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There is good news for the MF industry. Over 51 crore people have opened bank accounts under the Pradhan Mantri Jan Dhan Yojana (PMJDY). The cumulative deposits in these accounts is over Rs.2.08 lakh crore.
These 51 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 4 crore investors.
In a press release, the Ministry of Finance said that it aims to ensure comprehensive financial inclusion in the country by providing universal access to banking facilities and basic bank account to every unbanked adult.
The Ministry further stated that there is no inbuilt provision of micro-investments, such as flexi-recurring deposits in PMJDY scheme. However, PMJDY accounts holders can avail benefit of micro-investments such as flexi-recurring deposits etc. as per the terms and conditions of their respective banks.
