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Appraisal of Pradhan Mantri Jan-Dhan Yojana (PMJDY)


Affiliations
1 Assistant Professor, Faculty of Commerce, Sri Jai Narian Misra PG, College, Lucknow, U.P., India
2 Associate Professor, Faculty of Commerce, Sri Jai Narian Misra PG, College, Lucknow, U.P, India
     

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Pradhan Mantri Jan-Dhan Yojana (PMJDY) was launched by the Hon'ble Prime Minister of India on August 28, 2014, as a national mission for a period of 4 years in two phases. It is intended to provide basic financial and banking services to every household at an affordable cost. The present study evaluates the performance of PMJDY. Secondary data, collected through various published sources has been analysed which reveals that till 20 November, 2019, a total of 20, 37.55 crore (27.01% of total India population) accounts have been opened under PMJDY,with total deposits of Rs 1,07,172.54 crore in public, private or regional rural banks. The public sector banks opened 79.60% of total accounts, with 79.01% of total deposits. The state-wise analysis reveals that Uttar Pradesh, Bihar, West Bengal, Madhya Pradesh and Rajasthan are the most contributing states in the progress of PMJDY.The results may be useful for the policymakers, government, banks, financial institutions and others to know the progress and relevance of PMJDY in Financial Inclusion in India.....

Keywords

Financial Inclusion, PMJDY, Sustainable Development, Banks, Financial Literacy, RBI
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  • Appraisal of Pradhan Mantri Jan-Dhan Yojana (PMJDY)

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Authors

Mohd Arif
Assistant Professor, Faculty of Commerce, Sri Jai Narian Misra PG, College, Lucknow, U.P., India
Kaushal Kishore Shukla
Associate Professor, Faculty of Commerce, Sri Jai Narian Misra PG, College, Lucknow, U.P, India

Abstract


Pradhan Mantri Jan-Dhan Yojana (PMJDY) was launched by the Hon'ble Prime Minister of India on August 28, 2014, as a national mission for a period of 4 years in two phases. It is intended to provide basic financial and banking services to every household at an affordable cost. The present study evaluates the performance of PMJDY. Secondary data, collected through various published sources has been analysed which reveals that till 20 November, 2019, a total of 20, 37.55 crore (27.01% of total India population) accounts have been opened under PMJDY,with total deposits of Rs 1,07,172.54 crore in public, private or regional rural banks. The public sector banks opened 79.60% of total accounts, with 79.01% of total deposits. The state-wise analysis reveals that Uttar Pradesh, Bihar, West Bengal, Madhya Pradesh and Rajasthan are the most contributing states in the progress of PMJDY.The results may be useful for the policymakers, government, banks, financial institutions and others to know the progress and relevance of PMJDY in Financial Inclusion in India.....

Keywords


Financial Inclusion, PMJDY, Sustainable Development, Banks, Financial Literacy, RBI

References