Would you believe that more than half of PM Jan-Dhan Yojna account holders are women?  According to sample survey led by a financial inclusion consulting firm, they not just opened their account, but are also carrying out transactions through them.

There have more than twice of increase in the volume of cash in and cash out according to the “State of the Agent Network 2017” report released by Microwave on Wednesday.  The Modi government’s main purpose of encouraging of the opening of Jan-Dhan account was to offer banking services to the poor people for more authentic convey of government benefits and to enable less trouble in availing loans or credits.

The main reason behind the increase of transactions is that banks and business correspondents are offering more products and services as such linking of Aadhar to bank accounts, balance inquiry, and insurance registration. Along with this, government-to-people payments such as direct transferring of cash inspired the people a lot to increase the transactions.


According to a report total deposits of 25.68 crores, Jan Dhan accounts crossed Rs 70,000 crore mark which were at Rs 72,834.72 crore on November 23.

During the October end, the total balance was around 67,330 crore. In fact, during the next half of 2017, the number of prime minister Jan-Dhan accounts increased,  and balance also.

Mobile usage and Aadhar linking are key elements in the available schemes.  Banks usually appoint entities or individuals as an agent in order to provide basic banking services in distant areas where the opening of the branch is not feasible.  In a releasing the agent network report, chief economic advisor Mr. Arvind Subramanian said: “while India has made a lot of progress on the financial inclusion front, gaps remain.”

“You have gas cylinders but you need consistent gas offtake; you have bank accounts but you need to make genuine inclusion; your toilets are built, but are they used? I think that’s the next stage we need to work on….That is why the banking correspondents story needs more work,” he said.

The recommendation indicated the need for taking steps to increase the share of women agents from the present, which is only 2%, which could give a boost to the financial inclusion of women. The report was based on a nationally representative research that covered 3,048 businesses correspondents.


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