A total of 540.3 million accounts have been opened under the Pradhan Mantri Jan Dhan Yojana (PMJDY), but 113 million of these accounts are currently inoperative, Parliament was informed on Tuesday.
In a written reply to a question in the Rajya Sabha, Minister of State for Finance Pankaj Chaudhary stated that the inoperative accounts hold a balance of ₹14,750 crore as of 20 November 2024.
The percentage of inoperative PMJDY accounts in public sector banks (PSBs) has decreased from 39.62% in March 2017 to 20.91% in November 2024.
According to guidelines from the Reserve Bank of India (RBI), both savings and current accounts are classified as inoperative or dormant if no customer-initiated transactions occur for over two years.
Chaudhary noted that banks are continuously working to monitor the proportion of operative accounts, with the government regularly reviewing progress.
Banks have also been urged to take swift action to reduce the number of inoperative accounts and streamline the activation process. This includes facilitating seamless KYC updates through mobile and internet banking, non-home branches, and the Video Customer Identification Process (VCIP).
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