Dead since birth, Jan Dhan accounts now flush with cash

AGRA: A large amount of cash has suddenly started flowing into previously inactive Jan Dhan accounts in the aftermath of the demonetisation of Rs 500 and Rs 1,000 notes. The Jan Dhan Yojana was launched in August 2014 with an aim to bring the poor into the fold of banking facilities, and empower them financially by encouraging savings, and easing loan delivery and direct cash transfer.

Accounts opened at the time but not used so far have overnight turned flush with funds. Many such accounts, which held only Re 1or Rs 2 till November 8, now have up to Rs 49,000, the upper limit for deposits that can be done without PAN cards.

A few bank officials told TOI on the condition of anonymity that many account-holders were possibly being exploited by middlemen or the rich to lend their accounts to park cash.

Ajay Agnihotri, manager of

State Bank of India

's

Fatehabad Road

branch in Agra, said, “There are around 15,000 Jan Dhan accounts at our branch, and 30% of the account-holders have deposited amounts of up to Rs 49,000 since Thursday (when banks reopened in the wake of the demonetisation announcement). We are quite sure that this percentage will go up in the coming days.“

Another bank official added, “In certain cases, we are quite sure that it is not their money . Gullible persons and those working on a contractual basis in factories are being used by their employers as well as middlemen. However, people should know that the government is tracking all the records and transactions.“

TOI was able to track a few account-holders used for this purpose. One of the victims, who had deposited Rs 49,000, said he was promised Rs 500 in return. He would have to return the rest of the money in some days.

“I was told that if I deposit this amount, my reputation in the bank will go up. The middleman also said he would help me financially in the future,“ he added.

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