="CITY" weightage="100" keywordseo="State-Bank-Of-India">State Bank of India</keyword> (<a href="http://www.businessinsider.in/topic/SBI">SBI</a>) is currently facing a lot of backlash for imposing penalty on customers for non-maintenance of minimum balance in their accounts. However, it has justified the <keyword id="512003" type="UNKNOWN" weightage="100" keywordseo="penalties">penalties</keyword> by saying that it’s needed to balance the "burden" of managing a large number of <a href="http://www.businessinsider.in/shocking-rs-74610-croredeposited-in-jan-dhan-accounts-after-note-ban/articleshow/56850719.cms">Jan Dhan accounts</a>, which are opened with no frills, not even these penalties. 
 
The bank also said that the government has not sent any "formal communication" for re-considering the penalty, and it will be reconsidered only if government says so. 
 It was only last week that <keyword id="13222" type="CITY" weightage="100" keywordseo="SBI">SBI</keyword> reintroduced these penalties along with <a href="http://www.businessinsider.in/have-a-sbi-account-get-ready-to-pay-extra-if-you-deposit-cash-more-than-three-times-a-month/articleshow/57489720.cms">revised rates</a> on other banking services, to be charged from April 1. 
 "Today, we have lot of burden such as we have 11 crore financial inclusion or <keyword id="6393559" type="UNKNOWN" weightage="100" keywordseo="Jan-Dhan-accounts">Jan Dhan accounts</keyword>. To manage such a large number of Jan Dhan accounts, we need some charges. We have considered many factors and after analysing carefully, we have taken this step," SBI Chairman <a href="http://www.businessinsider.in/topic/Arundhati-Bhattacharya">Arundhati Bhattacharya</a> told reporters. 
 
Also read: <a href="http://www.businessinsider.in/Demonetization-digest-People-depositing-above-Rs-2-5-lakhs-started-receiving-show-cause-notices-and-other-stories/Top-bankers-including-SBI-Chief-Arundhati-Bhattacharya-had-no-clue-of-demonetization/slideshow/55510487.cms">Top bankers including SBI Chief Arundhati Bhattacharya had no clue of demonetization</a> 
 
<a href="http://www.businessinsider.in/SBI-chairperson-Arundhati-Bhattacharya-is-5th-most-powerful-woman-in-finance-on-Forbes-list/articleshow/52641242.cms">Bhattacharya</a> also said that all banks have minimum balance requirements and penalties, and comparatively, SBI has the lowest requirement. She added that only SBI had decided to withdraw the penalty in 2012. 
 
(Image source: InsideIIM)

Penalty required to bear costs of Jan Dhan accounts, says SBI

The government is mulling to allow more free ATM transactions, especially under <keyword id="6392137" type="UNKNOWN" weightage="20" keywordseo="Jan-dhan-Yojana">Jan Dhan Yojana</keyword> for financial inclusion. 
 
The government thinks that keeping restrictions in free ATM transactions may hurt the Jan Dhan Yojana, which aims to have at least one bank account in every household of India, especially rural areas. 
 In this regard, the government and the <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword> are in talks. Presently, every ATM card holder is restricted to three free transactions from other bank’s ATM and in some places five. 
 
ATM transactions by savings bank account holders can also be restricted at their own banks to a certain number, beyond which they can be charged fees of Rs 20 per use. 
 
(Image: Indiatimes)

