Modi's Pradhan Mantri Jan Dhan Yojana a great success, pumps Rs 5,000 crore into banks

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Modi's Jan Dhan Yojana a massive hit.
New Delhi, Nov 6: It seems Prime Minister narendra Modi's Pradhan Mantri Jan Dhan Yojana is becoming a grand success. So far it has managed to bring over Rs 5,000 crore into the banking system and nearly seven crore account holders have started depositing cash into their accounts.

As per a TOI report, the data given by the Finance Ministry on November 3 said, "6.98 crore bank accounts had been opened across the country, with Rs 5,300 crore parked in them. Just a tad under 4 crore RuPay cards had been issued to these account holders, with the remaining expected to get the ATM card over the next few weeks."

On August 29, at the launch of PMJDY, the government had set the target of opening 7.5 crore bank accounts under the financial inclusion by August 15, 2015 but with the current figures, the finance ministry looking at doubling the target and make it 15 crore accounts.

As per the report, "Each Jan Dhan account has a balance of around Rs 750. Initially, the average balance in each account was around Rs 500."

"The Jan Dhan Yojana is a very good initiative to open the accounts but how banks design the products and services and bring it to the doorstep that is the issue. You need to inculcate the habit of banking with those customers," Chandra Shekhar Ghosh, CMD of micro finance institution Bandhan Financial Services was quoted as saying in TOI.

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