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Jan Dhan Accounts: Only 3% Under Private Banks, Data Reveals Reluctance of Private Lenders Towards PMJDY
While Public Sector Banks(PSBs) have played a pivotal role in driving the Jan Dhan Yojana, the data underscores the limited involvement of private banks in the government's financial inclusion scheme. The combined tally of 13 major private banks stands at a mere fraction of the national total.

Author: Abhivad
Published: December 16, 2023
The latest data from the official website of Pradhan Mantri Jan Dhan Yojana (PMJDY) exposes the reluctance of major private banks in India to actively participate in the union government’s flagship initiative. Out of the total 51.04 Crore Jan Dhan accounts opened nationwide, a meagre under 3% are held in the coffers of 13 prominent private banks.
As per the data available, the total number of Jan Dhan accounts across all banks in the country is 51.11 Crore as of 06 December, 2023. Among these only 1.47 Crore accounts are in the 13 major private banks combined, which is only 2.88% of the total number. In contrast, the cumulative count of these accounts in the 13 Public Sector Banks(PSB) is significantly higher, opening 39.90 Crore accounts contributing 78.07% of the total number. In addition Regional Rural Banks(RRB), sponsored by these PSBs, have also opened 9.55 Crore Jan Dhan accounts.
Source: Official Website of PMJDY
C P Krishnan, retired banker and trade union activist from Chennai raises questions about the commitment of private financial institutions to the cause of extending financial services to the underprivileged. Speaking to Kanal he said: “despite the union government’s continuous directives for opening Jan Dhan accounts, the private banks have not taken up the initiative seriously. This is in contrast with the Government’s policy to endorse private banks and privatisation of public sector lenders, as it shows welfare initiatives for the deprived majority can be executed only through PSBs. This is why PSBs are an integral factor in the progress of the nation”
Sadhu Ram, a PSB banker active on social media platform X, filed an RTI to get the share of 13 private banks in the total number of Jan Dhan accounts. He also received similar statistics which he shared along with a comment: “ In this country, only government bank employees will provide banking services to the poor, farmers and labourers. Supporters of private banks can see this data and analyse who is working for the real people of this country.”
The Pradhan Mantri Jan Dhan Yojana, launched in 2014, aims to promote financial inclusion by providing affordable banking services to all. However, after 9 years of the launch, concerns are raised on whether the mission achieved its goal. A recent revelation by Bhagwat Karad, the Minister of State for Finance, in parliament admitted around 18 to 20 percent of the Jan Dhan accounts are inoperative.