New Delhi, Aug. 28 -- Deposits in accounts opened under the Pradhan Mantri Jan Dhan Yojana (PMJDY) have increased 12.8 times to Rs 3.17 lakh crore over the past 12 years, pointing to deeper engagement with formal banking and stronger saving habits among beneficiaries, according to a release by the Ministry of Finance.

The ministry highlighted the rise in deposits as PMJDY completed 12 years, saying the scheme has moved beyond simply opening bank accounts to encouraging greater participation in the formal financial system.

"Growing deposits in JanDhan accounts reflect more than increasing balances. They point to greater engagement with formal banking, stronger saving habits and growing financial participation among beneficiaries across t...