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There is good news for the MF industry. Over 50 crore people have opened bank accounts under the Pradhan Mantri Jan Dhan Yojana (PMJDY). The cumulative deposits in these accounts is over Rs.2 lakh crore.
These 50 crore people can be potential mutual fund investors as they are KYC compliant and have bank accounts, which are pre-requisite to invest in mutual funds. Currently, the MF industry has close to 3.7 crore investors.
The PMJDY has completed nine years on August 28. In a press release, Finance Minister, Nirmala Sitharaman, said, “The 9 years of PMJDY led interventions and digital transformation have revolutionized financial inclusion in India. More than 50 crore people have been brought into the formal banking system through the opening of Jan Dhan Accounts. Among these accounts, approximately 55.5% belong to women, and 67% have been opened in rural / semi-urban areas. The cumulative deposits in these accounts has surpassed Rs.2 lakh crore. Also, 34 crore RuPay cards have been issued to these accounts without charge, which also provides for a Rs. 2 lakh accident insurance cover.”
