SBI expects Jan Dhan scheme to break even in 2016
Posted on: 31/Aug/2015 9:59:35 AM
The State Bank of India (SBI) has said that the accounts it has under the Jan Dhan scheme is expected to break even in the coming year 2016. An official has said that, as of the end of June this year, total deposits have amounted to Rs. 5125 crore.
`We hope to break even with the Jan Dhan accounts by next year, if we maintain the deposits growth at the current level or even a little less. We spend Rs 132 on each such account. In terms of number of such accounts, the bank nearly doubled to 7.81 crore as of end June, of which pre-Jan Dhan accounts were 3.95 crore. In June 2014, the number of such accounts stood at 3.76 crore. 7.81 crore accounts, 56 per cent still have zero balance, while this was 69 per cent a year ago and 54 per cent in the March quarter. The average balance in these accounts stood at Rs 656, which was Rs 606 a year ago`, said the official.
The accident cover scheme, which comes under the Jan Dhan umbrella, saw an addition of 131.14 lakh people in the SBI. The life cover plan had an addition of 33.15 lakh. The pension scheme had an addition of 1.45 lakh people.
The Jan Dhan scheme was launched by Prime Minister Narendra Modi last August.
The SBI official said, `Deposits in these accounts stood at Rs 4,415 crore as of the March quarter, while the number of accounts then stood at 7.28 crore. In terms of transactions, these account saw Rs 13,911 crore in the June quarter alone, up from Rs 8,252 crore a year ago and Rs 38,972 crore in the financial year ending March 2015, which stood at Rs 22,525 crore in FY14 and Rs 13,032 crore in FY13.`
