Status of PMJDY in India: A Move for Financial Inclusion

Achieving Real Financial Inclusion: Overcoming Obstacles in PMJDY Scheme

Abstract

Pradhan Mantri Jan Dhan Yojana (PMJDY) launched by present Indian PM is a giant effort to include the big deprived society in the race of financial inclusion. From independence to till now, it was a big issue to connect the every Indian household (atleast one member) with the banking system so that they can enjoy the financial services at their level. Under PMJDY scheme, various benefits are offered to its accountholder and the government is targeting to link the PMJDY accountholder beneficiary with the government benefits provided at some concession whether it is their pension, LPG subsidy or any other monetary benefit through Electronic benefit transfer (EBT) and Direct benefit transfer (DBT). The results notified under the scheme are quite impressive within a short span of time. Majority of states has achieved their 100 percent target as per the allotment settled for them. Totally 24,98,38,787 accounts has been opened under this scheme with 5,89,14,748 zero balance accounts and issuance of 19,35,62,832 Rupay Debit Card. A total amount of Rs. 74321.56 has been deposited in these accounts by their accountholders (Up to November 30, 2016). Due to some obstacles in the path of scheme as mentioned in research paper, a large population still remains uncovered under the scheme so real 100 percent will be accomplished only through the inclusion of such uncovered population which is possible up to a large extent by considering the suggestion made in this research paper and that will be the real financial inclusion for India where each Indian household will be a beneficiary of financial services with the connectivity of banking.