Analyzing Data of Pradhan Mantri Jan Dhan Yojana

Technical Report 217 Analyzing Data of Pradhan Mantri Jan Dhan Yojana Tulika Dutta and Ashish Das Department of Mathematics Indian Institute of Technology Bombay Mumbai-476, India May 217 Indian Institute of Technology Bombay Powai, Mumbai-4 76, India

Contents Summary 1 Acknowledgements 2 I. Introduction 3 II. All India Picture of PMJDY 1 III. PMJDY opened at Public Sector Banks 13 IV. PMJDY opened at Three Major Public Sector Banks 16 V. PMJDY opened at Private Sector Banks 24 VI. PMJDY opened at Three Major Private Sector Banks 27 VII. Basic Savings Bank Deposit Account 35 VIII. Remarks and Conclusion 36 References 4

Analyzing Data of Pradhan Mantri Jan Dhan Yojana Tulika Dutta 1 and Ashish Das 2 Department of Mathematics, Indian Institute of Technology Bombay, Mumbai-476 May 1, 217 Summary Pradhan Mantri Jan-Dhan Yojana (PMJDY) is India's National Mission for Financial Inclusion to ensure affordable access to financial services, namely, Savings and Deposit, Remittance, Credit, Insurance and Pension funds. This financial inclusion campaign was launched by the prime minister of India on 28 August 214. The Yojana was announced by the prime minister in his Independence Day speech on August 15, 214. The primary objective of this report is to summarize and interpret the high frequency PMJDY data that the government of India disseminates. The data has been provided by government at https://pmjdy.gov.in/archive. The dataset provides bank-wise summary of the number of accounts opened (and few other details) under PMJDY starting September 214. Apart from the all India picture that this report presents, we also look into few public and private sector banks and analyze their data to assess their contributions. 1 Ms. Tulika Dutta is a master s student of Applied Statistics and Informatics at IIT Bombay. E-mail: tulika@math.iitb.ac.in 2 Dr. Ashish Das is a Professor of Statistics at IIT Bombay. E-mail: ashish@math.iitb.ac.in

Acknowledgements The author thanks few officials steering the PMJDY and few banks for some fruitful discussions. All possible care has been taken to project the correct picture using the data gathered. Deviations, if any, are inadvertent. 2

Chapter 1 Introduction Pradhan Mantri Jan-Dhan Yojana (PMJDY) is India's National Mission for Financial Inclusion to ensure affordable access to financial services, namely, Savings and Deposit, Remittance, Credit, Insurance and Pension funds. This financial inclusion campaign was launched by the prime minister of India on 28 August 214. The Yojana was announced by the prime minister in his Independence Day speech on August 15, 214. The key takes of the Yojana are: It is steered by the Department of Financial Services, Ministry of Finance. On the inauguration day of the Yojana, 1.5 Crore bank accounts were opened. Guinness Book of World Records acknowledges the achievements made under PMJDY. It writes "The most bank accounts opened in 1 week as a part of financial inclusion campaign is 18,96,13 and was achieved by Banks in India from 23 to 29 August 214". As of 19 th April 217, over 28 crore bank accounts were opened and almost 63,96.17 crore were deposited under the scheme. What comes under the scheme: 1. Interest on funds kept in the account. 2. No minimum balance required. 3. Rupay debit card is issued. 4. There is no limit on the number of deposits that can be made in a month. 5. a maximum of four withdrawals in a month, including ATM withdrawals are completely free 6. Accidental insurance cover of one lac, subject to fulfillment of the eligibility condition, i.e., the Rupay card holder has performed at least one successful financial or non-financial customer induced transaction within 9 days prior to date of accident including accident date (Rupay Insurance Program 216-217). 3

7. The scheme provides life cover of 3,/- payable on death of the beneficiary, subject to fulfillment of the eligibility condition. 8. After satisfactory operation of the account for 6 months, an overdraft facility up to 5/- is permitted per account per household. 9. Beneficiaries of Government Schemes will get Direct Benefit Transfer in these accounts. 1. Access to Pension, insurance products. List of Participating Banks: The banks which are participating in the PMJDY and partnering the nation in its efforts for greater financial inclusion are: Public Sector Banks Regional Rural Banks Major Private Banks State Bank of India State Bank of India Axis Bank Ltd Punjab National Bank United Bank Of India Dhanalaxmi Bank Ltd Bank of Baroda Punjab National Bank Federal Bank Ltd Canara Bank Central bank of India ICICI Bank Ltd Central bank of India Bank Of India HDFC Bank Bank Of India Bank of Baroda IndusInd Bank Ltd Union Bank Of India Syndicate Bank Jammu and Kashmir Bank Syndicate Bank Union Bank Of India ING Vysya Bank Ltd Uco Bank Allahabad Bank Karnataka Bank Ltd Allahabad Bank Canara Bank Kotak Mahindra Bank Ltd Indian bank State Bank of Hyderabad YES Bank Ltd United Bank Of India Indian bank South Indian Bank Indian Overseas Bank Indian Overseas Bank City Union Bank Ltd State Bank of Hyderabad Uco Bank Oriental Bank of Commerce State Bank of Mysore Andhara Bank Bank of Maharashtra Corporation Bank Dena Bank Dena Bank Andhara Bank Bank of Maharashtra State Bank of Patiala State Bank of Bikaner and Jaipur Punjab & Sind Bank State Bank of Patiala Punjab & Sind Bank IDBI State Bank of Mysore State Bank of Travancore 4

Source of the data: The data has been provided by government at https://pmjdy.gov.in/archive The dataset provides bank-wise summary of the number of accounts opened (and few other details) under PMJDY starting September 214. Initially the frequency of the data was daily. Later the frequency was made weekly. The variables considered in the dataset are: the number of PMJDY accounts opened in rural and urban regions, the number of Rupay debit card issued against these account, balance in these accounts, number of accounts with zero balance and, The number of accounts linked with Aadhaar numbers. Limitations of data: The custodian of the data, compiled thorough inputs from banks, is the Department of Financial Services, Ministry of Finance, Government of India. The bank-wise data are provided in a pdf format and thus are not very user friendly to carryout statistical analysis on the same. Though online convertors can be used to convert a spreadsheet in a pdf format to an xls format, it may be more meaningful to provide the source data in xls format alongside the pdf format. The summary data have been uploaded on a weekly basis from September, 214. However, for few months, i.e., February 215 to May 215, the data has been uploaded on a monthly basis. Thus, even though the data is generally high frequency data, because of these few lapses, weekly analysis is not feasible for the full period. For the private banks, data was not updated on a regular basis. So, analysis failed to capture the growth for some time points. 5

Summary Statistics of opened under PMJDY: Table 1.2: Statistics as on 19 th April 217 (All Figures in Crore) S.No Bank Type Number of Rural Urban Total Number of RuPay Cards Aadhaar Seeded Balance in % of Zero Balance 1 Public Sector Banks 12.45 1.36 22.8 17.76 15.45 49,999.2 23.96% 2 Regional Rural Banks 3.97.69 4.65 3.53 2.89 11,853.55 2.72% 3 Private Banks.56.37.93.86.45 2,17.6 35.56% Total 16.97 11.41 28.38 22.15 18.79 6396.17 23.8% Performance: By September 214, the number of accounts opened by the public sector banks were 3.2 crore. Among them, SBI had opened 3 lakh accounts, followed by Punjab National Bank with 2.24 lakh accounts, Canara Bank 16.21 lakh accounts, Central Bank of India 15.98 lakh accounts and Bank of Baroda with 14.22 lakh accounts. The number of accounts opened under the scheme reached 12.39 Crore (including 8.3 Crore zero balance accounts) by January 215. 24.25 lakh account holders have availed the overdraft facility totaling 321 Crore by December 216. Uttar Pradesh and West Bengal have got respectively 16.72% and 13% of the total deposits under the scheme, whereas Kerala and Goa became the first states in the country to provide one basic bank account to every household. 6

