We find that activity is slow to start but picks up and shows convergence to the level of normal savings bank accounts opened in this period. There were banks, branches, ATM networks, PoS (points-of-sale) terminals for swiping cards, and mobile apps, but not bank accounts. The data listed in the PMJDY website clearly shows a steady increase in the number of accounts and savings accumulation in PMJDY accounts. PMJDY accounts are also targets for government benefit programmes such as LPG transfers. This shows that PMJDY accounts are also used for accumulating savings.

Source: Mint April 16, 2017 17:15 UTC