Decoding post-demonetisation boom in the Jan Dhan balance

Given that there were also some withdrawals in these two weeks, the actual deposits are likely to have been higher, even if not significantly. Despite the deposit rush, banks were able to open 16.48 lakh new accounts in this two-week period, taking the number of accounts under the scheme to 25.68 crore. Between April and November 9, 13.28 lakh accounts were opened per week on average.

Since November 9, the number of zero-balance accounts dropped by 4.54 lakh — a net gain of 0.33% over two weeks. This was higher than the weekly average of 0.10% observed between April and November 9. As a result of the deposit boom, the average balance that had hovered between Rs 1,697 and Rs 1,799 this financial year, has now jumped to Rs 2,836.64.

Three states — Karnataka (112%), Gujarat (111%) and Manipur (104%) — more than doubled their share of PMJDY balance in this two-week window. Rajasthan (73%), Haryana (68%), Bihar (65%) and Maharashtra (63%) also registered a jump higher than the national average of 60%. West Bengal (47%) and Uttar Pradesh (57%) recorded a less prominent swing, perhaps due to their larger account base.

Mizoram was the only state where more money was withdrawn than was deposited — and the net balance came down by Rs 1.35 crore between November 9 and November 23. Among the larger states, Chhattisgarh recorded the least increase in deposit — Rs 401.81 crore or just 28.32%. At least 10 banks more than doubled their deposits under the scheme. Rural and private banks showed the steepest gains. Public sector banks collectively remained below the national average.

The State Bank of Mysore made the most spectacular gain in the rural regional sector with a 12-time jump — from Rs 14.45 crore to Rs 173.18 crore. Union Bank (616%) and Bank of Maharashtra (322%) followed in terms of the sharpest growth in the rural sector. Among the private banks, IndusInd (326%), Karur Vysya (128%) and Axis (102%) were the top gainers.