Sep-14 Pradhan Mantri Jan Dhan Yojana The balance in Jan Dhan accounts increased by more than 29 Crore between 9 November 216 and 23 November 216 due to demonetization as people started using these accounts to exchange the old banknote. 8 7 6 5 4 3 2 1 Balance In Balance In (In Crore) Chart 1.1: Total Balance in under PMJDY Scheme Comment: The total balance in all PMJDY accounts exhibits an increasing trend over time. Though it shows a sudden rise in November 216( 44868 Crore) to December 216 ( 74321 Crore) which has been described above. State wise Analysis: The PMJDY data for 29 states and 7 union territories in India are provided in the following table and arranged in the decreasing order of percentage PMJDY accounts with respect to the state population. This measure reflects the success of the scheme in the state (higher the percentage, the better is the performance of the state in providing PMJDY accounts to the population in the state). 7

Table 1.3: State wise Details of PMJDY State Name Rural Urban Total Deposit Aadhaar Rupay Card Population Number Urban % % PMJDY %Rupay (in Crore) Seeded Issued (217 estimate) of ATMs CHHATTISGARH 8237884 4152976 123986 33.5 1774.19 8652436 8428157 2554196 48.5 68. 3112 ASSAM 8829545 29153 11744845 24.8 2425.27 159243 9191755 31169272 37.7 78.3 3691 MADHYA PRADESH 12166746 1337169 2523915 51.7 2916.32 17693768 18265459 72597565 34.7 72.5 992 JHARKHAND 73291 25432 9842411 25.8 1721.49 8494699 7339656 32966238 29.9 74.6 3754 WEST BENGAL 1872991 8344456 2765447 3.8 8313.41 17547522 21228558 91347736 29.6 78.4 11837 ORISSA 833179 326478 11329657 26.7 288.81 6332614 8863288 41947358 27. 78.2 6466 MANIPUR 32531 39498 71948 54.8 27.57 384216 64676 2721756 26.4 89.9 316 RAJASTHAN 12163116 726472 19427836 37.4 583.45 14848317 166382 74791568 26. 85.6 891 MIZORAM 17164 17528 282372 62. 36.81 18191 9814 19114 25.9 34.7 157 TELANGANA 478446 3998556 87792 45.5 1269.31 7341645 744143 35193978 24.9 84.8 13 BIHAR 18798527 12262 2924547 35.2 5229.77 1665931 2421132 116725698 24.9 7.4 7932 HARYANA 3255251 273718 5992431 45.7 2229.77 4834796 517379 2535381 23.6 85.2 6674 DADRA & NAGAR HAVELI 68149 1552 7871 13.4 25.31 58 48519 342853 23. 61.6 133 All India 169686381 114136133 283822514 4.2 6396.16 18794874 22145955 135726925 21.7 78. 219637 TRIPURA 572543 223688 796231 28.1 75.34 74466 78446 367132 21.7 89. 47 UTTARAKHAND 1331518 854172 218569 39.1 772.68 139121 1781652 1116752 21.6 81.5 269 CHANDIGARH 33435 182143 215578 84.5 12.7 184724 18121 154686 2.4 84.1 87 DELHI 486329 321765 368894 86.8 1438.21 29345 2985641 1868692 19.7 81. 93 UTTAR PRADESH 262298 17749663 43952571 4.4 1694.53 2789449 3485182 223897418 19.6 79.3 19515 PUNJAB 375165 2359676 5434841 43.4 2284.89 4487978 4618713 2774236 19.6 85. 7441 GUJARAT 551688 59357 164195 48. 2725.28 715759 8625973 6383628 17.6 81.3 11849 KARNATAKA 6259189 4388777 1647966 41.2 249.95 818493 93562 611374 17.4 87.4 17382 JAMMU & KASHMIR 1752752 45935 2158687 18.8 312.23 582852 167856 12548926 17.2 77.7 2438 MAHARASHTRA 9542777 9818418 19361195 5.7 3763.35 15434553 14191781 12136292 16. 73.3 25459 ARUNACHAL PRADESH 126295 81844 28139 39.3 65.27 71878 167636 1382611 15.1 8.5 23 SIKKIM 63483 21442 84925 25.2 26.93 712 6777 67688 14. 79. 191 ANDAMAN & NICOBAR 35546 1664 5161 31.1 23.65 477 42548 379944 13.6 82.4 113 MEGHALAYA 325445 66253 391698 16.9 29.2 6418 214849 29647 13.2 54.9 393 HIMACHAL PRADESH 812837 11433 92687 12.3 445.16 779366 782745 7123184 13. 84.5 1858 DAMAN & DIU 17924 1268 364 41.4 1.41 2339 19779 242911 12.6 64.6 127 PUDUCHERRY 66339 74298 14637 52.8 33.46 11441 124227 1244464 11.3 88.3 527 TAMIL NADU 416495 4622817 8729312 53. 1441.61 5214544 734514 77881463 11.2 84.1 24511 NAGALAND 1592 1291 26193 48.6 37.77 87931 168712 19862 1.4 81.8 37 ANDHRA PRADESH 4565392 4175328 87472 47.8 1281.46 772374 7317615 84665533 1.3 83.7 1527 GOA 16312 39161 145473 26.9 93.68 99185 121961 1457723 1. 83.8 142 KERALA 1524295 171765 32356 52.9 135.81 254525 2436142 33387677 9.7 75.3 935 LAKSHADWEEP 4413 38 4793 7.9 5.29 4233 399 64429 7.4 83.2 16 % PMJDY denotes the percentage of PMJDY account holders among the whole population in each state % Rupay denotes the percentage of Rupay debit card issued among the total number of accounts in each state *Figures highlighted in red indicating that corresponding states are contributing more to the urban location Source: https://pmjdy.gov.in/statewise-statistics http://www.indiaonlinepages.com/population/india-current-population.html Table 3 highlights the following: Among all the states, PMJDY scheme has been implemented most successfully in Chhattisgarh (49%). Assam and Madhya Pradesh have also performed well with more than 35% of PMJDY accounts with respect to the state population. Delhi, Chandigarh, Mizoram have a larger number of PMJDY accounts in the urban population than in the rural population. 8

CHHATTISGARH ASSAM MADHYA PRADESH JHARKHAND WEST BENGAL ORISSA MANIPUR RAJASTHAN MIZORAM TELANGANA BIHAR HARYANA DADRA & NAGAR HAVELI All India TRIPURA UTTARAKHAND CHANDIGARH DELHI UTTAR PRADESH PUNJAB GUJARAT KARNATAKA JAMMU & KASHMIR MAHARASHTRA ARUNACHAL PRADESH SIKKIM ANDAMAN & NICOBAR MEGHALAYA HIMACHAL PRADESH DAMAN & DIU PUDUCHERRY TAMIL NADU NAGALAND ANDHRA PRADESH GOA KERALA LAKSHADWEEP Pradhan Mantri Jan Dhan Yojana 6 Percentage of Statewise Population with PMJDY 5 4 3 2 1 Chart 1.2: Percentage of PMJDY accounts with respect to the state population Comment: The chart for the percentage of PMJDY accounts with respect to the state population shows that 12 states and 1 union territory have higher percentage than the overall percentage of all India. 9

