Pradhan Mantri Jan Dhan (PMJDY) accounts remained free from any unusual increase in balances during elections in five states last month.
Basic bank accounts saw a significant increase during the elections held five years ago due to alleged channeling of money through PMJDY accounts to woo voters, leading to an investigation by some banks .
“However, the data shows that there is no cause for concern regarding the PMJDY accounts this time, thanks to the close monitoring maintained by the banks in coordination with other departments, including the Election Commission (EC), » a senior SBI official said activity area.
Account balance
The total balance in Jan Dhan accounts was ₹2,08,855 crore as on November 29, 2023, spread across 51.04 crore beneficiaries. As on November 1, 2023, the total balance was around ₹2.06 lakh crore, which shows that the increase was completely normal.
A trend analysis of the total balance shows that generally, the monthly increase ranges from ₹1,000 crore to ₹1,500 crore.
Provisional data available with the State Level Bankers’ Committees (SLBCs) of Telangana, Madhya Pradesh, Chhattisgarh, Rajasthan and Mizoram did not show any anomalous transactions, officials said.
Particular attention
A Madhya Pradesh SLBC official said banks were paying special attention to KYC (Know Your Customer) norms in transactions involving deposits or withdrawals, as well as strengthening tracking and monitoring of back-end data. end to monitor bulk transactions, even if the amount might be small. .
The EC has also made a coordinated effort for transparent sharing of data on suspicious transactions. It has issued specific instructions and standard operating procedures (SOPs) to track and report them.
