Deposits hit Rs 1,811.92 crore
Vikas Sharma
JAMMU, May 16: Signalling a steady rise in account usage and savings across rural and semi-urban areas, Jammu and Kashmir has witnessed a notable increase in financial inclusion under the Pradhan Mantri Jan Dhan Yojana (PMJDY), with deposits in these accounts reaching approximately Rs 1,811.92 crore.
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The upward trend highlights a structural shift in how households, particularly in remote and underserved regions, are engaging with formal banking channels.
This surge reflects stronger participation in the banking ecosystem, aligning with the broader national objective of universal financial access. Improved banking penetration, digital adoption and sustained awareness campaigns have collectively contributed to this milestone.
With 24,57,208 Jan Dhan accounts in the Union Territory, the data suggests not only wider coverage but also a transition toward active usage, as more account holders move beyond zero-balance status and begin to save and transact regularly.
At the national level, PMJDY deposits have crossed Rs 3.09 lakh crore across 58.06 crore accounts, underlining the scheme’s evolution into a robust financial backbone for low-income households.
The increasing deposit base indicates rising confidence in formal banking institutions, particularly among rural and semi-urban populations that were historically excluded from such systems.
A major driver of this growth has been the expanding network of Business Correspondents (BCs), who have effectively bridged the last-mile connectivity gap.
In Jammu and Kashmir, BC agents are playing a transformative role by offering doorstep banking services such as deposits, withdrawals and remittances.
This model has reduced dependence on physical bank branches, especially in geographically challenging terrains, while also reviving dormant accounts and encouraging consistent savings behaviour.
Leading financial institutions, including Jammu & Kashmir Bank and public sector giants like State Bank of India, continue to anchor this expansion.
Their focus on strengthening BC-led operations and leveraging digital platforms has enhanced accessibility and convenience for customers at the grassroot level.
West Bengal is at par with Bihar with nearly Rs 30,000 crore deposits (5.64 crore accounts), followed by Rajasthan at Rs 24,000 crore, Maharashtra at Rs 22,000 crore and Madhya Pradesh at Rs 19,000 crore.
Karnataka, Odisha, Jharkhand and Gujarat have reported deposits in the range of Rs 13,000–15,000 crore, reflecting broad-based growth across states.
Talking to the Excelsior, Ajay Thappa, Lead District Manager (LDM), Jammu district, attributed this upward trajectory to growing financial literacy and trust in institutional banking.
He said, “With the help of other agencies, this milestone was achieved in Jammu district. We are hopeful that this figure will be surged in future, as we are awaring more and more people to avail this facility, which has been started by Prime Minister Narendra Modi for the welfare of people.”
Lokanath Panda, COO of BLS E-Services Limited, noted that J&K is witnessing steady growth in account activity, with customers increasingly relying on formal channels for savings and transactions.
He emphasized that the rise in balances is a clear indicator of deepening financial awareness at the grassroot level.
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