Chapter 2 All India Picture of PMJDY As on 12 th April 217, over 28 crore bank accounts have been opened with a total balance of 63,547.62 crore. Also, 22.1 Crore RuPay debit cards have been issued for these accounts. We first provide the monthly data related PMJDY accounts. The fields covered are: i) Day on which the data is collected, ii) the number of PMJDY accounts opened in rural and urban regions, iii) the number of Rupay debit card issued against these account, iv) balance in these accounts, v) number of accounts with zero balance and lastly vi) The number of accounts linked with Aadhaar numbers. Table 2.1: Monthly all India PMJDY data for the period September 214 February 217 Date Rural Urban Rupay Debit Card Balance In (In Lacs) With Zero Balance Adhaar Seeding Month-on- Month Growth in Number of with Balance > % of Number of accounts With Zero Balance Sep-14 317883 2254696 53762779 18644743 427319.28 41296628 12466151 76.8 Oct-14 386992 269357 65531499 32322495 4885.32 49879865 21.9 15651634 76.1 4951384 3373282 8323424 52569874 64941.69 61822343 27. 21411861 74.3 Dec-14 61287553 41387512 1267565 8216866 79365.4 75299118 23.4 27375947 73.3 74138849 49785259 12392418 192925 133398.76 83561793 2.7 4362315 67.4 Feb-15 81649227 55154668 13683895 121888218 1269387.5 85916974 1.4 5886921 62.8 8784483 59318676 147163479 131482725 156729.41 85213334 7.6 6195145 57.9 Apr-15 91721119 61294244 15315363 137153566 1619239.38 85388546 4. 67626817 55.8 9539161 63313769 15862293 14237663 175233.85 852266 61822421 3.7 73627 53.6 Jun-15 98974838 6533378 164278216 146654782 191542.4 85176376 64177365 3.6 791184 51.8 13159224 675986 17757824 151477126 247381.8 85797235 67492648 3.9 8496589 5.2 Aug-15 184398 7563177 1792257 157361372 22967.97 8376439 756263 4.8 98625818 44.9 112585751 72837 185422751 1663533 2493922.57 7477152 3.6 11651249 4.3 Oct-15 11577571 74464462 19239533 163751882 2591355.65 71356613 2.6 11888292 37.5 11775529 75686645 193437174 16617452 2695645.42 6767775 819334 1.7 125766399 35. Dec-15 12139913 7734462 198384533 168451374 2922556.24 6311547 84525935 2.6 135269486 31.8 12526468 7941482 2467869 171981828 379646.3 63432437 87853393 3.2 141246253 31. Feb-16 1287886 8129768 21654 174564867 337488.9 6642439 91684291 2.6 14936411 28.9 1317734 8256844 214275474 177529672 35672.72 586988 94962234 2. 155576674 27.4 Apr-16 13333365 83719158 216752523 178895861 3679555.41 572764 968738 1.2 159551759 26.4 13472156 8457794 2192923 18148295 384765.47 56271712 134926 1.2 1632588 25.7 Jun-16 136929866 85952521 222882387 18218572 3925157.26 56365831 158587 1.6 166516556 25.3 13926488 87239314 22654194 183918278 47582.23 5475868 11116588 1.6 171745514 24.2 Aug-16 147921866 9386518 2418384 19374 429423.83 58684211 122341713 6.4 182324173 24.3 151833153 95524744 247357897 1994216 4353266.58 59497551 128226653 2.6 18786346 24.1 Oct-16 155342684 97821583 253164267 193894958 4486727.78 5933641 13468439 2.3 193827866 23.4 157536423 131191 257847514 193562832 7432155.25 58914748 139545415 1.8 198932766 22.8 Dec-16 15969882 1249576 26219458 26989223 713658.91 6321656 14884369 1.6 19882898 24.1 165422346 17659524 2738187 213781656 6732497.79 6682484 15976135 4.2 26257786 24.5 Feb-17 16728777 1153363 27771214 215929253 647293.98 6952193 16893121 1.7 28659947 24.9 1

Sep-14 Sep-14 Pradhan Mantri Jan Dhan Yojana 3 25 2 15 1 5 Number of (Crore) Chart 2.1: Number of (in Crore) under PMJDY Scheme in all banks Comment: The chart for total number of accounts (in Crore) opened in all banks under PMJDY Scheme exhibits an increasing trend over time for the time period September, 214 to February, 217. 3 25 2 15 1 5 M-on-M Percentage Growth in Number of Month-on-Month Growth in Number of Chart 2.2: M-on-M Percentage Growth in Number of under PMJDY Scheme in all banks Comment: The chart for month on month percentage growth in number of accounts opened in all banks under PMJDY Scheme increases over time for initial two months then decreases in the time period November, 214 to April, 215 and then becomes almost stable over time. 11

Sep-14 Pradhan Mantri Jan Dhan Yojana 1 8 6 4 2 Percentage of Number of With Zero Balance % of Number of With Zero Balance Chart 2.3: Percentage of Zero Balance with respect to the Total Number of under PMJDY Scheme in all banks Comment: When plotting the plot of percentage of accounts with zero balance in all banks, it exhibits a decreasing trend over time for the time period September, 214 to February, 217. In the next chapters, we will discuss the PMJDY accounts in the public sector banks and major private banks in details. 12

