Trends and Impacts of Financial Inclusion and Social Security Schemes in India: A Case Study of the Bank of Maharashtra

Dr. Trupti M. Joshi, Arya B. Patil

Abstract: Purpose of Study: The study aims to look at how effective financial inclusion programs are as far as the Pradhan Mantri Jan Dhan Yojana (PMJDY) and allied social security schemes are concerned in improving the financial stability of the BOM beneficiaries. It also aims to identify the interventions that these schemes have undertaken in terms of providing banking access benefits and in stimulating economic security of underprivileged people. Design/ Methodology / Approach: A quantitative research design has been used for the study, which was available in the form of secondary data, i.e., Bank of Maharashtra Annual reports. Researchers have performed trend analysis over multiple periods from 2018-19 to 2023-24 and correlation analysis to derive the descriptive statistics. The influence of the PMJDY account on the PMJDY account balances and Zero balances has been retrieved using key indicators such as account balances, enrolment statistics, and account utilization data. Data Analysis and Findings: The upward trend in account numbers and balances under PMJDY points towards easing access to the banking system. Yet, the fact that there exists a sizeable number of zero-balance accounts that point out the problem at hand. Enrolments under social security schemes have increased manifolds and highlight enhanced financial security for the beneficiaries Conclusion: Based on data analysis, it is evident that beneficiaries of the Bank of Maharashtra have benefited from social security programs and financial inclusion initiatives. Although India has seen good progress on financial inclusion, the journey has not at all been smooth and requires continued momentum in this direction.

Keywords: Financial Inclusion, Pradhan Mantri Jan Dhan Yojana, Social Security Schemes, BOM