PSBs shut 1.5 mn inoperative Jan Dhan accounts in 1-time exercise in April

Launched in August 2014, PMJDY was launched by Prime Minister Narendra Modi as a financial inclusion programme to provide access to banking services to a vast unbanked population

Public-sector banks (PSBs) closed approximately 1.5 million inoperative zero-balan­ce accounts under Pradhan Mantri Jan Dhan Yojana (PMJDY) in April this year as a one-time measure. The step was taken to weed out duplicate and non-functional accounts, according to a senior government official. 

The scheme was launched by Prime Minister Narendra Modi in August 2014 as a financial inclusion programme to provide access to banking services to a vast unbanked population. 

Of 560.3 million PMJDY accounts at the end of July, 130.4 million (23 per cent) were inoperative ones, Minister of State for Fina­nce Pankaj