Chapter 3 PMJDY opened at Public Sector Banks The total number of accounts opened in rural areas under PMJDY up to 22.2.217 by Public Sector Banks was 12187433, which was 43.86% of total number of accounts opened under PMJDY by Public Sector Banks i.e. 27771214 up to 22.2.217 in the entire country. The total number of accounts opened in urban areas under PMJDY up to 25.5.216 by Public Sector Banks was 1439458, which was 36.17% of total number of accounts opened under PMJDY by Public Sector Banks i.e. 27771214 up to 22.2.217 in the entire country. Table 3.1: Monthly PMJDY data from Public Sector Banks for the period Sept, 14 Feb, 17 Date Rural Urban Rupay Debit Card Balance In (In Lacs) With Zero Balance Adhaar Seeding Month- on- Month Growth in Number of with Balance > % of Number of With Zero Balance Sep-14 23673628 228141 43954669 1898246 369461.6 3341443 154239 76.2 Oct-14 28592593 24387173 52979766 3952655 41137.7 468787 2.53 1291979 75.63 3634245 348957 6683157 49216661 519593.1 4935487 26.15 17476637 73.85 Dec-14 44387849 37316349 8174198 7169742 625297.3 59441735 22.25 22262463 72.75 5262414 4453551 97159524 89851574 85349.2 6477186 18.92 32389338 66.66 Feb-15 585517 49292126 17297643 192148 993721 66368364 1.43 4929279 61.85 6253517 5299928 115444945 181188 121855 66182945 7.59 49262 57.33 Apr-15 65794 54669626 11974566 11215782 1251399 66497858 3.72 5324278 55.53 6748337 56435567 12391594 115917821 1348 665439 54137 3.49 57375514 53.7 Jun-15 721698 5818231 12821929 119512387 146422 6669457 5675495 3.46 6157872 52.2 739211 6295912 13338813 123249962 1584579 6748792 58722953 4.5 6597221 5.59 Aug-15 76917989 632364 139941629 12765228 1793166 62351437 64587928 4.91 7759192 44.56 79882683 65154212 14536895 1337324 1956295 5874954 3.64 86961941 4.4 Oct-15 8221371 666654 14887875 132912634 234785 55662781 2.65 93215294 37.39 8359671 67789831 151386532 13454643 2119313 53185861 69966378 1.68 982671 35.13 Dec-15 8652376 69321788 155374164 13614415 233486 4955371 7216495 2.63 1582193 31.89 89537898 7129883 16835981 138621275 2427731 5124535 74948188 3.52 19811446 31.72 Feb-16 9223815 731475 1652529 14821948 26945 48592852 7819532 2.75 116659238 29.41 94292464 74165273 168457737 14315597 2813917 46735511 8359651 1.94 121722226 27.74 Apr-16 9519249 7523873 17431139 144179464 2896499 45547966 8169617 1.17 124883173 26.73 96345344 75988933 172334277 145133163 2996128 44627389 841388 1.12 12776888 25.9 Jun-16 9782431 7715155 174975356 14657418 39992 4481949 87652782 1.53 1316447 25.61 9987887 78428 178278835 147952345 321945 4345759 9118414 1.89 134821776 24.38 Aug-16 17174844 8431921 19126765 153348452 3337851 46894981 11586687 7.25 144311784 24.53 1129443 86297396 196587839 154522897 345569 47718481 1663938 2.81 148869358 24.27 Oct-16 113187536 88496516 2168452 15648819 3575442 47462151 11139282 2.59 15422191 23.53 1144248 9714165 25114413 156458 5793975 4738866 11514622 1.7 15875547 22.93 Dec-16 1169272 9296573 2955345 16582924 5524652 5111949 1226395 1.92 157935936 24.45 1239652 97786163 218182683 171686218 5245597 5416829 132333978 4.37 16475854 24.8 Feb-17 12187433 1439458 222246891 17316524 51387 562711 13994345 1.86 16597679 25.32 13

Sep-14 Sep-14 Pradhan Mantri Jan Dhan Yojana 25 Number of 2 15 1 5 (In Crore) Chart 3.1: Number of (in Crore) under PMJDY Scheme in all Public Sector banks Comment: The chart for total number of accounts (in Crore) opened in all public sector banks under PMJDY Scheme exhibits an increasing trend over time for the time period September, 214 to February, 217. 3 25 2 15 1 5 M-on-M Growth in Number of Month-on-Month Growth in Number of Chart 3.2: M-on-M Percentage Growth in Number of under PMJDY Scheme in all Public Sector banks Comment: The chart for month on month percentage growth in number of accounts opened in all public sector banks under PMJDY Scheme increases over time for initial two months then 14

Sep-14 Pradhan Mantri Jan Dhan Yojana decreases in the time period November, 214 to April, 215 and then goes almost stable over time, though a sudden rise has been seen from July to August 216. 8. Percentage of Number of With Zero Balance 6. 4. 2.. % of Number of With Zero Balance Chart 3.3: Percentage of Zero Balance with respect to the Total Number of under PMJDY Scheme in all Public Sector Banks Comment: The chart for percentage of zero balance accounts with respect to the total number of accounts opened in all public sector banks under PMJDY Scheme decreases over time for the entire time period September, 214 to February, 217. In the next chapter we provide a detailed analysis of all PMJDY accounts opened in State Bank of India (SBI), Punjab National Bank (PNB) and Bank of Baroda (BoB). 15

Chapter 4 PMJDY opened at Three Major Public Sector Banks A detailed analysis of all PMJDY accounts opened in State Bank of India (SBI), Punjab National Bank (PNB) and Bank of Baroda (BoB) has been discussed in this chapter. State Bank of India Monthly Analysis: Under the PMJDY, State Bank of India (SBI) has been amongst the most prolific implementers of the programme. SBI opened more than 8.31 crore accounts so far with current balances of 11 lakh. The zero balance accounts under PMJDY have been continuously declining from 45% in Sep 15 to 27% in Mar 17. TABLE 4.1: Monthly PMJDY data for SBI for the period September 214 February 217 Date Rural Urban Rupay Debit Card Balance In (In Lacs) With Zero Balance Adhaar Seeding Month-on-Month Growth in Number of with Balance > % of Number of accounts With Zero Balance Sep-14 349448 48272 8212168 2867864 5553. 779891 52277 93.9 Oct-14 4587569 6533678 11121247 538561 13247. 123114 35.4 198133 9.1 6286381 94325 15329631 9479 13651. 14185151 37.8 114448 92.5 Dec-14 8138329 11843985 19982314 1591216 13931. 1881958 3.4 118356 94.1 131651 15664 25317255 22423549 73813. 19865193 26.7 545262 78.5 Feb-15 12146182 17588227 2973449 26589267 14534. 2225341 17.4 77968 74.1 13661232 19653479 33314711 29977356 129656.78 2372239 12. 959242 71.2 Apr-15 1435456 2546743 3491249 31455757 132533.41 2554533 4.8 9846716 71.8 1518876 21435 36538881 32942195 14325.6 25975441 13394342 4.7 156344 71.1 Jun-15 1584268 22254486 3897166 34313454 155761.22 267147 1421331 4.3 11395759 7.1 16745494 23279135 424629 35765882 168859.79 27811386 15245288 5.1 12213243 69.5 Aug-15 17927383 2455266 42479989 3746842 27742.11 2356266 1668234 6.1 18917329 55.5 18896723 25567845 44464568 38428135 293196.95 23652523 4.7 281245 53.2 Oct-15 1942837 26135842 45563879 391231 316423.73 23287897 2.5 22275982 51.1 19924658 2669529 46619687 39557355 3327.13 2314765 1958652 2.3 2347237 49.7 Dec-15 2525999 2734931 4786693 416619 362413.78 22329915 19855514 2.7 2553715 46.6 2179623 28511352 522975 4832374 362467.2 24678494 21154943 4.9 25542481 49.1 Feb-16 22636511 29412992 524953 4164678 49357.44 23757391 22351735 3.6 28292112 45.6 2327895 29964474 53172369 4282433 433229.54 236134 236479 2.2 29559329 44.4 Apr-16 2348799 3211686 53699676 4231467 475641.5 2286354 23483137 1. 3836136 42.6 23747656 346234 5429996 42493477 499667.16 2251149 23888257 1. 32158847 4.7 Jun-16 2487161 375223 54839364 4271661 519837.61 22215579 24257121 1.2 32623785 4.5 246129 31213791 5582382 432286 553429.94 298873 25437956 1.8 34842947 37.6 Aug-16 2986165 35828183 65689248 4755878 627352.47 2423435 3293529 17.7 41485813 36.8 3185247 36946831 683278 4834275 65988.66 2488355 34947783 3.6 43151723 36.6 Oct-16 32596421 3838653 7982924 49567622 69441.4 2436113 374683 4.3 46621821 34.3 33415862 39129546 7254548 5226646 149668.8 23899574 38828617 2.2 48645834 32.9 Dec-16 34485389 489159 75294548 519851 112932.61 24529872 43699445 3.8 5764676 32.6 36438525 4421226 8459751 55189812 176222.68 26168526 47795972 6.9 54291225 32.5 Feb-17 37518818 4567528 8319426 56978862 11415.14 2895182 4996214 3.4 54243844 34.8 16