ATM transactions may become fully free under Jan Dhan Yojana

<ul><li>The <keyword id="2473706" type="PERSON" weightage="20" keywordseo="Pradhan-Mantri-Jan-Dhan-Yojana">Pradhan Mantri Jan Dhan Yojana</keyword> scheme was launched in August 2014 with the aim of ensuring a bank account for every household. </li><li>The scheme has been modified to target <keyword id="6371468" type="UNKNOWN" weightage="20" keywordseo="bank-accounts">bank accounts</keyword> for every individual while overdraft restrictions have been loosened. </li><li>Around 325.4 million bank accounts had been opened under the scheme by the end of August, 60% of which are in rural or semi-urban areas. </li></ul>In August 2014, a few months after the current BJP-led government came to power, the Pradhan Mantri Jan-Dhan Yojana scheme was launched to great fanfare. Under the scheme, which was announced by <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> during his first Independence Day speech as India’s Prime Minister, the government said it would ensure <keyword id="107911" type="ORGANIZATION" weightage="20" keywordseo="Financial-inclusion">financial inclusion</keyword> for all by ensuring a bank account for every household in the country. And now, four years after Jan Dhan’s launch, Finance Minister Arun Jaitley has announced the relaunch of the financial inclusion scheme with a few important changes. In response to what he termed the scheme’s “runaway success”, Jaitley said the scheme would now target bank accounts for every individual as opposed to every household. In addition, the scheme’s overdraft restrictions were loosened. The overdraft limit for all accounts opened under the scheme will be increased from ₹5000 to ₹10000. Account-holders up till the age of 65 will also be able to avail of a ₹2000 overdraft facility without any conditions whatsoever. Finally, the free accident insurance coverage has been doubled to ₹200,000 for all accounts that have been opened after August 28th, 2018. Significant progress but some hurdles While not exactly a “runaway success”, the Jan Dhan scheme has shown a considerable amount of progress since its launch. According to the scheme’s website, <a href="https://www.pmjdy.gov.in/account">325.4 million</a> bank accounts have been opened under the scheme by the end of August, 60% of which are in rural or semi-urban areas. Additionally, around 245 million <keyword id="597447" type="COMPANY" weightage="20" keywordseo="Rupay">RuPay</keyword> debit cards have been issued to account-holders. However, the scheme has drawn a fair bit of criticism in the past few years due to the prevalence of inactive accounts, which indicates that the scheme’s progress in achieving financial inclusion could be overestimated. A few months after the scheme started, around 77% of the accounts had no funds in them. In September 2016, the Indian Express <a href="https://indianexpress.com/article/business/banking-and-finance/how-banks-cut-their-zero-balance-jan-dhan-accounts-one-rupee-trick-3028190/">reported</a> that bank officials were quietly depositing ₹1 in accounts in order to ensure they weren’t classified as “zero-balance”. The government subsequently sought clarification from the banks and ordered them to impose tighter standards. A year ago, Jaitley announced that the ratio of inactive accounts had decreased to 20%. All things considered, the scheme’s added incentives could convince more Indians to enroll. In expanding the mandate of the scheme to every individual, the Indian government will also correct any gender inequality seen under the scheme so far.

India to relaunch its Jan Dhan "bank accounts for every household” scheme with some key changes

New Delhi, May 2 () Women Jan Dhan bank account holders will start getting the second installment of Rs 500 from Monday in line with the announcement made by Finance Minister Nirmala Sitharaman in March. To help the poor tide over the COVID-19 crisis, the government had on March 26 said ex-gratia payment of Rs 500 would be credited to women Jan Dhan account holders for the next three months, starting from April. "Instalment of Rs.500 for the month of May has been sent to the bank A/cs of PMJDY women beneficiaries under Pradhan Mantri Garib Kalyan Package. "Beneficiaries are requested to follow the schedule shared below to visit banks &amp; CSPs. Money can also be withdrawn via ATMs &amp; BCs," Financial Services Secretary Debasish Panda said in a tweet on Saturday. The transfer has been staggered over a period of five days to avoid rush at the bank branches. This will help in ensuring social distancing and avoid overcrowding in banks, he said. As per the schedule, women account holders under the Pradhan Mantri Jan Dhan Yojana (PMJDY) having account number with last digit as 0 and 1 will get the money in their account on May 4, while accounts ending with 2 or 3 can approach the bank on May 5. On May 6, beneficiaries with account numbers ending with 4 or 5 can collect their money, while accounts ending with 6 or 7 may withdraw on May 8. The last tranche would be remitted on May 11 for account numbers ending with 8 or 9, the tweet said. In case of emergency, one can withdraw the money immediately. However, for orderly disbursal, one must follow the banks' payment plan, it said. Beneficiaries may withdraw any day at their convenience after May 11, it added. Beneficiaries are encouraged to use the neighbourhood ATMs with RuPay cards, Bank Mitras and customer service points (CSPs) as much as possible to avoid crowding at the branches, it said. "Please note that there will be no charges for withdrawing money from other bank ATMs, at present, as per the government directives," it said. During April as many as 20.05 crore women Jan Dhan account holders received Rs 500 each in their accounts as the first installment. The total disbursement under the head was Rs 10,025 crore as on April 22. In a bid to mitigate hardship caused by the coronavirus crisis, the government in late March announced a Rs 1.7 lakh crore stimulus package comprising free foodgrains and cooking gas to poor and cash doles to poor women and elderly. DP ABMABM

Bank transfer of 2nd installment of Rs 500 to women Jan Dhan a/c holders from Monday: FinMin

