Has the Finance Ministry Ordered Banks to Close Inactive Jan Dhan Accounts?
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Synopsis
The Finance Ministry has responded to recent rumors about closing inactive PM Jan Dhan accounts, clarifying that no such order has been made. A nationwide campaign aims to promote the use of these accounts while ensuring compliance with KYC regulations.
Key Takeaways
- The Finance Ministry has not ordered the closure of inactive PM Jan Dhan accounts.
- A nationwide campaign is promoting the use of Jan Dhan accounts.
- DFS is monitoring inactive accounts and urging banks to reactivate them.
- Over 55.44 crore Jan Dhan accounts exist, with significant deposits.
- The JAM trinity has enhanced financial inclusion in India.
New Delhi, July 8 (NationPress) The Finance Ministry has made it clear that the government has not directed banks to shut down inactive PM Jan Dhan Yojana accounts.
In response to media reports suggesting that the Department of Financial Services (DFS), within the Ministry of Finance, instructed banks to close inactive PM Jan Dhan Yojana accounts, the DFS stated that it has not issued such directives.
To promote the use of Jan Dhan Yojana accounts, DFS has initiated a three-month campaign beginning July 1. This campaign aims to enhance the adoption of PM Jan Dhan Yojana accounts, Jeevan Jyoti Bima Yojana, Atal Pension Yojana, and other welfare initiatives. Additionally, banks will conduct re-KYC procedures for all accounts needing it during this period, according to the statement.
The DFS is actively monitoring the number of inactive PMJDY accounts and has encouraged banks to reach out to account holders to reactivate their accounts. The total number of PMJDY accounts continues to grow, and there have been no reports of mass closures of inactive PMJDY accounts, as per the statement.
As of May 21 this year, an impressive 55.44 crore Jan Dhan accounts have been established in India, with 56% owned by women, and the total deposits have exceeded Rs 2.5 lakh crore, as recently stated by RBI Deputy Governor M Rajeshwar Rao.
During a seminar focused on financial inclusion, Rao remarked: “The introduction of Pradhan Mantri Jan Dhan Yojana (PMJDY) marked a pivotal moment in India's journey. The JAM trinity—Jan Dhan Yojana, Aadhaar, and Mobile—has significantly advanced our goal of providing banking access to all adults, making it the largest financial inclusion initiative globally.”
He emphasized that the vast number of Jan Dhan accounts for the underprivileged underlines the scheme's effectiveness. The guarantee of universal bank account access has not only broadened the reach of additional financial services but has also facilitated seamless delivery of welfare programs to the intended beneficiaries through Direct Benefit Transfer (DBT), Rao concluded.
Point of View
We stand with the nation in ensuring transparency and accuracy in financial matters. The Finance Ministry's commitment to fostering financial inclusion through PM Jan Dhan Yojana is commendable. By clarifying the situation around inactive accounts, the government reinforces trust in its welfare schemes and emphasizes the importance of keeping these accounts active for the benefit of all citizens.
NationPress
20/07/2025
Frequently Asked Questions
Are banks required to close inactive Jan Dhan accounts?
No, the Finance Ministry has confirmed that there is no directive for banks to close inactive PM Jan Dhan Yojana accounts.
What is the purpose of the ongoing campaign by DFS?
The campaign is designed to enhance the adoption of Jan Dhan accounts and ensure compliance with KYC processes.
How many Jan Dhan accounts are currently active in India?
As of May 21, 55.44 crore Jan Dhan accounts have been opened in India.