Sep-14 Sep-14 Pradhan Mantri Jan Dhan Yojana 9 8 7 6 5 4 3 2 1 Number of (Crore) Chart 4.1.1: Number of (in Crore) under PMJDY Scheme in SBI Comment: The chart for total number of accounts (in Crore) opened in SBI under PMJDY Scheme exhibits an increasing trend over time for the time period September, 214 to February, 217. 4 M-on-M Growth in Number of 3 2 1 Month-on-Month Growth in Number of Chart 4.1.2: M-on-M Percentage Growth in Number of under PMJDY Scheme in State Bank of India Comment: The chart for month on month percentage growth in number of accounts opened in SBI under PMJDY Scheme increases over time for initial two months then decreases in the 17

Sep-14 Pradhan Mantri Jan Dhan Yojana time period November, 214 to April, 215 and then goes almost stable over time, though a sudden rise has been seen from July to August 216. 1 8 6 4 2 Percentage of Number of accounts With Zero Balance % of Number of accounts With Zero Balance Chart 4.1.3: Percentage of Zero Balance with respect to the Total Number of under PMJDY Scheme in SBI Comment: The chart for percentage of zero balance accounts with respect to the total number of accounts opened in SBI under PMJDY Scheme shows an overall decreasing trend for the entire time period September, 214 to February, 217. Punjab National Bank Monthly Analysis: The Department of Financial Services, Ministry of Finance, GOI, has declared PNB as first among all banks in deposit mobilized through PMJDY accounts and second in overall implementation of PMJDY. Best Bank Award for PMJDY (Large Bank)-Winner of Banking Excellence Awards 215 by CIMSME. Progress in opening of accounts under PMJDY as on 31.3.16 stood at 3299189 accounts, out of which RuPay debit cards were issued in 22,86,66 accounts. Balance outstanding in these accounts was 653.7 crore. Total number of accounts having zero balance as on 31.3.216 stood at 16375. 18

Sep-14 Pradhan Mantri Jan Dhan Yojana TABLE 4.2: Monthly PMJDY data for PNB for the period September 214 February 217 Date Rural Urban Rupay Debit Card Balance In (I n Lacs) With Zero Balance Adhaar Seeding Month-on- Month Growth in Number of with Balance > % of Number of accounts With Zero Balance Sep-14 227165 71246 298411 7156 7377.23 226959 71821 76.2 Oct-14 2621462 72683 3347545 1249551 77516.27 2851978 12.3 495567 85.2 3463477 868563 43324 195586 77567.19 3554546 29.4 777494 82.1 Dec-14 4666325 11154 5776865 45989 77643.59 4666397 33.4 111468 8.8 57471 1364554 714625 621295 77691.66 5518679 23. 1585946 77.7 Feb-15 646673 152624 799297 73641 77711.95 593614 12.5 25683 74.3 7333518 164335 8976868 849197 77739.2 5287325 12.3 3689543 58.9 Apr-15 7827411 17792 9535313 884913 77765.79 4982574 6.2 4552739 52.3 818671 176498 995979 9144738 77776.7597 5193415 4834468 4.4 4757564 52.2 Jun-15 8516673 188635 132538 9539389 8921.34 5262593 538354 3.8 562715 51. 8881627 185131 1731758 9774777 8814.7 546177 5365332 3.9 5271581 5.9 Aug-15 938993 193657 1129356 9959391 96196.22 5795739 562545 5.2 5497821 51.3 9748486 1947899 11696385 996126 1688.7 4325199 3.6 7371186 37. Oct-15 987233 1969992 1184225 9962629 112138.94 333465 1.2 88676 25.6 9965337 1986613 1195195 9963597 117116.79 27956 566954.9 9242444 22.7 Dec-15 1242312 219155 12261467 9965275 129257.36 1953252 5725933 2.6 138215 15.9 1563937 249328 12613265 996734 138256.841 24188 58271 2.9 16977 15.9 Feb-16 187248 264297 12936345 996992 14816.826 245257 5958795 2.6 189188 15.8 1112673 26749 138163 97654 162145.96 1585329 655198 1.1 11494834 12.1 Apr-16 11189 281941 1319841 9766916 167452.97 1426325 6134679.8 11764516 1.8 11244989 29991 1334489 9821536 17416.17 1412524 623629 1.2 11932366 1.6 Jun-16 11387819 2113317 1351136 987623 181358.2 1397872 6515689 1.2 1213264 1.4 11527458 2124256 13651714 9882748 188487.63 1224811 684649 1.1 1242693 9. Aug-16 11792321 2161695 1395416 996129 193145.84 13672 7191458 2.2 12923344 7.4 123799 22355 1424154 99862 22753.82 132194 7622836 2.1 132796 7.2 Oct-16 12214496 2219114 1443361 9994659 27262.95 135455 791794 1.4 13398155 7.2 12355573 2244238 14599811 9996325 355476.47 138556 8147531 1.2 13561255 7.1 Dec-16 13123986 2431174 1555516 13782118 342275.84 2543511 8968145 6.5 1311649 16.4 13511747 2533323 16457 13768488 319751.13 2676946 9662692 3.1 13368124 16.7 Feb-17 13673964 2574371 16248335 13756987 3965.82 262429 1189277 1.3 1362436 16.1 1.8 1.6 1.4 1.2 1.8.6.4.2 Number of (In Crore) Chart 4.2.1: Number of (in Crore) under PMJDY Scheme in PNB Comment: The chart for total number of accounts (in Crore) opened in PNB under PMJDY Scheme exhibits an increasing trend over time for the time period September, 214 to February, 217. 19

Sep-14 Sep-14 Pradhan Mantri Jan Dhan Yojana 4 M-on-M Growth in Number of 3 2 1 Month-on-Month Growth in Number of Chart 4.2.2: M-on-M Percentage Growth in Number of under PMJDY Scheme in Punjab National Bank Comment: The chart for month on month percentage growth in number of accounts opened in PNB under PMJDY Scheme increases over time for initial two months then decreases in the time period November, 214 to April, 215 and then goes almost stable over time, though a sudden rise has been seen from November to December 216. 1 8 6 4 2 Percentage of Number of With Zero Balance % of Number of accounts With Zero Balance Chart 4.2.3: Percentage of Zero Balance with respect to the Total Number of under PMJDY Scheme in PNB Comment: The chart for percentage of zero balance accounts with respect to the total number of accounts opened in PNB under PMJDY Scheme shows an overall decreasing trend for the entire time period September, 214 to February, 217. 2

