Role of Environmental Factors in Enhancing Financial Capability of Beneficiaries under Pradhanmantri Jan Dhanyojana (PMJDY) of Assam Graminvikash Bank of Nalbari District of Assam

Abstract

Financial capability is the skill, knowledge, and dispositions that enable a person to make well-informed financial decisions throughout their lives. The concept of financial capability connotes both ability and opportunity. The key elements that determine financial capability are- i) knowledge, ii) skills, iii) confidence and attitudes and iv) responsible financial decision. The financial capability factors are best understood as a combination of characteristics that may act as barriers or enablers to financially capable behaviour. They split into- i) internal capability, which is influenced by- personal factors and ii) external capability which is influenced by societal factors and environmental factors. The main objective of this study is to examine the various environmental factors that influence financial capability building efforts of beneficiaries under Pradhan Mantri Jan Dhan Yojana (PMJDY). The paper is of descriptive and analytical in nature and based on primary and secondary data.