The impact on financial inclusion in the successful implentation of pradhanmantri jan dhanyojana (Pmjdy) scheme

Abstract

The PradhanMantri Jan DhanYojana scheme was launched by the Honorable Prime Minister of India Sri. NarendraModi on 28th August 2014. The basic objective of PMJDY scheme is to provide access to formal financial services to the vulnerable sections of the society that do not have access to these services. The study about “The impact on Financial Inclusion in the successful implementation Of PradhanMantri Jan DhanYojana (PMJDY)” is conducted to know the level of awareness about the scheme as well as the success and usage of this scheme. This study reveals that people have awareness about the scheme and the main reason for opening PMJDY account is because the account holders can maintain zero balance. Large numbers of accounts are opened under this scheme and helps in bringing the financially excluded population to be part of formal financial sector. The study suggests that interest from the part of bank employees should be increased and also financial literacy programs should be conducted to remove the drawbacks of the scheme. The study concludes that PMJDY scheme played a major role in eradicating the problem of financial exclusion in India.