Bank of Baroda Monthly Analysis: Bank of Baroda has opened 1.25 crore accounts with a deposit of 25 crore and issued 1.18 crore RuPay debit cards. Bank of Baroda is organizing camps periodically for opening of accounts, conducting financial literacy sessions, distribution of financial literacy materials, distribution of pass books and RuPay Debit cards, etc. TABLE 4.3: Monthly PMJDY data for BoB for the period September 214 February 217 Date Rural Urban Rupay Debit Card Balance In (In Lacs) With Zero Balance Adhaar Seeding Month-on- Month Growth in Number of with Balance > % of Number of accounts With Zero Balance Sep-14 167189 1764386 2831575 222673 18837. 1477489 135486 52.2 Oct-14 1383917 2114454 3498371 296774 2461. 19776 23.5 159611 54.5 1848433 2639838 4488271 39724 3316. 2468115 28.3 22156 55. Dec-14 229791 324718 554518 53881 4735. 328152 23.5 2516866 54.6 2727555 385597 6583462 6394622 63413. 344948 18.7 3133982 52.4 Feb-15 346993 4268916 731599 7116143 8349. 3621179 11.1 369473 49.5 3341594 4625317 7966911 7742217 1191.6 372385 8.9 424361 46.7 Apr-15 354689 484377 8386466 81175 1199.74 3776638 5.3 469828 45. 3717742 525453 8743195 8535963 123855.99 362317 219364 4.3 5122878 41.4 Jun-15 39341 521278 911619 8811374 136388.22 363344 2327828 4.3 548275 39.9 497126 5421516 9518642 992352 14884.72 3624277 2656554 4.4 5894365 38.1 Aug-15 4389981 5732 1119983 973789 15866.48 3444423 447722 6.3 667556 34. 4596265 5975198 1571463 163371 1843.42 2963769 4.5 767694 28. Oct-15 4721665 6123364 184529 1267258 181928.19 279799 2.6 84793 25.8 48635 6241947 1147982 16276 191727.85 259192 4789812 1.9 845779 23.4 Dec-15 4952825 6431542 11384367 1879822 19752.93 2481529 48636 3. 892838 21.8 513381 6644154 11777955 11225574 28374.78 2526375 49667 3.5 925158 21.5 Feb-16 5318747 685242 12168989 11571577 225464.31 222646 557582 3.3 9942529 18.3 5479615 74578 1252193 11882757 245142.64 213347 5555512 2.9 1386786 17. Apr-16 5562332 7143636 1275968 1239986 249933.2 29417 5662168 1.5 1611798 16.5 569841 729676 1299517 12285322 261376.82 2141223 67431 2.3 1853884 16.5 Jun-16 589795 753824 13435299 1266677 27149.49 2188463 654235 3.4 11246836 16.3 612477 78654 1392717 1364611 286874.21 2271239 69681 3.7 11655778 16.3 Aug-16 6499764 8273974 14773738 13763551 294238.1 2577412 76859 6.1 12196326 17.4 6766884 8642671 1549555 14314918 37466.9 27463 8116193 4.3 12663552 17.8 Oct-16 697555 8921977 15897482 1474446 32832.31 28385 8599613 3.2 1358982 17.9 7149269 9288261 1643753 15241167 573514.26 37816 9157788 3.4 13366714 18.7 Dec-16 7624996 1277163 1792159 16922665 553919.33 484821 148796 8.9 13817338 22.8 85412 111776 1964788 17991971 518751.72 436656 1178291 6.5 14758132 22.6 Feb-17 748159 1173666 19211725 18111613 4988.71 3625645 135261.8 155868 18.9 21

Sep-14 Sep-14 Pradhan Mantri Jan Dhan Yojana 2.5 Number of 2 1.5 1.5 (In Crore) Chart 4.3.1: Number of (in Crore) under PMJDY Scheme in BoB Comment: The chart for total number of accounts (in Crore) opened in BoB under PMJDY Scheme exhibits an increasing trend over time for the time period September, 214 to February, 217. 3 25 2 15 1 5 M-on-M Growth in Number of Month-on-Month Growth in Number of Chart 4.2.2: M-on-M Percentage Growth in Number of under PMJDY Scheme in Bank of Baroda Comment: The chart for month on month percentage growth in number of accounts opened in BoB under PMJDY Scheme increases over time for initial two months then decreases in the 22

Sep-14 Pradhan Mantri Jan Dhan Yojana time period November, 214 to April, 215 and then goes almost stable over time, though a sudden rise has been seen from November to December 216. 6 5 4 3 2 1 Percentage of Number of accounts With Zero Balance % of Number of accounts With Zero Balance Chart 4.3.3: Percentage of Zero Balance with respect to the Total Number of under PMJDY Scheme in BoB Comment: The chart for percentage of zero balance accounts with respect to the total number of accounts opened in PNB under PMJDY Scheme shows an overall decreasing trend for the entire time period September, 214 to May, 216 and then slightly decreases for the rest of the period considered. 23

Chapter 5 PMJDY opened at Private Sector Banks According to PMJDY statistics as on 29 March 217, among all PMJDY accounts, 3.23% accounts are opened in private banks and total balance in those accounts are 2,98.2 Crore and 35.56% accounts have zero balance. Table 5.1: Monthly PMJDY data from Major Private Banks for the period Sept, 14 Feb, 17 Date Rural Urban Rupay Debit Card Balance In ( In Lacs) With Zero Balance Adhaar Seeding Month- on- Month Growth in Number of with Balance > % of Number of With Zero Balance Sep-14 572838 641376 1214214 14726 21131.88 8795 119382 72.39 Oct-14 88283 96177 178646 3951 2555.41 1212139 47.13 17691 67.85 1144812 114763 2249575 1264735 36675.79 1585871 25.92 2212899 7.5 Dec-14 145936 1329238 2788598 216218 46516.94 19657 23.96 274281 7.31 319977 199486 519256 455283 71134.95 29624 86.12 5119121 57.7 Feb-15 341745 2285316 572361 5117247 79492.7 3239985 9.87 5622869 56.82 3598756 257924 61668 5549767 9813.6 341352 7.9 615867 55.9 Apr-15 372633 258595 636925 5676794 89592.15 3199398 3.28 6217333 5.73 3849549 2679759 652938 588398 99217.21 3241914 1846273 3.53 64391 49.65 Jun-15 3992425 2781422 6773847 622921 15956 328397 192474 3.75 6667891 48.43 4818 282621 6981 611324 18488.7 325445 199773 1.87 6792312 47.1 Aug-15 422953 2864347 7673 622299 19118.3 317831 27534 2.41 6958182 44.97 428982 286912 7141894 6321844 11752.22 36422 1.6 731142 42.1 Oct-15 434562 2892545 7238165 6391295 11137.9 39981 1.35 7127127 41.58 4369489 2918784 7288273 6426326 113834.6 31987 226498.69 7174438 41.19 Dec-15 44189 2954184 735674 6567229 11654.3 2984261 2291786.93 723957 4.57 447824 296247 74471 6971159 11697.1 2956533 24934 1.15 7324613 39.73 Feb-16 4537976 3473 754276 789897 122439.9 2931522 2532482 1.37 742266 38.87 4843513 345656 7889169 743859 135471.9 3182525 2973423 4.59 7753697 4.34 Apr-16 4924815 372318 7997133 753737 138727.7 33539 387822 1.37 785845 37.95 4999376 396211 895587 7619561 143698.9 36158 319683 1.23 7951888 37.82 Jun-16 513787 328759 8312546 7737623 147251.1 312748 349541 2.68 8165295 37.33 5151455 3238481 8389936 7811883 149938.6 31535 3475653.93 8239997 36.96 Aug-16 526915 327176 8478675 7879143 151649.6 398374 354761 1.6 832725 36.54 5259998 33327 8592698 7974477 1587.6 3133344 3613773 1.34 843469 36.47 Oct-16 5275811 335598 862649 81755 15788.6 3128812 3649612.39 846932 36.27 5191584 3431389 8622973 865238 269968.8 31887 3684281 -.4 83534 34.92 Dec-16 518681 3343895 853696 824533 26218 2987364 3866689-1.7 8268516 35.2 5411961 3567499 897946 82817 24112.5 314396 3956382 5.26 8738448 35.1 Feb-17 537681 361367 8989877 8316461 225494.9 31163 411437.12 8764382 34.6 24

