Sharp Surge in Average Balance of Jan Dhan accounts - Chart Of The Day 9 December 2016 - Equitymaster

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Sharp Surge in Average Balance of Jan Dhan accounts
Dec 9, 2016

As people are resorting to innovative ways to convert their black money into white, the Jan Dhan accounts have seen a surge in balances. In the last one month of demonetisation, the average balance under the Pradhan Mantri Jan Dhan Yojana has increased by 61.2%. There are currently around 257.8 m accounts having an average cash balance of Rs 2,883 per account. This is much higher than the average balance of Rs 1,778 during 11th November, immediately after demonetisation was announced.

The government has been able to taper down black money conversion in these accounts by freezing some accounts and putting limit on deposits. But as we approach the last day of depositing the old currencies, it would be interesting to see how much of the black money finds its way to the banking system.

Data source: SBI Daily Data Wrap

This Chart Of The Day was published in The 5 Minute WrapUp - Demonetisation to Destroy 400,000 Jobs... Can Stocks Withstand the Pain?

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