Perspectives on Business Management, Economics & Information Technology (PBMEIT) Now also covers research on Psychology

PBME Volume III ISBN: 978-81-951151-1-2

PRADHAN MANTRI JAN DHAN YOJANA (PMJDY) INDIA’S BIGGEST FINANCIAL INCLUSION SCHEME: A STUDY

Author(s): VIJAY PAL SINGH

Abstract

Financial exclusion creates the problem of social discrimination. Majority of population in India is living in the rural area and that is why they have very limited access to the banking & financial services. An inclusive system of financial services is essential to develop the economy of any nation. Financial Inclusion is an attempt to provide access to affordable and useful financial services to the deprive section and less income group of economy. Hon’ble Prime Minister of India, Shri Narendera Modi has announced India’s biggest financial inclusion scheme i.e., Pradhan Mantri Jan Dhan Yojana (PMJDY) on August 15, 2014 and have formally launched on August 28, 2014. This initiative has been started by Government of India to provide universal access to banking and financial facilities starting with basic saving bank account with overdraft facility and RuPay debit card with inbuilt accident insurance facility. The object of this research study is to analyse the progress and current status of PMJDY. It is a secondary data-based study. Secondary data has been collected through published annually, monthly reports of RBI, SLBC, official websites of PMJDY, previous research papers and annual economic survey. Average, percentage, comparative tables have been used to drawn the conclusion. The research article explores the progress and current status of PMJDY. The study has also highlighted the issues and challenges in effective implementation of the scheme.

Keywords: Financial inclusion, PMJDY, BSDBA, Banking, RuPay, Direct Benefit Transfer

JEL Classification: E52, O16, E21

Download Full Paper (PDF)

© 2020-2024 Perspectives on Business Management & Economics (PBME)