Sep-14 Sep-14 Pradhan Mantri Jan Dhan Yojana 1 Number of.8.6.4.2 (In Crore) Chart 5.1: Number of (in Crore) under PMJDY Scheme in all Major Private Banks Comment: The chart for total number of accounts (in Crore) opened in all major private banks under PMJDY Scheme exhibits an increasing trend over time for the time period September, 214 to February, 217. 1 9 8 7 6 5 4 3 2 1-1 M-on-M Growth in Number of Month-on-Month Growth in Number of Chart 5.2: M-on-M Percentage Growth in Number of under PMJDY Scheme in all Major Private Banks 25

Sep-14 Pradhan Mantri Jan Dhan Yojana Comment: The chart for month on month percentage growth in number of accounts opened in all major private banks under PMJDY Scheme exhibits a sudden high increase in January, 215 and is almost stagnant for the rest of time period considered. 8. Percentage of Number of With Zero Balance 6. 4. 2.. % of Number of With Zero Balance Chart 5.3: Percentage of Zero Balance with respect to the Total Number of under PMJDY Scheme in all Major Private Banks Comment: The chart for percentage of zero balance accounts with respect to the total number of accounts opened in all major private banks under PMJDY Scheme shows an overall tendency of decreasing over time. In the next chapter we provide a detailed analysis of all PMJDY accounts opened in ICICI Bank, HDFC Bank and Axis Bank. 26

Chapter 6 PMJDY opened at Three Major Private Sector Banks A detailed analysis of all PMJDY accounts opened in ICICI Bank, HDFC Bank and Axis Bank are discussed in this chapter. ICICI Bank Monthly Analysis: At the end of fiscal 216, the Bank had opened 2.7million Basic Savings Bank Deposit (BSBDA), of which, 2.9 million were opened under the Pradhan Mantri Jan- Dhan Yojana (PMJDY), which is the highest among private sector banks. The Bank has the highest number of BSBDAs among private sector banks. About 89% of these accounts were opened in rural India. TABLE 6.1: Monthly PMJDY data for ICICI for the period September 214 February 217 Date Rural Urban Rupay Debit Card Balance In (In Lacs) With Zero Balance Adhaar Seeding Month-on- Month Growth in Number of % of Number of with accounts Balance With Zero > Balance Sep-14 2475 68745 31575 4569 424.36 292878 22872 92.8 Oct-14 34445 86394 426839 92248 74.67 39261 35.2 36578 91.4 419145 1651 525196 52149 658.41 461697 23. 63499 87.9 Dec-14 49431 117769 6118 61131 96.39 532454 16.5 79346 87. 1781943 284596 266539 2368 13817.71 91124 237.8 1156415 44. Feb-15 187193 299358 216551 251652 14797.73 926992 1.9 1179559 44. 18653 37475 21685 212829 15876.43 96783 2.9 1222 44.6 Apr-15 191762 312537 2214299 219762 15174.79 12358 2.1 1211941 45.3 1963422 315164 2278586 2271586 15947.52 126137 733126 2.9 1252449 45. Jun-15 22731 3181 2345311 231227 1926.62 161911 785362 2.9 12834 45.3 276585 32885 239747 2336457 17495.62 16721 8341 2.2 13326 44.5 Aug-15 2149747 324797 2474544 238799 1645.22 1118586 89625 3.2 1355958 45.2 2298 327446 2527544 2442641 16442.89 116379 2.1 1511165 4.2 Oct-15 2247451 33493 2577944 248632 17193.53 15712 2. 1527232 4.8 225982 332333 2583315 24863 1775.39 153258 985554.2 15357 4.8 Dec-15 2252143 333929 258672 248876 17124.92 1535 987938.1 1532572 4.7 23128 313361 2613489 2544269 12452.88 141471 19468 1.1 157218 39.8 Feb-16 232251 31571 263822 261352 13295.42 119994 117311.9 161828 38.7 2591376 317826 29922 288452 1355.67 127235 1495559 1.3 1636852 43.7 Apr-16 265558 318735 2973793 2937797 16974.74 1164664 1576612 2.2 189129 39.2 2726772 32131 34693 2992484 16557.14 118878 1671229 2.5 1858123 39. Jun-16 2746858 321764 368622 37729 15513.72 1196873 179275.7 1871749 39. 278759 32259 313268 342373 16526 122828 1828628 1.1 1944 38.8 Aug-16 281995 323465 312546 364564 14481.8 119143 1849349.7 193457 38.1 2813741 32258 3135799 37492 14433.58 1195159 1863441.3 19464 38.1 Oct-16 2819683 322641 3142324 381425 14726.91 1195952 1869245.2 1946372 38.1 2826148 323146 3149294 388397 25648.36 1193848 1876253.2 1955446 37.9 Dec-16 2886499 349363 3235862 317622 25787.65 122995 1978715 2.7 214867 37.7 2917734 354359 327293 32729 249.75 1225735 21555 1.1 246358 37.5 Feb-17 288716 354359 3241519 3241516 24276.81 12946 198414 -.9 24573 37. 27

Sep-14 Sep-14 Pradhan Mantri Jan Dhan Yojana Number of.35.3.25.2.15.1.5 (In Crore) Chart 6.1.1: Number of (in Crore) under PMJDY Scheme in ICICI Bank Comment: The chart for total number of accounts (in Crore) opened in ICICI Bank under PMJDY Scheme exhibits an increasing trend over time for the time period September, 214 to February, 217 and a sudden rise has been observed from December 214 to February 217. 25 M-on-M Growth in Number of 2 15 1 5 Month-on-Month Growth in Number of Chart 6.1.2: M-on-M Percentage Growth in Number of under PMJDY Scheme in ICICI Bank 28

Sep-14 Pradhan Mantri Jan Dhan Yojana Comment: The chart for month on month percentage growth in number of accounts opened in ICICI under PMJDY Scheme show a sudden high increase in January, 215 and is almost stagnant for the rest of time period considered. 1 8 6 4 2 Percentage of Number of accounts With Zero Balance % of Number of accounts With Zero Balance Chart 6.1.3: Percentage of Zero Balance with respect to the Total Number of under PMJDY Scheme in ICICI Bank Comment: The chart for percentage of zero balance accounts with respect to the total number of accounts opened in ICICI under PMJDY Scheme shows an overall decreasing trend for the entire time period September, 214 to January, 216 and then becomes almost stable for the rest of the period considered Reasons for the sudden rise in the number of PMJDY accounts in January, 215: The bank may have converted some of its existing basic savings bank deposit accounts to PMJDY accounts. In fiscal 215, ICICI Bank undertook a revolutionary Digital Village initiative in Akodara, Gujarat. HDFC Bank Monthly Analysis: HDFC Bank has played a key role in providing basic banking to unbanked population in allocated areas both in urban as well as rural centers. 29

