International Journal of Science and Research (IJSR)

International Journal of Science and Research (IJSR)
Call for Papers | Fully Refereed | Open Access | Double Blind Peer Reviewed

ISSN: 2319-7064


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Research Paper | Economics | India | Volume 8 Issue 2, February 2019 | Rating: 6.8 / 10


Impact of Pradhan Mantri Jan-Dhan Yojan (PMJDY) on Financial Inclusion in India: An Overview

Dr. Surappa Naik


Abstract: Financial inclusion promotes economic development of a country. An efficient financial system in a country includes well developed commercial banks. The country's structure of financial system plays a crucial role in smooth and efficient functioning of the economy as well. A financial system involves set of multiple segments and is associated with institutions, agents, practices and markets. Economic development through a network of banking institutions helps to mobilize savings and investment in the economy for productive purposes. The financial literacy camps organized for the purpose have created awareness among the masses regarding facility of savings provided by banks to the public at large. The literacy drive highlighted the need for a bank account for crediting various government entitlements to bank account in rural and semi urban area. PMJDY is a National Mission on Financial Inclusion encompassing an integrated approach to bring about comprehensive financial inclusion of all the households in the country. The plan envisages universal access to banking facilities with at least one basic bank account for every household, a strong financial literacy drive, access to credit, insurance and pension facility. In order to reduce the degree of ?financial untouchability?, and achieve the mega financial inclusion plan with the objective of covering all households in the country with banking facilities along with inbuilt insurance coverage, the ?Pradhan Mantri Jan-Dhan Yojana? has been flagged off by the Government which, if effectively implemented, shall accelerate savings, investment and economic growth, fight against the poverty effectively and financially empower each individual of Indian economy.


Keywords: Financial Inclusion, Financial System, Banking Facilities & Economic growth


Edition: Volume 8 Issue 2, February 2019,


Pages: 1560 - 1563


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