New Delhi: RuPay debit cards linked to the Jan Dhan accounts have recorded significant transactions of more than Rs 20 lakhs with an average daily transaction value Rs 2000.
“The daily transactions have crossed Rs 20 lakh as indicated by the card usage with the average transaction size being 2,000,” AP Hota, Managing Director and Chief Executive Officer of National Payments Corporation of India Ltd, told BusinessLine.
Government data show that the total number of accounts opened under PMDJY stood at 18.96 crore as on October 21, with a total balance of Rs 25,899 crore.
The NPCL chief said there was no backlog of RuPay cards to be issued, though some customers are yet to use them. The benefits under the scheme will only be applicable to account-holders after they start using the cards.
“We expect the daily transaction volume to touch three million once all the cards become operational,” Hota said, adding that with the Direct Benefit Transfer (DBT) scheme crediting money, transactions are happening in these accounts.
Rolling out of DBT through bank accounts is expected to gain pace as 45 per cent of the Jan Dhan accounts are seeded with Aadhaar.
The operational accounts with balance constitute 62 per cent of the total. The top banks in this regard are State Bank of India, United Bank of India, Oriental Bank of Commerce, Bank of Baroda and UCO Bank.
“The average balance is about Rs 700 in over 27 lakh accounts with us. This has come as low-cost deposits and helps banks as well,” V Vishwanathan, Chief General Manager, State Bank of Hyderabad, said.
The PMDJY, the biggest financial-inclusion drive in the world, was launched on August 15, 2014, with a target to provide universal access to banking facilities.
