Dormant accounts since demonetization to be scrutinized

Dormant accounts since demonetization to be scrutinized
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Hyderabad: In a fresh move PM Modi has directed all banks in India to look into dormant accounts for any suspicious transactions during demonetization period and activate these genuine inactive accounts.

Under the Pradhan Mantri Jan Dhan Yojana scheme lakhs of fresh new accounts have been opened throughout India in all states.

According to statistics in Telangana, approximately 26 lakh zero accounts were opened in the state under the Pradhan mantra Dhan Yojana prior to November 2016 demonetization.

Banks all over India are directed to verify all accounts opened under the Pradhan Mantri Jan Dhan Yojana.

More than seven crore dormant accounts were found throughout the country. In Telangana state, 15 lakh zero balance accounts turned dormant post demonetization recently against 26 lakh new accounts opened under the Pradhan Mantri Dhan Yojana scheme.

Following directions from Prime Minister Department of financial services acquired statistics of accounts opened under the scheme from all states throughout India.

The TS data revealed about 88,07,375 Pradhan Dhan Yojana accounts were opened as on October 11, 2017, which has an overall of 1,289 crore balance.

Since 15.6 lakh accounts turned dormant after receiving transactions during last year’s demonetization only 71,69,531 account holders will be issued RuPay cards said the officials.

In a PM’s monthly video conference with secretaries of central departments and chief secretaries of states on Wednesday the data was shared by all states.

An official said, “PM asked bankers to activate dormant accounts which are genuine after inquiry within a month. He asked all states and bankers to take up this verification exercise on priority”.