New Delhi, Apr 16 () The finance ministry on Thursday clarified that financial assistance to people hit by the Covid-19 crisis will be provided only through the Direct Benefit Transfer (DBT) mechanism and no other means. The clarification came amid various rumours doing the rounds on financial assistance by the government. "India has JAM (Jan Dhan, Aadhaar, Mobile) based DBT mechanism for diff. schemes. Successfully deposited Rs. 28,256 Cr. to 31.77 Cr. beneficiaries bank a/cs under Covid relief. DBT is fulcrum for targeted delivery of such measures. Pls don't believe any outlandish rumours!," the Department of Financial Services said in a tweet. There have been various rumours since the government announced the Rs 1.70 lakh crore Pradhan Mantri Garib Kalayan Yojana to help the poor withstand the hardship caused by the coronavirus lockdown. Earlier this week, there was a rumour on social media that money transferred to women's Jan Dhan accounts will be taken back if the beneficiary does not withdraw immediately from the account. This led to serpentine queues outside bank branches as worried women scrambled to claim the amount, thus putting social distancing measures in jeopardy. Finance Minister Nirmala Sitharaman had last month announced that as many of 20.5 crore women Jan Dhan account holders will get Rs 500 per month for the next three months. DP ABMABM

Covid-19: Govt to transfer financial assistance only through DBT mechanism

(Eds: Adds details) New Delhi, Apr 3 () The Finance Ministry on Friday appealed to women Jan Dhan account holders to follow the schedule announced by banks for withdrawal of ex-gratia amount, and avoid rush at bank branches to prevent the spread of deadly coronavirus.All banks from Friday have started remitting Rs 500 to beneficiary accounts in line with the announcement made by Finance Minister Nirmala Sitharaman last week."Appealing PMJDY women a/c holders to check last digit of their a/c no. &amp; follow schedule shared below to visit banks, CSP &amp; Bank Mitras. Withdrawal can also be done via any bank's ATM. No charges for using ATM. Let's follow social distancing &amp; fight #corona," Financial Services Secretary Debasish Panda said in a tweet.Panda also thanked beneficiaries to follow social distancing and other norms while visiting banks."Kudos to our #PMJDY women customers for following #socialdistancing and other norms while visiting banks for DBT payments. Helps bankers &amp; Sets example for others to follow. Few glimpses from PSBs across India," he said while posting pictures from branches of hinterland across the country.Public sector banks including SBI, PNB, BoB, Union Bank of India and Indian Bank were on the forefront of providing services to PMJDY women account holders and other customers for Direct Benefit Transfer (DBT) payments.According to the schedule by Indian Banks' Association (IBA), women Pradhan Mantri Jan Dhan Yojana (PMJDY) account holders having account number with last digit as 0 and 1 will get the money in their account on April 3, while account ending with 2 or 3 can approach the bank on April 4.On April 7, beneficiaries with account number ending with 4 or 5 can collect their money, while account ending with 6 or 7 may withdraw on the following day.The last tranche would be remitted on April 9 for account number ending with 8 or 9, it said.Meanwhile, the government has credited the first installment of Rs 500 to 4.07 crore Jan Dhan accounts of poor women on Friday as part of a relief package.While in case of an urgency, you can withdraw the money immediately, for orderly disbursal, you may follow banks'' payment plan, the ministry requested the beneficiaries.This is the first of the three monthly instalments under the Pradhan Mantri Garib Kalyan Yojana announced last week.Beneficiaries are encouraged to use the neighbourhood ATMs with RuPay cards, Bank Mitras, CSPs as much as possible to avoid crowding at the branches, it said."Please note that there will be no charges for withdrawing money from other bank ATMs, at present, as per the government directives," it said. DP MRMR

You Searched For "jan dhan" and got 9 results

SHOCKING! Rs 74,610 crore deposited in Jan Dhan accounts after note ban

BI India Bureau

Government is keeping a check on Jan-Dhan Yojana accounts while people exchange notes

BI India Bureau

The curse over Jan Dhan bank accounts seem to have ceased

Penalty required to bear costs of Jan Dhan accounts, says SBI

BI India Bureau

ATM transactions may become fully free under Jan Dhan Yojana

BI India Bureau

India to relaunch its Jan Dhan "bank accounts for every household” scheme with some key changes

Dilsher Dhillon

Bank transfer of 2nd installment of Rs 500 to women Jan Dhan a/c holders from Monday: FinMin

PTI

Covid-19: Govt to transfer financial assistance only through DBT mechanism

PTI

FinMin urges Jan Dhan beneficiaries to follow schedule for withdrawal; avoid rush at banks

PTI

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