Sep-14 Pradhan Mantri Jan Dhan Yojana Bank has driven PMJDY initiative on a mission mode through Branches; Business Correspondents (BC); and other alternate channels. The Bank has opened 15.8 lakh PMJDY accounts since the launch of the scheme. TABLE 6.2: Monthly PMJDY data for HDFC for the period September 214 February 217 Date Rural Urban Rupay Debit Card Balance In ( In Lacs) With Zero Balance Adhaar Seeding Month-on- Month Growth in Number of Account s with Balance > % of Number of accounts With Zero Balance Sep-14 68625 311281 37996 333 9424.32 29591 83996 77.9 Oct-14 9749 43876 535485 8889 12471.3 33472 41. 2783 62.5 123932 53868 6278 387491 19496.2 3881 17.2 246999 6.7 Dec-14 144556 64294 74885 72527 25867.32 465687 19.3 283163 62.2 17278 7675 93353 929675 34121 574114 24.2 356239 61.7 Feb-15 23292 94642 1149694 114916 3733.2 723611 23.6 42683 62.9 23187 199665 133752 13374 42634.24 834462 15.7 49629 62.7 Apr-15 2481 112337 136418 135974 41368.8 57135 2.2 789113 42. 26462 1189459 145461 1453383 48258.61 65958 513546 6.9 84813 41.7 Jun-15 274199 12487 147969 1478391 4831.63 589422 552179 1.7 889647 39.9 28112 1215643 1496655 1495977 5195.7 581359 563921 1.2 915296 38.8 Aug-15 285924 1223556 15948 15882 51824.45 565866 61575.9 943614 37.5 2918 1232597 152275 152227 49766.78 56932.9 961773 36.8 Oct-15 291173 1234911 152684 152546 48623.92 524345.2 11739 34.4 291929 1236842 1528771 152893 48292.42 51943 669898.2 19341 34. Dec-15 293952 124127 1535159 1534481 47654.77 59895 67472.4 125264 33.2 297186 1248341 1545527 1544849 49696.98 5415 682415.7 141422 32.6 Feb-16 3479 1265462 157171 1569493 52769.65 55555 71799 1.6 164616 32.2 31742 1282892 1593634 1592956 56725.55 51145 732318 1.5 182589 32.1 Apr-16 316829 129414 161843 161165 57216.42 49241 747972 1.1 11262 3.4 32227 13178 162387 1623129 6175.91 491183 756141.8 1132624 3.2 Jun-16 334758 1322777 1657535 1656857 64721.37 54635 789478 2.1 11529 3.4 34586 1334442 167528 167435 6672.85 527 85629 1.1 1174758 29.9 Aug-16 346722 1346986 169378 16933 6819.66 54594 822734 1.1 1189114 29.8 351881 1355445 177326 176648 69625.25 52431 835334.8 124895 29.4 Oct-16 353676 136418 171494 1713416 68221.67 496327 84495.4 1217767 29. 35476 1366116 172822 172144 1772.88 49932 85382.4 122989 28.5 Dec-16 355494 1369295 1724789 1724111 19547.54 484773 859921.2 12416 28.1 356323 1372769 172992 1728414 99953.52 481 87257.2 124892 27.8 Feb-17 326844 143975 173819 173141 9188.23 48151 881537.1 1249768 27.8.2 Number of.15.1.5 (In Crore) Chart 6.2.1: Number of (in Crore) under PMJDY Scheme in HDFC Bank 3

Sep-14 Sep-14 Pradhan Mantri Jan Dhan Yojana Comment: The chart for total number of accounts (in Crore) opened in HDFC Bank under PMJDY Scheme exhibits an increasing trend over time for the time period September, 214 to February, 217. 5 4 3 2 1 M-on-M Growth in Number of Month-on-Month Growth in Number of Chart 6.2.2: M-on-M Percentage Growth in Number of under PMJDY Scheme in HDFC Bank Comment: The chart for month on month percentage growth in number of accounts opened in HDFC under PMJDY Scheme shows sudden and steady fluctuation only for first few months and becomes stable for the rest of the period considered. 1 8 6 4 2 Percentage of Number of accounts With Zero Balance % of Number of accounts With Zero Balance Chart 6.2.3: Percentage of Zero Balance with respect to the Total Number of under PMJDY Scheme in HDFC Bank 31

Comment: The chart for percentage of zero balance accounts with respect to the total number of accounts opened in HDFC Bank under PMJDY Scheme shows an overall decreasing trend for the entire time period September, 214 to January, 216 and then becomes almost stable for the rest of the period considered, though a sudden fall has been observed in April, 215 from 62.7% to 42%. Axis Bank Monthly Analysis: Axis Bank has been actively pursuing the financial inclusion agenda and is also working on the comprehensive financial inclusion agenda unveiled by the Govt of India through PMJDY. The Bank has conducted a comprehensive survey across 144 districts to map the levels of financial inclusion. The efforts were then focused to create financial awareness and enable opening of PMJDY accounts. TABLE 6.3: Monthly PMJDY data for Axis Bank for the period Sep, 14 Feb, 17 Date Rural Urban Account s Rupay Debit Card Balance In (In Lacs) With Zero Balance Adhaar Seeding Month-on- Month Growth in Number of with Balance > % of Number of accounts With Zero Balance Sep-14 54138 84893 13931 19324 485 17535 31496 77.3 Oct-14 6466 115419 1879 697 686 124149 29.5 5593 68.9 68241 13459 2275 78155 1294.85 134372 12.6 68378 66.3 Dec-14 71578 15627 22765 222376 1527.46 147112 12.3 8493 64.6 98986 33223 431189 41716 1922.1 329255 89.4 11934 76.4 Feb-15 12133 35648 458541 438715 2594.97 333858 6.3 124683 72.8 15887 371427 477314 451595 3574.87 334348 4.1 142966 7. Apr-15 17817 377737 485554 458194 3513.15 3325 1.7 153549 68.4 19415 382868 492283 463135 374.7 32356 83427 1.4 168723 65.7 Jun-15 1115 385258 49638 465455 482.4 317455 77278.8 178853 64. 112671 396435 5916 475814 4434.81 39948 82947 2.6 199158 6.9 Aug-15 115154 45181 52335 48432 52.42 23111 8742 2.2 289234 44.4 117374 41834 535714 49716 5281.41 23446 3. 332268 38. Oct-15 118953 426212 545165 54981 5772.1 24492 1.8 34673 37.5 12456 434143 554599 51277 6167.57 26733 9677 1.7 347866 37.3 Dec-15 1228 44458 566516 522363 6566.47 24462 12538 2.1 36254 36.1 1245 453136 577636 531737 7383.59 1995 16869 2. 378136 34.5 Feb-16 126837 462822 589659 54192 8183.49 29768 119672 2.1 379891 35.6 126837 462822 589659 54192 8183.49 29468 168735. 38191 35.5 Apr-16 126837 462822 589659 54192 8183.49 2968 17662. 38591 35.5 126837 462822 589659 54192 8183.49 2958 179434. 3861 35.5 Jun-16 126837 462822 589659 54192 8183.49 28958 186228. 3871 35.4 126837 462822 589659 54192 8183.49 28958 1872. 3871 35.4 Aug-16 126837 462822 589659 54192 8183.49 2865 19755. 3819 35.4 15278 46793 62611 558264 12469.24 221133 225967 5.2 399478 35.6 Oct-16 15278 46793 62611 558264 12469.24 221133 234235. 399478 35.6 1167 52622 636287 5647 25361.59 22857 24184 2.5 41543 34.7 Dec-16 114158 378874 49332 583857 22157.38 2574 25747-22.5 23628 52.1 116278 553169 669447 595714 2492.9 254842 267796 35.8 41465 38.1 Feb-17 118427 566687 685114 6981 18894.48 251269 279888 2.3 433845 36.7 32